Posted on 06/03/2023 8:17:53 PM PDT by george76
Woke governance that has sent profits spiraling at companies like Anheuser-Busch and Target often begins with lefty investment firms pressuring them to push products their way, an ex-top Anheuser-Busch exec said.
...
Anson Frericks said behind-the-scenes politicking from firms like New York-based BlackRock and Pennsylvania-based Vanguard spur many of the controversial decisions sparking nationwide boycotts from longtime more conservative customers — such as the ill-fated Bud Light promotion with transgender influencer Dylan Mulvaney
He said BlackRock, Vanguard, and another firm, State Street, manage about $20 trillion in capital and use their clout to promote agenda politics being pushed on them by progressive lawmakers overseeing government pension funds that the companies profit from.
...
One of the firms manages California’s pension fund — the largest in the country — and California politicians can have a big say in the corporate governance and politicking of the firms they invest so heavily in, he added.
“In California, for example, they recently have mandated those large pension funds that they divest from things like fossil fuels and oil and gas, and then when Bill de Blasio, [former] mayor of New York, was there, he did the same thing,” he said.
“But they also tell BlackRock, State Street, and Vanguard if they’re going to manage their money, they have to commit to things like ESG — diversity, equity, inclusion — and adopt firm-wide commitments that they therefore then force onto all the major companies in corporate America.”
(Excerpt) Read more at nypost.com ...
Frankly this is a cop-out.
Perhaps they get proactive and find non-woke investment companies. Or create their own and then let other liepke minded companies join in.
Someone needs to pull the plug, turn out the lights, ring someone’s bell or just set up the guillotine.
I guess they can ask those investment firms to write them a check for their losses.
A straight payment, no stock options.
Jesse Jackson started this in the 80’s with his Rainbow Push Coalition. I bet he never imagined it being this crazy?
I still say the companies can claim this as regulatory compliance. The SEC was demanding it. I would.
I’ve told my investment executive to get rid of all my Blackrock and Vanguard investments.
You have to cut off the head of the viper.
Bkmk
just watched Matt Walsh’s “What is a Woman” documentary - excellent. decided to look for an updated on the BC Canadian father who featured in it, and found only the following:
2 June: Rebel News: Controversial Medical Transition Case: Father’s struggle against going back to jail continues in BC court of appeal
The courts sided against C.D., denying him the right to protect his child from making a life-altering decision that many children who have been permitted to undergo such treatment have later regretted.
By Drea Humphrey
The BC father who was imprisoned after speaking out about his child being medically transitioned without his consent was fighting for his freedom in the BC Court of Appeal this Wednesday, and Rebel News was the only media on-site to interview him about his hearing...
Click on the video report (13mins link in tweet) to hear both C.D. and myself recap the one-day hearing and get an update from C.D. on what life has been like knowing he could be thrown back in jail...
https://www.rebelnews.com/controversial_medical_transition_case_father_s_struggle_against_going_back_to_jail_continues_in_bc_court_of_appeal
just realised the video was on the initial Rebel News page linked to in my first comment.
It all makes sense if you consider that they expect most of their current customer base to be dead soon.
I smell a Georgie Soros Nazi skunk.
Some shareholder proxy services have elevated their operations to include shareholder advisory services.
There are now some shareholder proxy advisory services, owned by private equity firms. Examples:
Glass, Lewis & Co. (Glass Lewis)
Institutional Shareholder Services Inc. (ISS)
. . . that have increasing influence, because of their owners with considerable financial power. See:
Proxy Advisors And Market Power: A Review of Institutional Investor Robovoting (Posted by Paul Rose (The Ohio State University), on Thursday, May 27, 2021, at the Harvard Law School Forum on Corporate Governance website.)
- - -
The power of such proxy advisors - example:
ISS, Glass Lewis split on climate resolution at TotalEnergies [May 15, 2023]
LONDON, May 15 (Reuters) - [Two different] Influential shareholder advisers ISS and Glass Lewis have given opposite recommendations to TotalEnergies investors over a resolution calling for faster emissions cuts at the French energy group [TotalEnergies], according to documents seen by Reuters.The resolution was filed by climate activist shareholder Follow This . . .
That organization, Follow This, was founded by activist Mark van Baal. His organization is for the "resolution calling for faster emissions cuts," and has the backing of certain ISS advised investors (whose total value is estimated at $1.7 trillion).
Bailed out of Black Rock years ago. Smelled the PC crap coming out from their new president and got out of Dodge, pronto. Never looked back!
I can’t wait til people start suing investment funds for violating their fiduciary responsibilities by pushing woke initiatives that lose money for the investors.
I’ve been reading up in the subject. The following are links I’ve saved on the topic if you are interested.
In 2005, the UN put together a report on how to implement ESG
https://www.unepfi.org/fileadmin/documents/freshfields_legal_resp_20051123.pdf
……
Here is some additional information on the topic
https://www.trilliuminvest.com/esg-core-equity-documents/impact-report
…….
https://hbr.org/2023/04/why-business-leaders-must-resist-the-anti-esg-movement
The anti-ESG investor battle is also creating dividing lines. As Bloomberg put it recently, Morgan Stanley is choosing to “double down on ESG” and launched more funds in February. At the same time, fund giant Vanguard pulled itself out of a global agreement to move its portfolios to net zero carbon by 2050. The Vanguard CEO recently told the Financial Times, “we cannot state that [ESG] investing is better performance wise than broad index-based investing.” That’s some weak tea. Especially since guaranteeing that ESG will outperform, especially in a short time frame, is an odd requirement — no investment thesis can guarantee it will outperform, and no other category of investments, like tech or health care, is really asked to. ESG investing is about risk management and satisfying customers, not guaranteeing results.
But some government leaders aren’t having it. Couching their actions as part of an “anti-woke movement,” a few states pulled funds from high-profile ESG advocates such as the world’s largest asset owner, BlackRock. It’s part of this larger war on “liberal values” that Morningstar talked about, but it’s also the easiest lever to pull — removing funds from your pension investments is quicker than passing anti-LGBTQ laws.
……..
https://www.bloomberg.com/news/articles/2022-12-01/florida-will-pull-2-billion-of-assets-from-blackrock-over-esg?cmpid=BBD120122_BIZ#xj4y7vzkg
……….
https://sloanreview.mit.edu/article/the-importance-of-corporate-political-responsibility/
…………
https://www.ropesgray.com/en/navigating-state-regulation-of-esg
………….
https://www.afr.com/companies/financial-services/us-banks-fight-back-against-republicans-esg-attacks-20230215-p5ckui
Any short selling before these new positions are announced?
Great! A common sense solution, and I did the same thing.
The fusion of Big Government and Global Corporations is Fascism.
Just wait till Global Corporations team up with Globalists
Larry Fink needs a serious ass whoopin’ or worse. The guy is an insane megalomaniac.
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