The firm, which is already listed on the Brazilian Stock Market, has scheduled an Extraordinary General Meeting for 23 May where shareholders will vote on whether to go ahead with the dual listing.
The two largest shareholders have committed to abstain from voting, according to JBS. If approved, JBS expects to begin offering shares on the NYSE as soon as June.
“We believe this transaction will increase our visibility in global markets, attract new investors, and further strengthen our position as a global food industry leader,” said Gilberto Tomazoni, global CEO of JBS.
However, the decision by the SEC to approved JBS has been criticised by a series of legal bodies and environmental groups, who pointed to the firm’s environmental record.
“JBS is one of the world’s largest greenhouse gas emitters, driving deforestation, biodiversity loss, water pollution, and zoonotic disease risks,” said Laura J Fox, a research scholar from the Law, Environment, & Animals Program at Yale Law School.
“Its industrial model of animal agriculture is fundamentally unsustainable, posing serious financial, environmental, and public health threats. The SEC should have thoroughly investigated these concerns to prevent investors from being misled and to ensure that corporate greenwashing does not further fuel climate destruction and ecological harm.”
Daniela Montalto, senior campaigner at Greenpeace UK, pointed out that in order to secure the new listing, JBS proposed a corporate restructure to include a Dutch parent company.
“JBS built its meat empire on a history of corruption, broken promises and environmental destruction, including emissions that would make even fossil fuel companies raise an eyebrow,” said Montalto.
“The company’s plans for global expansion threaten to tip the planet further towards climate chaos – so its efforts to list on the New York Stock Exchange and relocate to the Netherlands is one US and Dutch regulators should absolutely have beef with.”
Finally, Gemma Hoskins, global climate director at environmental advocacy group Mighty Earth, told Food Manufacture: “Giving JBS the greenlight to list on the NYSE allows one of the world’s worst forest destroyers to ramp up its climate and nature-wrecking industrial meat operations.
“The current US regulatory environment won’t last, and as the climate and nature crisis deepens, JBS will have no choice but to overhaul how it does business and get to grips with its outsized emissions.”
