Brazilian Meatpacker JBS Debuts on NYSE Amid Legal, Environmental Scrutiny

Brazilian meat giant JBS Foods SA made its debut on the New York Stock Exchange (NYSE) on June 13, marking a significant step in its dual listing strategy that also includes Brazil's B3 exchange. The company, the world’s largest meatpacker with substantial U.S. operations, aims to gain broader investor access and more competitive financing through this move, despite facing persistent scrutiny over corruption, environmental damage, and labor issues. Shares showed mixed performance during the debut, with slight gains reported by some sources and a 3.9% fall noted by others, reflecting market uncertainty amid ongoing controversies. JBS has encountered opposition from environmental groups like Mighty Earth, which alleges the company profits from cattle raised on illegally deforested Amazon land, and from investor advisory firms such as Glass Lewis, which raised concerns about governance due to the return of the founder’s sons with past bribery convictions and the company’s dual share class structure. The U.S. Securities and Exchange Commission approved the listing following President Donald Trump's reelection and a related donation from JBS’s U.S. subsidiary to his inauguration committee, a context noted by some reports. Despite the backlash, JBS’s shareholders proceeded with the listing, signaling confidence in the company’s growth and value-creation plans.