Is it possible that the golden days of being “woke” and check-the-box ESG are in the past? As the incessant and mostly silly demands of a small minority can never be satisfied or realized and, as the actual costs of the ESG movement are beginning to be dumped on middle- and lower-class citizens around the world, a reaction is taking place. Suddenly, it is the corporations themselves who are having to pay the price for their ventures into woke and ESG areas. They are pushed in part by vocal minorities and youthful employees as well as a desire by often weak-willed senior management which desires to be part of an elite club. How exactly will the head of Disney explain to the mass of his shareholders the fifty-billion-dollar loss in market value in less than two months? Do you really want to go to Pizza Hut where your child who is in kindergarten can receive a free book on the glory of drag queens? “All I wanted was a pizza!” Boycott! Suddenly, taking shots at politicians and ignoring your customer base has a genuine cost.
The link below to an article in the Financial Times shows that a backlash has developed as shareholders are putting their financial well being ahead of the feel-good efforts of corporate management. It is an interesting game to watch and may very well be reflected in the upcoming Novembe elections.
https://www.ft.com/content/e952d6bf-d00e-433c-baf3-2673f925a229
