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A shareholder asked at the Goldman Sachs annual meeting last month, why do banks support Marxists and oppose making it such a powerful capitalist policy? Has its board of directors been taken over by the “most left mob”?
Goldman Sachs CEO David Solomon responded fairly to the request, explaining why He participated Hundreds of colleagues who opposed the legislation objected, which made it more difficult for qualified voters to vote, and the meeting continued.
However, this exchange captured the political shift surrounding the American corporate world, as CEOs used to be criticized by the left for tax evasion that led to inequality and environmental degradation that made themselves known as “awakened capitalists” Attacks from the right.
Conservatively oppose the company’s response to the company 2020 general election, Voting battle, Racial equality protest Disagreements between more and more Americans have become more and more obvious in the shareholders meeting, Congress and the media.
A right-leaning organization called “Consumer Research” announced this week an advertising campaign of more than $1 million, aimed at companies that “trigger politics in consumer interests.”
Its two goals are American Airlines and CokeOnce criticized the Republican Party’s voting legislation in Texas and Georgia, and one-third of Nike drew conservative anger for supporting athletes protesting police violence.
The organization’s executive director Will Hild (Will Hild) said: “What we are seeing is that more and more companies try to spread their failures by appeasing waking politicians,” the model. ”
Other leaders targeted by conservative pressure groups include Larry Fink of BlackRock, Brian Moynihan of Bank of America and Marc Benioff of Salesforce. ).
The three people had a total income of more than $77 million last year. They are the “leftmost CEO” brand of the shareholder radical organization Free Enterprise Project. The organization released a report this month advising conservative investors on how to vote against “Corporate wakeness.” “.
The project leader Justin Danhof (Justin Danhof) said that the right wing has lost universities, Hollywood and mainstream news media, but now business is “leaning to the left.”
He argued that CEOs are responding to a group of “daring employees” and their “center-left” HR team, and “if you are a traditional American, you will shut up in the workplace.”
He acknowledged that the “Free Enterprise Program” has won few institutional shareholders, but some conservative funds reported that although large fund managers have accepted more progress, demand has surged. Environment, society and governanceThematic investment.
A group named 2ndVote consultants tell The Wall Street Journal said this week that “unawakened investors” in its two exchange-exchange funds had grown from $6 million to $25 million in a month. The American Conservative Values ETF said its assets under management tripled this year.
Republican politicians who have long been fond of low tax rates and deregulation of American business leaders are now beginning to impose sanctions on them.
The Texas legislature threatened to block banks that restrict gun company loans from government contracts. Texas Senator Ted Cruz (Ted Cruz) complain Last month: “The waking CEO has been a good friend of the Republican Party for too long.”
Senator Josh Hawley of Missouri responded: “Now is the time for us to stand up against them.” Debunk Alleged that the 2020 presidential election was stolen. “There will be strong opposition,” caveat Florida Senator Rick Scott (Rick Scott).
Even the American Chamber of Commerce, which has traditionally aligned with Republicans from labor to trade matters, found itself being called “a front-line service to wake up the company” by Arkansas Senator Tom Cotton. endorsement Set a record for the number of Democrats last year.
Polls Expressed conservative support for the business plummet. Morning consultation It was found that the percentage of Republicans who said they trust American companies fell from 53% in October last year to 39% last week, and Democrats are now more likely to trust companies.
This backlash poses challenges for executives. They feel forced by employees to cheer on sensitive topics, but they know that the country is full of talent.
Richard Edelman, chief executive officer in charge of sympathy communication, said: “In many areas, such as gun control and abortion rights, historically, business has been very good, but because employees demanded that the company become Under the pressure of activists, this approach has changed.” The company.
A survey conducted this week by Edelman found that corporate trust in politicians is increasing day by day, with 59% of Americans saying that CEOs should criticize laws they consider discriminatory.
However, companies need to avoid political “landmines,” Edman said, recommending that company leaders stick to clear tasks, such as retraining and other topics.
McDonald’s CEO Chris Kempczinski echoed this view at the annual meeting on Thursday. He said that the Hamburg Group has no position, but will say “where our voice can be helpful, and where it is in line with our business interests or the values we advocate.”
Despite growing Investor consensus Propagating their values is in the company’s interest, but executives seem unsure of the extent to which they will act.
When Fortune magazine asked the heads of Fortune 500 companies this month whether they felt obligated to speak up on social issues, or thought they were too involved in political activities, their response was 50:50.
Only 30% claimed to be Republicans, while 47% claimed to be independents, and 12% claimed to be Democrats.
Danhofer said: “I think American companies broke up with the Republican Party a long time ago, and the Republican Party realized this.”
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