Published by Save Darfur Coalition.

April 22nd, 2011 by Eric Cohen

For years, JPMorgan Chase has been one of the world’s largest investors in PetroChina, which, through its closely related parent, CNPC, is one of the worst offenders in funding the genocide in Darfur.

Investors Against Genocide (I.A.G.) has been leading a campaign of shareholder proposals at financial institutions with large holdings in PetroChina.  You may be aware of the earlier voting on I.A.G.’s genocide-free investing shareholder proposal at Fidelity or Vanguard.  Or, you may be aware of I.A.G.’s successful engagement with TIAA-CREF or American Funds.  Now, genocide-free investing is on shareholder ballot at JPMorgan Chase.

Between now and May 17, shareholders at JPMorgan Chase will be voting to determine whether or not one of the largest financial institutions in the world should make an effort to avoid investments in companies, like PetroChina, that “substantially contribute to genocide or crimes against humanity.”

The choice seems obvious.  But, JPMorgan Chase opposes the proposal and tells shareholders that they should vote against it.  JPMorgan Chase says that it already factors human rights issues into its decision-making: “While we share the shareholder’s concern about human rights generally and about genocide in particular, we believe the firm’s existing policies and procedures appropriately address these issues.”  One has to wonder what JPMorgan Chase believes is appropriate about owning $1.3 billion worth of PetroChina, about 5% of the outstanding shares, when it is widely recognized for its ties to Sudan.

Do you have a Chase credit card or bank account?  Are you a JPMorgan customer? If not, you are still a potential customer, and your opinion matters to JPMorgan Chase. Research has shown that 88% of Americans do not want financial ties to companies, such as PetroChina, that help to support genocide.  Now there is an opportunity for JPMorgan Chase to hear your voice in preparation for the shareholder vote at JPMorgan Chase’s annual meeting on May 17.

Please sign the petition telling Jamie Dimon, the head of JPMorgan Chase, that you want the company to adopt a genocide-free investing policy and stop investing in PetroChina and other companies supporting genocide.

If you own shares in JP Morgan Chase (NYSE: JPM), please be sure to vote for genocide-free investing; it is question 10 on the ballot.  If not, spread the word to anyone you know that may be a shareholder.

For more about the vote, read Laura Heaton at Enough, Institutional Investor, or I.A.G.

Eric Cohen is the Chairperson and co-founder of Investors Against Genocide and the Chairperson of the Massachusetts Coalition to Save Darfur.