OXY Is not exempt from the ESG "gods"
Posted on 06/09/2022 11:48:20 PM PDT by rintintin
I believe any of the companies I worked for over the last 33 years would have fired me if my association with them also got paired with sudden unfavorable publicity. Something like, “Gen.Blather, an employee of the XYZ corporation, was widely quoted saying that Florida’s so-called ‘Don’t Say Gay’ law was an afront to the dignity of all pedophiles.” Oh, yeah, I can imagine the parking lot rash on my posterior.
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Enter ESG scores assigned companies. If you have any question on that impact, look at what’s happened to Tesla since Elon Musk decided to make an offer for Twitter and, especially, since he decided to announce that he was voting Republican.
ESG scores are a whole different case because they are entirely subjective.
The Musk-Twitter fiasco is a great example of how the fiduciary responsibilities of corporate management work the other way. Over the last couple of months, I've noted that every major development in Musk's favor was immediately preceded by a threat from a Republican governor (usually DeSantis in Florida or Abbott in Texas) to sue Twitter's leadership over a breach of their fiduciary duties. When the leadership was making decisions that would result in financial harm to the shareholders, they had no choice but to reverse course in the face of these lawsuits and do the right thing (and by "the right thing" I mean: the thing that makes the most sense for Twitter's shareholders, not its leadership).
Yep
Correct. Recall recently the example of the proxy fight at Exxon. Some POS woke company foisted by calpers elected 3 directors so the company would move into renewables (a f in joke). They won last year but were barely beat back this year. These funds have enormous say on what goes on, all under the table of course.
Buffett is CEO of Berkshire. Note he has been buying enormous amount of energy companies mostly OXY. They tried to remove him as CEO inpart because of that. Eventually they will win or he will die and the ESG crowd will put in their guy. We are so screwed.
Wrong. Without customers, they get nothing.
Kill Disney for allowing this despicable situation to arise. Any legal way. Disney should pay for their internal mistakes. No more financial mercy.
Completely agree. Financially destroy all of the “wokesters”. Any legal way. Avoiding them is the first step.
The damage to Disney in Florida is incalculable.
Everything is now changed
Good post.
Those are some of the Western oligarchs who rule over us.
When I hear folks whining about Russian oligarchs I start laughing—we have the real thing—the Russians are weak imitations.
Certainly not to any of the media companies. Cut the cable 2 years before I left the US. Haven't been to a movie in don't know how long.
I agree with what you’re saying, but people who invest in funds look at the overall performance of the fund. Not at the performance of individual equities within that fund.
Too little, too late.
Won’t change the fact that disney is blacklisted.
Walt Disney was a good man who loved families, children and standards. The whacko birds who are running his company now, not so much.
First, people may not be aware of all the subsidiaries involved. Not talking about well-informed FReepers but the Joe 6-packs out there. In the case of Disney, do people understand that ABC, ESPN, National Geographic, Fox Television, 20th Century Fox movies, A&E channels and even Marvel Comics are part of Disney?
But there are other less direct relationships that sometimes occur. For example, how many conservatives use Patriot Mobile because they don't want to support the woke telecom companies. But how many people understand that all they're getting is a call center? Patriot Mobile, like all cell phone resellers, doesn't own any infrastructure. That pay T-Mobile (a/k/a Deutsche Telekom) to use their infrastructure.
Point 2: Do they care of you boycott?
Do you have cable tv? The cable companies pay Disney to carry their channels even if nobody watches them. The price depends on the number of cable subscribers, not the number of viewers. To a degree, the same applies to advertising rates.
Boycott their movies? Sure thing. How many people in Europe will join you? How many people in Asia including the mideast or Africa (where Disney does absolutely zero woke advertising)? Where I live in SE Asia, they have a major presence and a add -on cable package that people can subscribe to. And ZERO woke advertising. Less so here, but in China they actually change content to make it less woke because people don't play that here. Guaranteed they do the same in the mideast and in Africa as well.
Why do you think that all these corporations change their marketing in June to rainbows and unicorns in the West but not in the rest of the world? If they really believed that crap, they'd evangelize in the rest of the world. They do it in the West because they want to appeal to idiot millennials. Including the fund managers.
OXY Is not exempt from the ESG "gods"
One can only do what they can and hope that other people educate themselves and wake up. I don’t have cable, have long ago “cut the cord”.
So how does that work? The CEOs of Vanguard, Blackrock, State Street, Morgan Stanley, et al each call the CEO of Disney and say “More homo content! More groomer content! We don’t care what it does to your EBITDA, just do it!”
Basically yes that’s how it works.
Except rather than being blatant like what you were, they’ll congratulate Disney on how they are being more inclusive and highlighting marginalized groups, making a tremendous effort to bring these historically underrepresented groups into the consciousness of the public (or some such BS). (Barf)
Simultaneously, they’ll increase Disney’s “social” score on the ESG index.
Ummmm. First the reporter at the Post who lost her mind of the Bi tweet, now this guy. Other big companies are getting out of the political fracas as well. Are things starting to turn? Has the pendulum reached it’s furthest point to the left and is now beginning to swing back the other way?
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