Business

The “awakening of the capitalists” is provoked by US conservatives


Why, at a Goldman Sachs annual meeting last month, did a shareholder ask whether the bank was supporting Marxists against the capitalist policies that made it such a powerful base? Did the “extreme left-waking crowd” take its advice?

Goldman CEO David Solomon rightly answered why the requirement was to be explained he had joined Hundreds of his peers oppose legislation that makes it difficult for eligible voters to vote, and the meeting continues.

But the exchange sparked a shift in corporate America politics as executives became accustomed to failing on the left as inequalities, attacked by supporters of tax evasion as “awakened capitalists.”

Conservative response to corporate responses 2020 elections, voting battles, racial justice complaints խնդիրները Other issues that divide Americans are becoming more and more visible in shareholder meetings, in Congress և in the media.

A right-wing group called Consumers Research this week announced a $ 1 million plus advertising campaign aimed at companies that it said were “awakening consumer policy.”

Two of his targets are American Airlines and others Cox, criticized Republican voting legislation in Texas և Georgia, while a third party, Nike, sparked conservative outrage for supporting athletes protesting police violence.

“What we’re seeing are more companies trying to divert attention to wake up politicians,” said Will Hild, the group’s chief executive. “You have seen how they have positions in the legislation that have nothing to do with their business. the model. ”

Other leaders targeted by conservative pressure groups include Larry Fink of BlackRock, Brian Moinhan of Bank of America and Mark Benioff of Salesforce.

The three, who worked together for more than $ 77 million last year, were named “extreme left-wing CEOs” by the Free Enterprise Project, a report released this month advising conservative investors on how to vote “corporate.” to awakening. ” »

The right had already been lost to colleges, Hollywood’s mainstream media, but now businesses were seen to be ‘leaning to the left,’ “said program director Astin Dunhoff.

He said that “if you are a traditionally minded American, you are locked in the workplace”, responding to the courageous subgroup of “awakened employees”, they were “madly left out of the center” by human resources teams.

He acknowledged that the Free Enterprise project had benefited several institutional shareholders, but that some conservative funds noted growing demand, even as large fund managers were more advanced. environmental, social և management– investment topic.

A group called 2ndVote Advisers told The Wall Street Journal reported this week that its two stock exchanges rose from $ 6 million to $ 25 million a month for “awake investors.” The US Conservative Values ​​ETF said it had tripled its assets this year.

Republican politicians who have long advocated lower corporate taxes to U.S. business executives are now turning to them as well.

Texas Sen. Ted Cruz threatens to block banks that restrict arms companies’ loans under government contracts complained last month “The executives who woke up too long were the Republican Party’s fair weather friends.”

“It’s time for us to stand up to them,” said Missouri’s Hawley, a Missouri senator who liked Cruz to avoid corporate donors after smoking. dismantled The demands of the stolen presidential elections in 2020. “A massive response is coming.” warned Florida Sen. Rick Scott.

Even the U.S. Chamber of Commerce, which has traditionally colluded with Republicans on labor-related issues, has found Arkansas Sen. Tom Cotton labeled “Awakening Corporate Service.” approving a record number of Democrats last year.

Polls: provide conservative support for business immersion. Morning consultation The share of Republicans who say they trust corporate America has dropped from 53 percent in October last year to 39 percent last week, and Democrats are now more likely to trust business.

This response poses challenges for managers who feel overwhelmed by employees’ sensitive issues but know that the country’s gaps are slipping into their workforce.

“Historically, in many issues of control issues, the business was well off to stay out of it, but the line shifted as employees put pressure on the company,” said Richard Edelman, CEO of Communications of the same name. Company:

An Edelman poll this week found that businessmen are increasingly trusted by politicians, with 59 percent of Americans saying executives should criticize laws they find discriminatory.

But companies needed to avoid political “mines,” Edelman said, advising bosses to stick to topics such as training, where they have a clear mandate.

McDonald’s CEO Chris Kempczynski reiterated that view at Thursday’s annual meeting. He said the group of burgers did not take sides, but would speak “where our voice can be useful, where it goes mainly either for the benefit of our business or for the values ​​we uphold.”

Despite the growing investor consensus It is in the business interest of businesses to promote their values, yet managers are unsure of how far they can go.

When Fortune Magazine asked Fortune 500 executives this month if they felt responsible for raising social issues or thought they were too involved in politics, their responses were 50:50.

Only 30 percent called themselves Republicans, while 47 percent said they were independent and 12 percent Democrats.

“I think corporate America split from the Republican Party a long time ago. The Republican Party has just realized that,” Dunhoff said.



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