JBS Bid To Join NY Bourse Slammed By U.S., UK Solons

In recent weeks, lawmakers in the United States and the United Kingdom have sent letters to the Securities and Exchange Commission (SEC) cautioning against the listing of JBS, the world’s largest meatpacking company, on the New York Stock Exchange, Fabiano Maisonnave reported for the Associated Press (AP).

JBS, which has the largest slaughter capacity in the region, buys thousands of cows raised illegally every year, according to audits by federal prosecutors. I Photo: JBS

“Dozens of journalistic and NGO reports have shown that JBS is linked to more destruction of forests and other ecosystems than any other company in Brazil. The company has made repeated claims that it will eliminate deforestation but has not taken meaningful steps to do so,” said the letter from 15 US senators.

The US letter, signed by Democrats and Republicans, comes days after a similar letter from 11 British lawmakers that said letting JBS raise capital from shareholders “contradicts global efforts of governments and businesses to take action to mitigate climate change” and to “preserve essential natural habitats.”

Two-thirds of Amazon deforestation results from conversion to pasture for livestock, according to the Brazilian government.

JBS, which has the largest slaughter capacity in the region, buys thousands of cows raised illegally every year, according to audits by federal prosecutors.

In December, The Associated Press and Brazil’s Agencia Publica revealed that Rondonia state is suing JBS for purchasing cattle raised illegally in a protected area that has been damaged to the point of near total destruction.

According to court papers, the company accepted documents that showed cattle going straight to the slaughterhouse from land that is legally protected.

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