HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Environment & Energy » Environment & Energy (Group) » JP Morgan Self-Claimed "L...

Wed May 20, 2020, 09:26 AM

JP Morgan Self-Claimed "Leadership" - No To Carbon Disclosure, And Keep Lee Raymond On The Board

America’s largest bank is shunning calls from shareholders to disclose its full emissions, despite warnings from its own economists that “catastrophic” climate change could end up threatening human life “as we know it.”

JPMorgan Chase, which a coalition of U.S. environmental groups recently claimed is the world’s largest financer of fossil fuels, has instructed its shareholders to vote down a proposal for the bank to report the emissions of its lending activities at its upcoming annual general meeting (AGM) on May 19.

Now treasurers from eight U.S. states are joining a call for JPMorgan to elect an independent board chair who will guide the company’s financing to align with the Paris Agreement.

The bank has also faced pressure from shareholders this year for encouraging Lee Raymond, former CEO of ExxonMobil, to stay on as a member of JPMorgan’s board. Exxon has donated tens of millions of dollars to organizations casting doubt on anthropogenic climate change, including under Raymond, who later this year will step down from leading JPMorgan’s board but remain a director. The group of state treasurers also oppose Raymond staying on the board.



1 replies, 225 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply JP Morgan Self-Claimed "Leadership" - No To Carbon Disclosure, And Keep Lee Raymond On The Board (Original post)
hatrack May 20 OP
hatrack May 20 #1

Response to hatrack (Original post)

Wed May 20, 2020, 06:03 PM

1. And who was busy kissing Lee Raymond's ass? Why, Jamie Dimon, of course!

Climate-conscious investors fell short yesterday in their efforts to force JPMorgan Chase & Co. to do more about global warming. Chief among them was a bid to oust Lee Raymond — a former head of Exxon Mobil Corp. — from his position on JPMorgan's board. During Raymond's tenure as Exxon's chairman and CEO, the company spent an estimated $16 million to fund a campaign to question the science of climate change (Greenwire, Feb. 9, 2007).

Shareholders at JPMorgan, however, saw no problem with his leadership. Raymond and all of the nominated board members were reelected — and none of them received less than 84% support, according to preliminary voting results.

Notably, Raymond received a hearty endorsement from JPMorgan CEO Jamie Dimon. He said Raymond's "leadership, counsel and wisdom" have profoundly contributed to the company's success. "He is a leader among leaders. He's always encouraged and considered a range of views and opinions on a multitude of issues ... including climate change," Dimon said.

Two separate climate-related resolutions regarding JPMorgan's ties to fossil energy also failed to garner enough support.



Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread