JPMorgan Chase faces unprecedented vote against its financing of fossil fuels
Today, at the bank’s virtual annual shareholder meeting, JPMorgan Chase, the world’s worst funder of climate change, faced multiple questions on climate change as well as pressure to remove climate change denier and former Exxon CEO Lee Raymond from its board. 49.6% of shareholders voted to require Chase to produce a plan to align its business with the goals of the Paris Agreement. And, in a strong rebuke to Jamie Dimon’s leadership, 41.7% voted to split the roles of board chair and CEO.
Reactions to the votes at Tuesday’s JPMorgan Chase Annual General Meeting:
“This shareholders’ revolt against Jamie Dimon’s failed record on climate change shows that JPMorgan Chase’s days of acting as the house bank of the fossil fuel industry will have to end. The unprecedented share of the votes against management, and the fact that JPMorgan had to demote climate denier Lee Raymond from his board leadership role, shows that investors agree with activists that business as usual in financing fossil fuels is no longer acceptable.”
Climate & Energy Program Director
Rainforest Action Network
"The days when Chase could quietly funnel money into the fossil fuel industry without the public taking notice are over. The pressure Chase faced on climate at today’s meeting and the votes showing unprecedented support for climate accountability are proof that the movement to push Chase and other big banks to clean up their act on climate is only gaining momentum and power. This is only the beginning, and we’ll continue to demand meaningful changes to align Chase's investments with a climate-safe future."
“While demoting climate-denying Lee Raymond as lead independent director after 19 years is a start, this is just the tip of the melting iceberg of what needs to happen at JPMorgan Chase. The future is not in financing risky, bankrupt prone fossil fuel companies wrecking our climate. It is in investing in community driven climate solutions. The climate related shareholder votes signal it's time for an overhaul at JPMorgan and we aren’t going to stop until we achieve that.”
“My family lost everything in superstorm Sandy, which was supercharged by climate change, which JP Morgan Chase has helped cause by financing fossil fuels. Climate denier Lee Raymond already got demoted but it’s clear it’s time for the bank to boot him off the board entirely and stop financing climate destruction.”
Hurricane Sandy survivor
Member, New York Communities for Change