Summarised by Centrist
A new wave of conservative shareholder activism, known as “anti-woke” agitation, is targeting major corporations’ environmental, social, and governance (ESG) initiatives.
They want partisan politics out of business. Many are mimicking the tactics of their pro ESG counterparts. One consultant described the anti-ESG activists’ pitch this way:
“Taking this action will result in a public relations crisis, causing consumers to boycott your products and subsequently lowering your stock value.”
Notable targets of this movement include companies like GE Aerospace and UPS, which have faced shareholder proposals questioning their climate and diversity efforts.
The US’ National Center for Public Policy Research (NCPPR) has been a leading force, filing numerous proposals seeking to reduce corporate focus on DEI programs and LGBTQ-related initiatives.
However, these proposals often fail to resonate with the majority of investors – many receiving support from less than 2% of shareholders and none passing. Some companies, like Best Buy, have negotiated to keep such proposals off their ballots.
