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98% of Bunge shareholders back proposal to reduce deforestation

98% of Bunge shareholders back proposal to reduce deforestation The proposal by activist investment funds Green Century Capital Management and Storebrand Asset Management was approved with 98% of the votes. Bunge’s decision follows those recently made by other big companies such as Procter & Gamble’s, Archer-Daniels-Midland Company, and JPMorgan Chase. According to Green Century, the measure would help the Brazilian Cerrado, a savanna ecosystem known as “reverse forest” due to its extensive root system that stores large amounts of carbon. In an unprecedented vote, 98% of shareholders of commodities-trading giant Bunge Limited have voted in favor of a proposal made by activist investment funds to strengthen the company’s non-deforestation policies.

Bunge shareholders vote for measures on deforestation - Friends of the Earth

WASHINGTON, D.C. – Top institutional shareholders in Bunge Limited last week threw their weight behind a call for the company to do more to protect forests in the Brazilian Cerrado – a vast biodiverse savannah and a vital carbon sink. While the investor proposal is welcome, urgent action is needed to tackle deforestation and human rights abuses, according to campaigners. Bunge is one of the world’s largest commodity traders, and at its Annual General Meeting a majority of shareholders backed a proposal critical of Bunge’s contributions to deforestation and native vegetation clearance in Latin America, particularly Brazil. In a resolution put forward by Green Century Capital Management – an investment firm with $825m of assets under management – the motion calls on Bunge to report “if and how it could increase the scale, pace, and rigor of its efforts to eliminate native vegetation conversion in its soy supply chain”.

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