Comptroller Stringer and Pension Fund Trustees Launch “VOTE NO” Campaign Against Lee Raymond at JPMorgan
Citing lack of impartiality and climate competence, urges JPMorgan Chase & Co investors to vote against re-election of lead “independent” director Lee Raymond
(New York, NY)—Today, New York City Comptroller Scott M. Stringer, on behalf of the New York City Employees’ Retirement System, Teachers Retirement System of the City of New York and New York City Board of Education Retirement System, launched a campaign to urge JPMorgan Chase & Co (JPM) shareholders to vote against the re-election of lead “independent” director Lee Raymond at the company’s upcoming annual shareholder meeting. The NYC Systems are substantial, long-term JPM shareholders with approximately 2.4 million shares.
In a letter to shareowners filed today with the U.S. Securities and Exchange Commission, the Comptroller outlined concerns that Raymond lacks the impartiality and climate competence to fulfill lead independent director responsibilities at JPM. Raymond has served on the board of JPM and its predecessor for 33 years and in board leadership roles for 19 years, compromising the requisite independence of a lead “independent” director. Additionally, JPM has been the largest global lender and underwriter to the fossil fuel sector, providing $269 billion in financing to fossil fuel expansion from 2016 to 2019. Raymond worked at ExxonMobil for 42 years, including as Chair and CEO, has substantial financial ties to the fossil fuel industry, including to entities financed by JPM, and is on record as a climate change denier.
“We must address the financial and climate risks to JPMorgan associated with fossil fuels now because the city workers who depend on our pension funds for their retirement security cannot afford for us to wait. With JPMorgan management financing more fossil fuel expansion than any other bank, we need the independent members of the board, led by a genuinely objective and climate-competent lead independent director, to hold management accountable for driving JPMorgan’s energy finance transition. We are urging shareowners to vote ‘no’ on Lee Raymond because his long history in the fossil fuel industry and excessive tenure on JPMorgan’s board render him unable to fulfill his fiduciary duty as an independent public company director for long-term investors,” New York City Comptroller Scott M. Stringer said.
Comptroller Stringer serves as the investment advisor to, and custodian and a trustee of, the New York City Pension Funds.
In addition to Comptroller Stringer, the participating New York City Pension Funds’ trustees are:
New York City Employees’ Retirement System (NYCERS): Mayor Bill de Blasio’s Representative, John Adler (Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Gale Brewer (Manhattan), Sharon Lee (Queens), Eric Adams (Brooklyn), James Oddo (Staten Island), and Ruben Diaz, Jr. (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.
Teachers’ Retirement System (TRS): Mayor Bill de Blasio’s Appointee, John Adler; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; Natalie Green Giles; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.
Board of Education Retirement System (BERS): Schools Chancellor Richard Carranza; Mayoral: Isaac Carmignami, Natalie Green Giles, Vanessa Leung, Gary Linnen, Lori Podvesker, Shannon Waite, Miguelina Zorilla-Aristy; Michael Kraft (Manhattan BP), Debrorah Dillingham (Queens BP), April Chapman (Brooklyn BP), Geneal Chacon (Bronx BP) and Peter Calandrella (Staten Island BP); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.
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