New York City Pension Funds Urge JPMorgan Shareholders to Oust Lee Raymond

New York City’s pension system is joining the call for the ouster of Lee Raymond from the board of JPMorgan Chase & Co., saying the former Exxon Mobil Corp. chief “lacks the impartiality and climate competency” needed to fulfill his duties when it comes to climate-change risks.


Three city pension funds that hold about 2.4 million JPMorgan shares plan to vote against Mr. Raymond at next month’s annual meeting, according to New York City Comptroller Scott Stringer, the custodian for the city’s pension systems, which had about $211 billion in assets under management as of February.


Mr. Stringer, who has been working on a plan for the funds to shed their holdings in companies that own fossil-fuel reserves, said Mr. Raymond’s background conflicts with his responsibilities as lead independent director for JPMorgan, the world’s biggest lender and underwriter to the fossil-fuel sector.

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