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Shareholders at JPMorgan Chase will be able to vote on investments linked to genocide after the Securities and Exchange Commission (SEC) threw out the firm’s request to exclude the proposal from a proxy ballot at its AGM.
The SEC’s decision is one of the first under its new legal regime instituted by the Frank-Dobb Act, and clears the way for further shareholder resolutions on genocide and investment.
The shareholder proposal, part of ongoing shareholder action led by the Investors Against Genocide NGO, had requested that ‘the board institute transparent procedures to prevent holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights’.
JPMorgan ‘no action’ claimed that the shareholders voting on the proposal would not understand it, but the SEC disagreed and said the vote must be allowed to proceed.
The SEC’s decision is one of the first under its new legal regime instituted by the Frank-Dobb Act, and clears the way for further shareholder resolutions on genocide and investment.
The shareholder proposal, part of ongoing shareholder action led by the Investors Against Genocide NGO, had requested that ‘the board institute transparent procedures to prevent holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights’.
JPMorgan ‘no action’ claimed that the shareholders voting on the proposal would not understand it, but the SEC disagreed and said the vote must be allowed to proceed.
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