ESS Team | May 2025
The world’s largest meat producer, JBS S.A., has received approval from the U.S. Securities and Exchange Commission (SEC) to list on the New York Stock Exchange—a decision sparking widespread criticism from environmental groups, legal watchdogs, and ethical investors. The green light comes amid a storm of allegations implicating the company in environmental destruction, corruption, and misinformation campaigns, with critics warning the listing will supercharge its global expansion at the expense of climate and corporate accountability.
A Listing Mired in Controversy
The SEC’s decision to approve the listing came just days after it was revealed that JBS subsidiary Pilgrim’s Pride made a $5 million donation to Donald Trump’s inaugural committee—the single largest contribution. This donation, coupled with the SEC’s reversal of years-long delays, has raised red flags among watchdogs and political analysts who suggest that regulatory integrity is being eroded.
During Trump’s first term, the SEC and Department of Justice fined JBS and its parent company more than $280 million for participating in a widespread bribery scheme linked to their acquisition of Pilgrim’s Pride. Since those fines were levied in 2020, JBS has continued to issue misleading information about its climate risks and even attempted to evade its financial penalties.
New York Attorney General Letitia James has since sued the company over misleading climate disclosures. Simultaneously, JBS is embroiled in lawsuits from McDonald’s for price-fixing, and from U.S. cattle ranchers who claim the SEC’s approval further disadvantages domestic producers.
Environmental and Human Rights Alarm Bells
According to Greenpeace and other campaigners, JBS’s environmental footprint is staggering. The company’s climate pollution has been compared to the annual emissions of an entire country—on par with Spain. Critics allege JBS continues to drive deforestation across the Amazon and other ecosystems through its beef and pork supply chains.
Greenpeace disrupted JBS’s annual shareholder meeting in São Paulo, with activists unfurling massive banners and impersonating JBS’s scandal-ridden billionaire owners Joesley and Wesley Batista. In tandem, coordinated protests erupted across Europe in Luxembourg, Italy, Sweden, and the Netherlands, where JBS plans to relocate its holding company as part of the IPO restructuring.
The planned move to the Netherlands would increase the Batista brothers’ voting control from 48% to nearly 85%, significantly reducing the influence of minority shareholders on governance and sustainability matters.
A History of Greenwashing and Tax Evasion
JBS’s environmental claims have been widely discredited. An investigation by Unearthed, Repórter Brasil, and The Guardian revealed that the company will likely miss its target to eliminate deforestation from its supply chain by the end of 2025. Furthermore, JBS’s sustainability chief recently cast doubt on its own net-zero emissions pledge for 2040, admitting it was “never a promise.”
To make matters worse, JBS was recently accused of dodging $442 million in taxes between 2019 and 2022 using Luxembourg-based “mailbox companies”—raising questions about its financial transparency as it enters U.S. capital markets.
The PR Push: Innovation and AI
Amid the uproar, JBS’s leadership has mounted a counter-offensive. CEO Gilberto Tomazoni took to the stage at the Milken Institute Global Conference in Los Angeles to promote the company’s investment in artificial intelligence (AI) and biotechnology as tools for sustainable food production. He emphasized that innovation can help produce more food using fewer resources and highlighted JBS’s efforts to support small farmers.
Tomazoni’s vision, however, did little to quell concerns. Critics argue that public statements and tech-focused messaging mask the deeper structural issues in JBS’s supply chain and governance model.
New Investments, Same Questions
JBS recently announced a BRL 216 million (approx. $38 million USD) investment across four Seara facilities in Santa Catarina, Brazil, which will create 278 new jobs. While regional officials celebrated the move as a win for the local economy, critics view it as a strategic effort to gain goodwill amid intensifying scrutiny.
The investments will increase pork and poultry processing capacities, aligning with JBS’s global ambition to scale up its protein empire. But without meaningful changes to its environmental practices or governance, campaigners fear these expansions will deepen the company’s already significant ecological and ethical footprint.
