Critics urge the New York Stock Exchange to reject the list of JBS, one of the world’s largest meat companies, claiming it is illegally profiting from deforested land in Brazil.
Brazilian meat giant JBS The shares are expected to begin trading on the New York Stock Exchange on Friday.
The New York deal is JBS’s long-standing goal, founded 72 years ago, and is now one of the world’s largest meat companies. Half of your annual revenue comesFrom the USwhere it hasOver 72,000 employees. JBS is the top American beef producer and the second largest producer of chicken and pork.
JBS minority shareholders voted last month to approve the company’s plan to list stocks in both Sao Paulo and New York.Environmental damage.
JBS said the dual listing provides broader access to investors and more competitive interest rates. It also said the US list would be exposed to more surveillance from regulators. The US Securities and Exchange Commission approved JBS’s plan list last month.
Still, the proposed listings have received a major pushback. Earlier this week, environmental group Mighty Earth said he had sent a letter to the NYSE committee. Mighty Earth claims that JBS is illegally profiting from deforested land in Brazil.
Glass Lewis, an influential, independent investor advisory firm, was also one of those who encouraged JBS shareholders to reject the planned list.
In that report, Glass Lewis spoke about the recent return of his brother Jawsley.Wesley BatistaThe JBS board should be investor-related. The brother, the son of the founder of JBS, was temporarily jailed in Brazil in 2017 for bribery and corruption charges.
Glass Lewis also opposed the plan for a dual-share class company to increase the voting power for Batistas and other controlling shareholders.
JBS said the results showed shareholders were confident in the benefits that dual listings could bring.
This story was originally introduced Fortune.com