Friday, 8 February 2013

Ethical investors need to be aware of what JPMorgan Chase is supporting in Australia

JPMorgan Chase & Co claims to be one of the oldest financial institutions in the United States. With a history dating back over 200 years. It is certainly one of the largest.
This wealthy multinational corporation with global assets worth $2.3 trillion asserts; Our integrity and reputation depend on our ability to do the right thing, even when it's not the easy thing.  
Further it states that it; believes that responsible corporate citizenship demands a strong commitment to a healthy and informed democracy through civic and community involvement.
JP Morgan Chase also has a 100% owned subsidiary, JPMorgan Nominees Australia Ltd which just happens to be the eighth largest shareholder in Metgasco Limited with a 5.4 million share parcel as at 21 September 2012.
Metagasco is a coal seam gas and exploration company currently operating on the NSW North Coast in the face of sustained opposition by local communities, such as Glenugie in the Clarence Valley and Casino in the Richmond Valley.
In the Lismore local government area alone the September 2012 plebiscite resulted in 86.26 per cent of the 25,595 electors who voted saying “No” to coal seam gas exploration and production in their districts.
If JPMorgan Chase genuinely believes in democratic processes and doing the right thing, one wonders why it is financially supporting a coal seam gas mining company with a spotty regulatory compliance history and no social license.
If you are an investor trying to act in an ethical manner, then perhaps you need to reassess any financial interaction you might have with JPMorgan Chase.

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