NEW YORK — Sixteen environmental organizations released a written investor briefing on Sept. 20 in a campaign against JBS S.A.’s initial public offering on the New York Stock Exchange.

Distributed to over 200 known JBS investors, financiers and other major financial institutions, the briefing was intended to warn investors of potential risks involved in supporting the Brazilian meat processor.

Friends of the Earth, Global Witness, Greenpeace, Rainforest Action Network and World Animal Protection were a few among the endorsers of the campaign.

“We believe investors have a fiduciary responsibility to consider the potential regulatory, litigation, reputational, ethical and market-based risks of investing in a firm significantly implicated in and exposed to climate change, deforestation, biodiversity loss, corruption scandals and human rights abuses, whether as a parent company or through its network of subsidiaries,” the groups wrote.

The main concern of the groups was the possible restructuring of JBS as a result of the dual listing. According to the briefing, the Batista family “may emerge with more than 90% shareholder voting rights under the terms of the deal, a significant increase on their existing 48% entitlement, which overwhelmingly dilutes voting rights for existing and future minority shareholders.”

Other concerns included corporate structure risks, declining market access risks, legal and regulatory risks, and reputational risks.

JBS did not respond to a request from MEAT+POULTRY for comments about the allegations at the time of publication.

In a New York Times panel on climate change this past Thursday, JBS Chief Executive Officer Gilberto Tomazoni spoke on the impact the meat industry has on the environment, according to a Reuters report.

"The only solution for this deforestation in Brazil is to have a national mandatory traceability system," Tomazoni said. "Then we can track individual by individual the animals. We don't have, so far, a national program for traceability."

JBS added its listing would  "enhance corporate governance and transparency through adherence to SEC standards."

The recent investor briefing followed a plea made last month by several environmental groups to the US Securities and Exchange Commission in contestation of JBS’s possible IPO.

JBS first announced plans of a dual listing on July 12. At the time, the company said the move would not impact operational structures, including assets, supply chains and financial flows worldwide.