Largest Meat Company Approved to Go Public on NY Stock Exchange

Brazil-based JBS, the world’s largest meat company, has been striving for over a decade to have a listing on the New York Stock Exchange. However, the company, which has faced accusations of ties to illegal deforestation in the Amazon, was held back by various corruption charges. Despite its history, the U.S. Securities and Exchange Commission granted approval for the listing, which critics argue could hinder efforts to combat the destruction of the Amazon rainforest, a critical ecosystem that plays a vital role in stabilizing the Earth’s atmosphere.

Advocacy groups like Mighty Earth, which have been at the forefront of campaigns against the listing and have closely monitored JBS’s environmental impacts, are concerned that access to U.S. capital markets will enable JBS to escalate their deforestation and methane pollution activities. Mighty Earth described the listing as the “biggest climate risk IPO in history.” The SEC’s decision to approve the listing came shortly after it was revealed that a subsidiary of JBS, Pilgrim’s Pride, made a significant $5 million donation to President Donald Trump’s inauguration campaign, the largest by any single company.

The move has raised eyebrows among environmentalists, especially given the regulatory changes that occurred after Trump’s inauguration. The U.S. Department of Agriculture relaxed regulations on poultry processors, allowing them to increase processing speeds—a move that had long been advocated by the industry. Additionally, Pilgrim’s Pride agreed to pay $41 million in January to settle allegations of artificially inflating its stock prices. While the SEC refused to comment on individual companies, it highlighted that its review process does not assess the merits of transactions.

Towards the end of Trump’s administration, the SEC and the Department of Justice imposed hefty fines on JBS, J&F Investimentos (its parent company), and the Batista brothers for engaging in bribery to facilitate business activities in the U.S. The misconduct was seen as a failure of corporate governance, with allegations of misleading investors about climate commitments and issuing fraudulent “green” bonds. Despite these controversies, JBS remains determined to go public on the New York Stock Exchange, with plans to begin offering shares in June.

The company’s track record includes allegations of human rights violations, illegal land grabs from Indigenous communities, child labor, and sourcing cattle from illegally deforested areas in the Amazon rainforest. The Batista brothers faced accusations of bribing lawmakers following a significant corruption investigation. Environmental groups have long criticized JBS for its role in deforestation and methane emissions, estimating that its 2021 emissions are equivalent to those of Spain and have led to deforestation on millions of acres.