The Public Responsibility Committee of our company’s Board of Directors reviews significant policies and practices regarding political contributions, major lobbying priorities and principal trade association memberships, including their continued relevance to our company’s public policy objectives. The Government Relations and Public Policy (GRPP) group of JP Morgan & Co. (“JP Morgan”) directs our company’s political spending for both the corporate treasury and our political action committees (PACs).
However, some of JP Morgan's politically focused expenditures appear to undermine the company's values and interests.
JP Morgan has affirmed its support for the Paris Climate Accord and sponsors multiple operational and financial initiatives to support a transition to a lower-carbon economy. Our company has implemented exemplary LGBTQ workplace policies and is a recognized friend and ally to that community. Our Women on the Move initiative provides a platform for networking and career development at all levels of the company and is expanding credit and opportunity to female clients and customers as well. Management is working to expand supportive policies to working parents and their families.
However, in contrast to these stated and implied values, JP Morgan has:
•Repeatedly contributed to a 527 organization that has led efforts to prevent enforcement of the EPA's Clean Power Plan;
•Consistently made direct donations to candidates opposing LGBTQ equality, and given more than $185,000 in five recent election cycles (2010 — 2018) to a 527 organization that uses these donations to fund politicians who have attacked LGBTQ equality and also worked to undermine women's reproductive rights;
•Contributed over the last three election cycles (2016 — 2020) at least $2.8 million to anti-choice candidates and political committees from the corporate treasury and company-sponsored political action committees, according to an analysis conducted by the Sustainable Investments Institute.
The GRPP does not provide transparent explanations as to why J.P. Morgan's politically focused expenditures appear to be misaligned with the company's values and interests.
Proponents believe that JP Morgan should establish policies and reporting systems that minimize risk to the firm's reputation and brand by addressing possible missteps in corporate electioneering and political spending that contrast with our company's stated and implied values.