Investors Welcome JPMC Decision to Withdraw from Private Prisons
Boston Common joined 100 other investors with $27 billion JPMorgan shares in October 2017 writing to CEO Jamie Dimon on concerns about providing financing to private prisons. After a year-long engagement with management, JPMorgan has discontinued its relationship with the private-prison industry given the business risks and the need for enhanced human rights due diligence.
“Boston Common is happy to see JPMorgan Chase taking this first step to more holistically conduct human rights due diligence focused on their corporate lending. We hope to see them making additional steps such as Citigroup related to financing of other controversial sectors such gun and ammunition manufacturers which we have also asked them to do in the past 6 months.” stated Lauren Compere, Managing Director.