JPMorgan Chase has agreed to expand its policies addressing deforestation after pressure from shareholders, led by the investment group Green Century Capital Management. Green Century used a shareholder proposal strategy to request that JPMorgan Chase “issue a public report, within a reasonable time, outlining if and how it could improve efforts to reduce negative impacts and enhance positive impacts on natural ecosystems and biodiversity across its banking and investment portfolios.” In response, JPMorgan Chase stated its intentions to require all growers or refiners related to the palm oil sector who are its clients to confirm that they are compliant with “No Deforestation, No Peatland, No Exploitation” (NDPE) principles. Changes will also be made around timber, pulp and paper, and mining. Financial giant JPMorgan Chase has agreed to expand its policies addressing deforestation after pressure from shareholders, led by the investment group Green Century Capital Management. Green Century strategically invests in companies to push for change from within. Per SEC rules, investors who have held more than $2,000 of a company for at least one year can submit a short proposal requesting that the company take a specific action. If the recommendations are deemed reasonable according to SEC regulations, the […]
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