World’s Top Meat Supplier Should Not Join NYSE, UK Lawmakers Urge
(Bloomberg) — A group of UK lawmakers is planning to push the US Securities and Exchange Commission to block listing JBS SA, the world’s largest meat supplier, on the New York Stock Exchange, citing efforts to fight climate change.
JBS “has a well-documented history of engaging in deforestation, violating human rights, and seizing land from Indigenous communities,” according to a draft letter signed by 12 parliamentarians that was expected to be delivered Wednesday to SEC Chair Gary Gensler. “The company’s practices pose a significant threat to the ecosystem for global climate regulation and biodiversity conservation.”
The Brazilian company has been seeking a US listing for more than a decade, following its aggressive expansion that has made it a global giant. With operations from Colorado to New Zealand, the company is the largest producer of beef and chicken, the second-biggest supplier of pork and the No. 1 ready-meals company in the UK. US-based operations generated almost half of JBS’s revenue in 2022.
In an email, JBS said it monitors 70,000 meat suppliers daily via satellite to ensure social and environmental compliance and uses blockchain technology to monitor suppliers of suppliers. “JBS is dedicated to engaging in dialogue with those who really seek constructive discussions and real actions focused on developing more sustainable food systems,” the company wrote.
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Bloomberg
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