JP Morgan Chase announced on Tuesday, March 5th, 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. In recognition of this commitment, 105 investors sent a letter to JP Morgan Chase on April 8th, available here, to commend the important step and encourage disclosure on the steps to implement the commitment and end financial relationships with the private prisons.

Investors 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: 

Washington Post: Banks bow to pressure to stop profiting from Trump’s immigration policy, but Big Tech remains defiant 
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
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

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
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.