The “capitalist awakening” provoked a reaction from the U.S. conservatives

Why, when a shareholder was asked at the annual meeting of Goldman Sachsen, did the bank help the Marxists against the capitalist policies that turned them into such a power? Did the “far-left awakening mafia” take over?

David Solomon, Goldman’s CEO, responded appropriately to the request to explain why was introduced against legislation that makes it difficult for voters to vote against his hundreds of classmates, and the meeting went ahead.

But the exchange led to a change in policy on American corporations, with top executives often condemning the left, which assists right-wing investors who avoid taxes on inequality and environmental degradation because they are “capitalist awakeners”.

A conservative reaction from companies to responses 2020 elections, voting fights, protests against racial equity and other issues that divide Americans are increasingly visible in shareholder meetings and in Congress and the media.

A direct group called Consumers Research announced this week a $ 1 million advertising campaign, an advertising campaign aimed at companies that were “putting a policy of awakening above the interests of consumers”.

Two of its targets, American Airlines and Coke, Criticized criticism of Republican voting legislation in Texas and Georgia, and a third, Nike, drew a conservative outburst for helping athletes protesting police violence.

“What we’re seeing are more and more companies trying to get politicians to wake up from their mistakes when they want to wake up,” said Will Hild, the group’s chief executive.

Other leaders targeting conservative pressure groups include Larry Fink of BlackRock, Brian Moynihan of Bank of America and Marc Benioff of Salesforce.

The three men, who earned more than $ 77 million last year, have been named “far-left CEOs” by activist groups of Free Enterprise Project shareholders, and this month gave a report to conservative investors on “how to vote against corporate wokeness.” ”.

The right had already lost universities, Hollywood and major news but now saw businesses “moving to the left,” said project director Justin Danhof.

The CEO argued that they were responding to a bold subset of “awake workers” and their “inescapable” human resource groups, “if you’re traditionally American, you’re locked in the workplace.”

The Free Enterprise Project has gained few institutional shareholders, he admitted, but some conservatives have reported increased demand, even as large fund managers make greater progress. environmental, social and governance-thematic investment.

A group called 2ndVote Advisers tell The Wall Street Journal reported this week that its two exchanges for “investor investors” have grown from $ 6 million to $ 25 million a month. The American Conservative Values ​​ETF said it has tripled its assets under management this year.

Republican politicians who have long shared a fondness for low corporate taxes and deregulation with U.S. business leaders are also on the rise.

Texas lawmaker Ted Cruz, Texas senator, has threatened to block banks that reduce lending to arms companies from government contracts he complained last month: “For a long time, the CEOs have woken up. They have been good weather friends for the Republican Party.”

“It’s time to stand up against them,” said Josh Hawley, a senator like Missouri, like Cruz, who refused to give up on corporate lenders. debunked stolen 2020 presidential election proclamations. “It’s a horrible reaction,” warn Florida Senator Rick Scott.

Also in the U.S. Chamber of Commerce, which has traditionally agreed with Republicans on labor issues, Arkansas Sen. Tom Cotton has called it a “previous service for awakened corporations.” supported a record number of Democrats last year.

Surveys show support for conservative business. Morning consultation they found that the number of Republicans who say they trust the United States fell from 53 percent to 39 percent in October last week, while Democrats have more confidence in business.

This reaction poses a challenge that encourages workers to explore sensitive issues but they know that the cracks in the country pass between their workers.

“On many issues like gun control and abortion rights, businesses have historically been good at staying out of them, but the line has shifted because the company has come under pressure to become an activist,” said Richard Edelman, chief communications officer of the same name. company.

According to a survey conducted by Edelman this week, businesses have a growing confidence in politicians and 59% of Americans believe that top executives should criticize laws that they believe are discriminatory.

Edelman said companies needed to avoid political “land mines,” and advised leaders to stick to issues like recycling in places with a clear mandate.

McDonald’s CEO Chris Kempczinski gave the same opinion at Thursday’s annual meeting. The burger team didn’t leave, he said, but he would talk about “where our voice can be helpful and where it matches our business interest or the values ​​we stand for”.

Although it is growing investor consensus that it is in the interests of companies to disclose their values, however, managers are not sure how far they should take their activism.

When Fortune magazine asked Fortune 500 leaders this month if they felt responsible for talking about social issues or if they thought they were too involved in politics, their responses were split 50:50.

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

“I think corporate America has long since broken up with the Republican Party and the Republican Party has just realized that,” Danhof said.