JPMorgan Adds Plan for Nuclear War to Bylaws. But Don’t Sweat It

If JPMorgan Chase & Co.’s got you concerned with its mention of nuclear war, relax; it’s been a boilerplate section in corporate bylaws for over three decades.

The 1978 edition of the Federal Civil Defense Agency’s “Disaster Planning Guide for Business and Industry” encouraged companies to establish succession plans and alternate headquarters in case of a nuclear incident. Exxon Mobil Corp. and its predecessor company have had such a provision since 1981 according to a New York Times op-ed at the time.

And it’s not just companies in strategically important industries that have planned for the worst. Candy maker Hershey Co. has included nuclear disaster language in its emergency bylaws since at least 1998, while micro-furniture company Mikrocoze Inc. has laid out a contingency in the S-1 for its upcoming initial public offering.

Still, JPMorgan’s addition comes amid heightened tensions between the U.S. and North Korea. And hours after the bylaw tweaks were announced, President Donald Trump stirred up tensions with cryptic remarks while posing for photos with military leaders, saying the gathering might represent “the calm before the storm.”

Source: Bloomberg

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.