A fascinating article published at RealClearMarkets authored by Capital Research Center Senior Research Analyst Robert Stilson describes the religious fervor of ESG cultists in spreading their ideological cancer in corporate America. He cites the recent efforts of As You Sow at an Amazon.com shareholder’s meeting.

To understand how environmental, social, and governance (ESG) activists are trying to shoehorn substantive public policy debates into American businesses, look no further than the shareholder resolutions they file at some of the country’s largest companies.

Amazon’s annual meeting is May 22, and the company’s proxy materials reveal it will be facing fourteen shareholder resolutions. These generally serve as a good barometer for understanding current trends and priorities of ESG activists. The resolutions filed at Amazon, and the company’s response to them, help illustrate the nature of ESG activism at American public companies in 2024.

According to Stilson, As You Sow is not only supported by George Soros-backed nonprofits, but since 2013 the group has filed a number of resolutions at Amazon shareholder meetings. Even labor unions have supported some of the group’s proposals, respectfully.

However, As You Sow is not alone and, due to Amazon’s size and scope, Stilson also reveals Amazon has been targeted by a number of other leftist investor activist groups (like PETA) filing resolutions hoping to somehow push the company to implement or somehow support their political goals. The amount of resolutions was so overwhelming that Stilson says Amazon publicly pushed back against the proposals and the groups filing them.

...The company stated that “in the vast majority of cases, we believe the costs of implementing the proposals significantly outweigh the benefits or the potential impact of speculative risks or concerns posited in the proposals, and that the proposals do not enhance or create shareholder value” (emphasis in original). It also took a swipe at proxy advisory firms for facilitating “inaccurate or biased assertions regarding our operations.”

It is abundantly clear, as Stilson observes, that ESG investor activism increasing shareholder or even corporate value. Rather it is an effort to use American companies, like Amazon, as platforms to further their political agendas that, unfortunately, companies frequently capitulate to.

Fortunately, Stilson says investor support for resolutions has gone down considerably in recent years. Most likely due to shareholders and corporate boards resisting further efforts by ESG cultists. While this is good news, time will tell if the downward trend of accepting activist proposals will continue as said groups will very likely bide their time until they believe the time is right to try again.

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