Good point. One wonders if one could start using lawfare against these large fund companies on the basis that, by going with ESG, which necessarily results in reduced earnings to fund participants, they are violating their fiduciary duty to the fund participants.
I am retired from what is considered a pretty un-woke Corporation, but did find a few minutes to let them know that the companies that run manage our Savings Plan for employees/annitants, and the company that writes the divy checks is highly woke, and I didn't like it.
If we could just get 50-100k others to make that same call, we might enact a start.
As far as the woke companies themselves, what you propose sounds great, and only possible I am guessing by Class Action suits, but I am the speculating that courts will side and find for company corporate governance which has been proven in infinum as a binding contractual agreement between the company and a stock holder or employee.
Only way I can see things changing is annual corporate board and proxy elections. These often get squelshed by board recommendatons and Hedgers in that voting process. I don't have the data, but I would guess that Corporate Directorships, 3 levels of management, Lefty retirement pension fund managers, and Hedgers have controlling shares in at least 90% of the Fortune 500.
Or... the Fix is in, and if the board either through left leaning board or blackmail is not about to take or risk a Hedger short, or a negative guidance forcast.
Of course just one of many of where the system is broke.