A Turning Point for Markets and Morality
Mighty Earth and its allies, whose advocacy helped delay the IPO for nearly two years, argue that the recent approval under the Trump-influenced SEC marks a worrying departure from the regulator’s historical commitment to transparency and investor protection. They are now calling on the New York Stock Exchange—and Dutch regulators—to block the listing and prevent further damage.
“JBS’s meat empire was built on broken promises, environmental destruction, and corruption,” said Greenpeace Brazil campaigner Cristiane Mazzetti. “Companies like JBS have no place on public markets.”
Looking Ahead
As JBS moves forward with its U.S. debut, stakeholders across the world—from investors to environmental advocates—are watching closely. Whether regulators, financial institutions, and the NYSE will act to impose higher standards remains uncertain. What’s clear is that the battle over JBS’s future is now a litmus test for the integrity of global markets in an era of climate emergency and rising authoritarianism.
Sources Include:
Environmental groups blast JBS’s US listing approval; Wall Street praises it
- https://www.reuters.com/sustainability/climate-energy/environmental-groups-blast-jbss-us-listing-approval-wall-street-praises-it-2025-05-02/Reuters
Embattled Meat Giant JBS Cleared for NYSE Listing, Was Trump’s Largest Inauguration Donor
- https://civileats.com/2025/04/23/embattled-meat-giant-jbs-cleared-for-nyse-listing-was-trumps-largest-inauguration-donor/Vegconomist+4civileats.com+4Organic Consumers+4
Brazilian meatpacker JBS says net-zero emissions pledge was never a promise
- https://www.reuters.com/sustainability/brazilian-meatpacker-jbs-says-net-zero-emissions-pledge-was-never-promise-2025-01-15/rurales.elpais.com.uy+14Reuters+14Mighty Earth+14
Disruption at JBS shareholder meeting as Greenpeace stage global protests
- https://www.greenpeace.org/international/press-release/74311/disruption-jbs-shareholder-meeting-greenpeace-global-protests/Greenpeace+6Greenpeace+6Greenpeace Media+6
Meat multinational JBS accused of dodging $442m in taxes
- https://www.internationaltaxreview.com/article/2eqcp4cj0z855w6eddbeo/direct-tax/meat-multinational-jbs-accused-of-dodging-442m-in-taxesITR+1ITR+1
Gilberto Tomazoni, CEO JBS: AI helps to produce more food with fewer resources
- https://euromeatnews.com/Article-Gilberto-Tomazoni%2C-CEO-JBS%3A-AI-helps-to-produce-more-food-with-fewer-resources/8457euromeatnews.com
Brazilian meat giant JBS was largest donor to Trump’s inauguration
- https://mightyearth.org/article/brazilian-meat-giant-jbs-was-largest-donor-to-trumps-inauguration/Banktrack+5Mighty Earth+5Mighty Earth+5
JBS barred from gold standard for corporate climate action over its bogus net zero plans
- https://mightyearth.org/article/jbs-barred-from-gold-standard-for-corporate-climate-action-over-its-bogus-net-zero-plans/Mighty Earth
Green groups decry plan to list world’s biggest meatpacking company on NYSE
- https://www.theguardian.com/us-news/2025/apr/24/jbs-nyse-listing-pushback-amazon-deforestation-climateThe Guardian
New York sues JBS, world’s largest meatpacker, over sustainability claims
More than 800m Amazon trees felled in six years to meet beef demand
Takeaways from lawsuits accusing meat giant JBS, others of contributing to Amazon deforestation
JBS’s global tax avoidance hub: Luxembourg
JBS: Big Ag’s Villain Origin Story
JBS’s Factory Farming Empire
Attorney General James Sues World’s Largest Beef Producer for Misrepresenting Environmental Impact of Their Products
JBS proposes plan to list shares on NYSE as early as June
- https://www.meatpoultry.com/articles/31755-jbs-proposes-plan-to-list-shares-on-nyse-as-early-as-june
Pilgrim’s Pride donated $5 million to Trump inauguration
GOP lawmaker urges national security review of JBS NYSE listing bid
World’s Largest Meat Producer Gains Access to US Markets While Avoiding Millions in Taxes
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