Investors Reach Environmental Agreement with J.P. Morgan Chase(A)

Trillium Asset Management and a coalition of investors and environmental groups that have been pressing large banks to improve their environmental performance reached a major new agreement with J.P. Morgan Chase & Co. this week. Earlier this year, J.P. Morgan Chase agreed to hire an environmental affairs director and to “establish global policies and procedures regarding environmental issues.” Now the company has formally launched its Office of Environmental Affairs and committed to engage in an ongoing dialogue with us and other shareholders as it develops its new environmental policies and initiatives. The company pledged to report back to us on its progress within the next six months. Based on the company’s significant commitments, we have agreed to withdraw the environmental shareholder resolution that we co-filed with Christian Brothers Investment Services and Domini Social Investments at the company this past fall. Under the terms of our agreement, the company’s Chairman and CEO Bill Harrison will highlight the new environmental commitments at the company’s upcoming annual meeting, raising the profile of these commitments with J.P. Morgan Chase’s board of directors, senior management, and major shareholders. We look forward to sharing more with you on our progress with J.P. Morgan Chase as our dialogue continues.