JP Morgan and Wells Fargo divested from private prisons after a massive public pressure campaign. GEO Group is worried about what may come next.
Private prison company GEO Group is warning investors that growing public pressure to divest from the private prison industry “could have a material adverse effect on our business.”
“We will no longer bank the private prison industry,” JP Morgan announced in March after a long public pressure campaign from groups like the Center for Popular Democracy. Wells Fargo told industry watchers in its 2018 Business Standards Report: “Our credit exposure to private prison companies has significantly decreased and is expected to continue to decline, and we are not actively marketing to that sector.
GEO Group is not only feeling the heat from creditors and activists but from shareholders as well, as it learned at a recent shareholder meeting. A resolution put forth by the USA West Province of Jesus, a religious group and minor investor in the company, raised concerns about GEO Group’s treatment of detainees. The resolution asked shareholders to vote to approve a series of reforms that would require GEO Group to publicly account for how detainees in its custody are treated.
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