Ban the Batistas Statement on Members of British Parliament Urging the SEC to Reject JBS U.S. IPO Application
New York, NY (January 10, 2024) – Ban the Batistas today commented on the letter to the United States Securities and Exchange Commission (SEC) Chair Gary Gensler from a cross-party group of United Kingdom Parliamentarians, led by Lord Goldsmith, expressing their concerns about the Initial Public Offering (IPO) proposed by JBS S.A., allowing the world’s biggest meat producer access to capital via the New York Stock Exchange (NYSE). The elected representatives from the UK House of Commons, who also are committed to global environmental sustainability and slowing climate change, urged the SEC to use its position to reject the JBS IPO application.
The letter is yet further evidence that the international community is monitoring JBS and its intended IPO, and US leadership on climate issues is increasingly under question. Given what we know about JBS, an IPO should be out of the question.
At the COP28 United Nations Climate Change Conference in November, JBS attempted to greenwash its harmful climate and environmental impact record. Amid its marketing and advertising, JBS pledged to support sustainable livestock traceability – an attempt to change the conversation about its history of detrimental impact on the environment and climate even as its operations net billions of dollars in profits every year.
“As JBS maneuvers to become a public company on the NYSE, Ban the Batistas and many concerned groups around the world are calling for investors, banks and regulators to withdraw their support for JBS’s plans to gain access to capital in the U.S. markets. Today, ten British MPs sent a letter to the SEC highlighting their concerns about JBS,” said Ban the Batistas Executive Director Kimberly Spell. “Given the potential for increased financial, social and environmental risks posed by the meat conglomerate’s operations and legacy of misconduct, we urge the investment community to ask the hard questions and demand fuller transparency from JBS about its true intentions,” she concluded.
Ban the Batistas seeks to raise awareness about the claims and historical record of JBS’s lack of transparency and corporate malpractice, including, but not limited to, price-fixing, ties to companies accused of child labor violations, and substantial environmental damage, all of which culminated in litigation. Allowing a JBS NYSE listing would contradict global efforts seeking to mitigate climate change, halt monopolization, and support regulators protecting the best interests of consumers, workers, and investors.
Our message is clear: pay attention to the potential for continued negative commercial, environmental and humanitarian impact posed by a JBS expansion through a U.S. IPO and what it would mean for American agribusiness.
About Ban the Batistas
Ban the Batistas is an umbrella group of organizations fighting to protect American farmers, ranchers, consumers, and investors from the risks of a U.S. stock listing by JBS S.A. and the unchecked power grab by its majority shareholders, brothers Joesley and Wesley Batista. Learn more at banthebatistas.com.
Contact: [email protected]
