And shareholder activists are circling: On April 5, Reed Rubinstein, former deputy associate attorney general in the Trump administration, wrote a letter to the Disney board on behalf of shareholders demanding an investigation into the CEO’s wastage of corporate assets and accusing the company of “systemic discrimination against religious believers.”
(Polls consistently show that a majority of respondents support the main provisions of the Florida legislation.) Conservative talk show hosts are firing up their audiences by playing a leaked video/recording of a senior Disney executive producer boasting about her “not-at-all-secret gay agenda” of “adding queerness” into children’s programs whenever possible. A company that grew rich by embracing traditional family values is now on the minority side of some of the most controversial issues of our time. And the state legislature has revoked the special self-governing status that Disney World has enjoyed in Orlando for more than 50 years. Disney has lost 10% of its share value (though to be fair, its share price was shaky before the ruckus). Chapek has lost the support of many of his employees. The result was not the “win-win” of progressive corporate lore but “lose-lose” and yet more lose. companies to create a common front against Georgia’s legislation on voting as “the start of a spiritual new awakening” akin to America’s previous Great Awakenings. Amplify this near-religious zeal and you have the making of a corporate revolution: In April 2021, Yale School of Management dean Jeffrey Sonnenfeld described his success in getting 90 CEOs of prominent U.S.
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BlackRock Inc.’s CEO Larry Fink insists that successful companies “must not only deliver financial performance, but also show how to make a positive contribution to society.” The elite business schools that are training the next generation of business leaders and the consultancies that advise leading businesses all preach the same gospel of corporate social responsibility.
The CEOs represented by the BR collectively employ 20 million people, generate annual revenues of $9 trillion and have a stock market capitalization of about $18 trillion. But the new paradigm has the Big Business guns on its side.
Plenty of family business owners, particularly in the South, wear their MAGA hats with pride. Most Fortune 500 executives and directors likely still favor Republicans over Democrats. Of course, not all businesspeople have been transformed into woke warriors.