31 May All Hands On Deck: Why and How We Must Fight Back Against Leftist ESG and Woke Capitalism
By: Elaine Fields, 2ndVote Contributor
If you don’t favor having a small number of rich and powerful people forcing companies to act according to leftist, woke ideals, then you are not going to like ESG and woke “stakeholder capitalism.” Environment Social Governance (ESG) is the name of the scale used by large investment firms, banks, insurance companies and even government agencies to rate corporations on how well they are complying with the woke agenda. Oh, and Companies that aren’t woke enough are punished.
ESG is Fundamentally Coercive
Unwoke companies are denied loans by banks, capital they need for growth and innovation; or they pay a higher interest rate. It doesn’t make sense: Punishing businesses for their ESG ratings is like putting economic sanctions on U.S. companies. Further, allocating capital based on ESG ratings prevents it from going where it would naturally flow in a free market. We all know what happens when the government messes with the market; it creates huge problems. Think of the mortgage crisis of 2009 when the government dictated who got mortgages, and our financial system nearly collapsed.
Investment firms, in the business of investing other people’s money, buy large percentages of ownership in corporations, then use the power of that ownership to tell those corporations what to do, i.e. comply with ESG goals that may be contrary to the values of the shareholders they represent.
ESG Lowers Financial Performance
Investors’ gains in the market are less under the ESG system because leftist environmental and social goals take priority over the financial performance of the company. That means less money for investors and for their retirement. It also means funds are re-allocated away from product development and innovation so they can be spent on things like social engineering.
10 Ways to Fight Back
- Avoid doing business with large banks, investment firms, and insurance companies that employ leftist ESG programs.
- Buy, bank, and invest locally.
- Participate in local and state government to promote safeguards against government overreach.
- If you get rid of stock shares because of a company’s politics, tell that company and the people managing your investments why you made the change.
- Buy at least one full share of a company and attend shareholder meetings, which can be attended virtually. Ask tough questions; voice your opinion. It isn’t that hard and can be effective.
- If you’re in a state pension fund, call and tell them you don’t want investment firms that use leftist ESG measures.
- Call legislators; request a bill that requires publicly traded companies to put financial performance ahead of ESG goals.
- Ask political candidates on the campaign trail if they will move state pension funds out of investment firms that put leftist ESG first.
- If a company is politicizing contrary to the values of their shareholders and customers, call and complain. If a company is not politicizing, call and thank them. You can also do that through our site on any company’s score page.
- Recruit family and friends to join the effort. We need their help!
The Left is using ESG to engineer society and transform the freest, most prosperous country in the world to an authoritarian state. We can’t sit back and watch it happen.
Sources for this article and for learning more about leftist ESG and stakeholder capitalism:
- Morning Wire podcast, April 10, 2022
- Woke, Inc, by Vivek Ramaswamy
- Vivek Ramaswamy on Glenn Beck, May 13, 2022
- Marlo Oaks on Glenn Beck, May 16, 2022
- Prager video: ESG: Woke to Broke
- Prager video: When Big Business Went Woke