Lee Raymond To Leave J.P. Morgan Board, Following Investor Climate Concerns From Treasurer Torsella And Others

Former Exxon CEO will no longer serve on board that largely finances fossil fuel industry

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today issued a statement, following Lee Raymond’s resignation as Lead Independent Director at J.P. Morgan. Raymond is the former CEO at Exxon Corporation, and helped shape the fossil fuel industry into its current form, while downplaying concerns about climate change and stifling investment in renewable energy sources. In May, Treasurer Torsella, New York City Comptroller Scott Stringer, and New York State Comptroller Tom DiNapoli joined Majority Action to stand firm against Raymond’s re-nomination to the board due to his overwhelming influence in J.P. Morgan’s financing decisions of fossil fuel industry players like Exxon-Mobil.

“The end of Lee Raymond’s tenure on J.P. Morgan’s board of directors is a major turning point for progress on climate issues. For three decades, this board has actively stood in the way of progress for the future of our planet. The climate crisis is not one that is up for debate. We are fast approaching a point of no return, where we can no longer mitigate the damage that has been done to our atmosphere, to our oceans, and to our natural resources.

“Mr. Raymond’s very presence on the board also raised significant questions about whether keeping the same people on the same boards for decades allows for true independence and oversight of executives.

“This is a chance for J.P. Morgan to become better governed, more diverse, and better focused on solutions to the climate crisis. Embracing all three would make for a better company, and better serve shareholders like the Commonwealth of Pennsylvania.”

Pennsylvania State Treasurer, Joe Torsella

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