WHOA! Now Woke Coke’s Shareholders Are Getting Angry!

[rangerrebew]

WHOA! Now Woke Coke’s Shareholders Are Getting Angry!
joe
June 24, 2021
 

Concerned Coca-Cola shareholders are taking action against the “woke” carbonated soft drink manufacturer for its embrace of race-driven policies.

According to Powerline report, the shareholders were spurred by a January demand by Coca-Cola’s general counsel that law firms representing the company must “commit that at least 30% of each of billed associate and partner time will be from diverse attorneys, and of such amounts at least half will be from Black attorneys.”

If firms do not meet minimum diversity commitments they could face consequences ranging from fee reductions to outright termination.

The American Civil Rights Project sent a letter to Coca-Cola on behalf of shareholders earlier this month demanding the company either “publicly retract the discriminatory outside-counsel policies it announced in January or provide access to the corporate records related to the decision of Coca-Cola’s officers and directors to adopt and retain those illegal policies.”

https://patriotnationpress.com/whoa-now-woke-cokes-shareholders-are-getting-angry/

[240B]

Coca-Cola is destroying themselves with this openly racist anti-White 'woke' nonsense.
KO should be concentrating on product and profits. Leave the "social engineering" crap to activists.
They are supposed to be a business, not politicians.

[Mod2]

Moved to a more appropriate category.

[IsailedawayfromFR]

This is what those shareholders see coming

[IsailedawayfromFR]

And let us not forget those same shareholders elected two board members who are conducting this sabotage of the company

https://www.gopbriefingroom.com/index.php/topic,434349.msg2416481.html#msg2416481

[The_Reader_David]

And let us not forget those same shareholders elected two board members who are conducting this sabotage of the company

https://www.gopbriefingroom.com/index.php/topic,434349.msg2416481.html#msg2416481

I suspect it is the individual shareholders who are objecting, but the shares that elected those board members were those voted by professional managers working who work for pension funds and mutual funds who thought woke board members were a good idea.  This is an example of the professional managerial class acting in their guild interests (diversity programs require hiring lots more professional managers and provide employment to lawyers who are part of the professional managerial class) rather than the interests of the shareholders (meaning the beneficial owners of the shares in cases where they are held indirectly through pension or mutual funds).

[HoustonSam]

I suspect it is the individual shareholders who are objecting, but the shares that elected those board members were those voted by professional managers working who work for pension funds and mutual funds who thought woke board members were a good idea.  This is an example of the professional managerial class acting in their guild interests (diversity programs require hiring lots more professional managers and provide employment to lawyers who are part of the professional managerial class) rather than the interests of the shareholders (meaning the beneficial owners of the shares in cases where they are held indirectly through pension or mutual funds).

Very well-stated @The_Reader_David .  All companies exist purely to make money, and there is nothing wrong with that.  Aspirational corporate purposes about human well being and happiness, or policies about some absurd notion of "social justice", are proved to be bullshit when poor financial performance causes earnings-per-share declines and layoffs.  Shareholders must hold the "guild managers" accountable, via lawsuit if necessary.