JPMorgan rejects calls to disclose lending’s impact on climate | American Banker

JPMorgan Chase is resisting proposals from activist investors that would require it to take stock of the impact its lending activities are having on climate change.

Several members of the Interfaith Center on Corporate Responsibility want to put several climate-related proposals to a shareholder vote that would, among other things, ask the bank disclose how it might mitigate greenhouse gas emissions resulting by its lending activities and how it will deal with the reputational risk that comes with financing certain types of drilling.

But the nation’s largest bank has asked the Securities and Exchange Commission to reject calls to include those shareholder resolutions in its proxy materials, arguing that they deal with day-to-day business operations that are not subject to shareholder oversight.

“Although environmental issues and risk factors are considered in the company’s business decisions, they must be considered contextually, not mechanically, and are one of many factors considered in a holistic review of what is best for both the company’s customers and its shareholders,” the bank wrote in its response to two of the resolutions.

via JPMorgan rejects calls to disclose lending’s impact on climate | American Banker

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