The month of May opened with a great headline in Reuters and similar ones in other media outlets: “Climate Activists Claim Win as JPMorgan Sets Timetable for New Lead Director” – just weeks before the JPMorgan Chase big shareholder meeting on May 19, 2020.
Pressure is building from shareholders and climate activists and it’s getting results –starting this summer, Raymond will no longer serve as the lead independent director on the bank’s board. The question now is whether he will serve at all on the board. Shareholder and public pressure is increasing to vote Raymond off the board entirely.
Raymond, former CEO of ExxonMobil and former board member of the American Petroleum Institute, is a long-standing climate change denier. He has led massive disinformation campaigns for decades to refute the science on climate change, even when it came from ExxonMobil scientists.
In response to criticism of the bank’s massive financing of fossil fuels, and a vocal campaign to oust Raymond, the bank’s demotion of Raymond’s role is both significant and long overdue. Given Raymond’s influence and unconscionable record, his removal from the board is essential if the bank is to successfully reverse course on its fossil fuel financing. A January 2020 report leaked from the bank even affirmed that “We cannot rule out catastrophic outcomes where human life as we know it is threatened”.
For decades, Raymond has used his power to oppose science-backed evidence of climate change. It’s no wonder that his 30-plus years on the JPMorgan board has resulted in the bank being the largest funder of fossil fuels in the world by a huge 36% lead. In the last three years, JPMorgan Chase has plowed $268 billion into intensifying the climate emergency.
JPMorgan Chase is the worst bank on earth for the climate; it can only change course by removing its leading climate denier from the board.
Fortunately, three New York City pension funds, the New York State Common Retirement Fund, and the Pennsylvania State Treasurer -- all major institutional investors -- have stated they will vote against Raymond’s continuation on the JPMorgan Chase board.
If you own JPMorgan stock, this month you too can cast your votes to reflect your values for people and the planet. Shareholders have a crucial opportunity to vote whether or not Lee Raymond continues on the board.
The shareholder meeting will be held virtually on May 19th at 10:00am EST.
You can vote your proxy ballot in advance (check the deadlines in your proxy materials) or during the virtual meeting through the meeting website. As a shareholder, if you have questions about accessing the virtual meeting, email corporate.secretary@jpmchase.com or call (212) 270-6000 by May 15, 2020.
Not sure how to read your proxy statement? Use this graphic to help you vote your shares.
Make your vote count!
