The Tri-State Coalition for Responsible Investment

JPMorgan Chase Announces Commitment to Back Away from Private Prison Finance – Impact of Shareholder Engagement

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JP Morgan Chase announced on Tuesday that it will no longer finance the private prisons. This has been an ask of our engagement and dialogues, which we led since October 2017 on behalf of  Sisters of St. Joseph of Brentwood as the lead shareholder and many other Tri-CRI members and colleagues from ICCR. We raised concerns about human rights violations at GEO Group and Core Civic which operate private prisons and immigration detention centers, where there have been documented around healthcare, security, and allegations of forced labor.  Corporations have a responsibility to respect the rights of immigrants and refugees whether it be through direct business activities or through business relationships, which is the case for the banks financing private prison companies. Our engagement and this success was done alongside grassroots community activists and immigrant rights organizations who publicly organized and protested.  

This is a good testament to the power of shareholder engagement.  The ICCR press release is here, as well as news coverage today in the Global Sisters Report and Impact Alpha, citing our role.

Other articles on the move here: 

New York Times: JPMorgan Chase Stops Funding Private Prison Companies, and Immigration Activists Applaud
Forbes: JPMorgan Chase Is Done With Private Prisons
Daily Kos: In wake of protests, JPMorgan Chase breaks up with private prison industry
Bloomberg: JPMorgan Ends Financing of Private Prisons After Criticism

Learn more about Tri-CRI’s shareholder advocacy work on the corporate responsibility to respect immigrants’ rights on our Immigration page.

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