JBS Navigates Controversy to Successfully Launch on the NYSE
“Investors shoudl reconsider their support for a company that hands near-total control back to scandal-plagued owners,” Mighty Earth stated in an open letter addressed to the NYSE.
Interestingly enough, JBS ranks as No. 68 on Transport Topics’ list of top private carriers across North America.
A preliminary vote count indicated many investors were initially opposed; however, they ultimately leaned towards potential stock gains over governance worries according to Igor Guedes from Genial Investimentos.
This situation exemplifies how contentious corporate governance can be today—Senator Elizabeth Warren recently expressed concern about possible undue influence following SEC approval of JBS’s listing plan after Pilgrim’s Pride Corp., a subsidiary of JBS, donated $5 million toward President Trump’s inauguration committee.
In response, Senator Rand Paul alongside Mason Capital Management LLC called on regulators to investigate ISS and Glass Lewis for their opposition advice regarding JBS’s proposal.
Following these developments, shares of JBS saw an initial rise before settling back down again.as part of its restructuring efforts, ownership will shift from Brazil-based operations into a newly established entity based out in the Netherlands set up specifically for trading on NYSE—a process expected by June 12.
With operations spanning six continents—from chicken production stateside all the way through plant-based offerings across Europe—the company anticipates sales nearing $84 billion this year alone.For further insights or updates on today’s briefing check below or visit our site!
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