I’m guessing that if the corp didn’t follow the diktats of their ESG masters, then things would be put in place to somehow turn the corp into a national mocking-stock. The value of their stock would somehow be crashed, and millions of previously loyal customers would somehow have been convinced to abandon the brand. Shame and business failure would have followed. Fortunately for Bud Light, they dodged that bullet by doing exactly as the ESG people demanded.
No but their access to money would be impacted.
For example:
“Financial institutions began shifting priorities from shareholder to stakeholder as far back as 2017, mostly in the form of changes to governance models to include socially responsible behaviors. The Net-Zero Banking Alliance goes further, adding the environmental and social aspects of ESG in a sweeping demonstration of commitment by banks that represent over 40% of the world’s banking assets.
As customers follow their conscience, they have an increasingly loud say in how ESG is being adopted globally. The pressure to embrace diversity, equality, and inclusion is strengthened by the prevalence of ratings and social media. Customers’ demands for institutions to behave in ways that align to what they believe is socially responsible are more visible and viral than ever before.”
[https://www.forbes.com/sites/servicenow/2022/01/28/esg-is-bankings-next-big-thing/?sh=6ebaa3f255df]