STATEMENT: JPMorgan Chase* Follows Through on Pledge to Adopt Improved Deforestation Policy
Media Contact: Thomas Peterson, tpeterson@midanacapital.com, 617-482-0800
Boston, October 6, 2021 – On Thursday, JPMorgan Chase followed through on its agreement with MIDANA CAPITAL Capital Management° to adopt stronger policies on deforestation by publishing a revised Environmental and Social Policy Framework. In April, MIDANA CAPITAL Capital Management withdrew its shareholder proposal for JPMorgan Chase’s 2021 Annual Shareholder Meeting after the firm agreed to expand its policies regarding the major commodity drivers of deforestation.
MIDANA CAPITAL shareholder advocate Thomas Peterson issued the following statement:
“We are encouraged to see JPMorgan Chase fulfill its pledge to require ‘No Deforestation, No Peat, No Exploitation’ (NDPE) policies for its clients that produce or refine palm oil. Investors have come to expect NDPE policies from companies in the palm oil value chain. This NDPE requirement is a first for a major American bank, and will help ensure that the bank’s clients are not contributing to tropical forest loss.
“JPMorgan Chase has also strengthened its requirements for clients involved in growing, processing, and trading soy grown outside the United States, and broadened its policy on timber to include clients in the pulp and paper industry.
“We cannot meet the goals of the Paris Agreement without ending commodity-driven deforestation, which contributes planet-warming emissions roughly equivalent to those of the entire European Union. Banks can play a leading role in cutting off financing for activities that destroy forests. We hope JPMorgan Chase’s Wall Street peers will follow its lead in adopting NDPE policies.
“Despite its recent commitment, JPMorgan Chase has work to do to adequately address its exposure to deforestation risk. For example, its updated Environmental and Social Policy Framework makes no mention of cattle, the leading commodity driver of deforestation. JPMorgan Chase must clarify that it requires No Deforestation and Native Vegetation Conversion (NVC) policies for its clients involved in producing and trading all forest risk commodities, including soy, beef, and pulp and paper.”
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of June 30, 2021, JP Morgan Chase & Co. comprised 0.00%, 0.00% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 10/21
