Disney has recently embarked on political activism and environmental, social and governance principles that have met with both support and backlash from the public as well as from its own investors. Disney investor Vivek Ramaswamy personally asked the company to refrain from such actions as it would cause them to take political positions in the end; which would only put a brake on the progress of the company.
Ramaswamy was very outspoken against ESG and wrote an official letter to the company about it. He says the new U.S. enthusiasm for ESG is a headline against companies that rank their commitments to promoting diversity, social awareness, and more.
Strive Asset Management takes action
Vivek Ramaswamy on September 19, 2022, on behalf of the stakeholders of his co-founded company Strive Asset Management, wrote an official letter to Disney CEO Bob Chapek. He has addressed the company taking stances on controversial political views that are driving down public approval ratings. He asked Disney to take corrective action in this regard.
Disney has recently been open about its stance on Florida Governor Ron DeSantis regarding the state’s recently passed Parental Rights in Education Act, their firing of Gina Carano, and their various attempts to weigh in. on anti-abortion legislation and Ramaswamy showed his concerns towards the same.
He went on to say that none of this benefits investors who hold heavy stakes in the company.
“Remind the Disney Board of Directors that it owes a fiduciary duty only to the beneficial owners of Disney, and not to a minority of its employees, activist organizations or large financial institutions that promote one-sided political agendas. “
He voiced his concerns and proceeded to address them to the company.
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Disney stakeholders voice concerns
Disney owners are its customers, but investors such as BlackRock, Vanguard and State Street being its three biggest investors, also play a role in its success.
“You owe a fiduciary duty to the beneficial owners of Disney, not to the institutions that claim to represent them,” remarked Vivek Ramaswamy. “There are strong reasons to believe that these big asset managers are not acting in the interests of their clients.”
He then goes on to state that while some investors and customers may agree with Disney’s policy positions, others may not and may be completely against those positions. He asks the company to focus instead on providing the best possible customer experience. At the same time, he asks Disney not to repeat the mistakes he has already made.
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Ramaswamy plea requests for Disney
Seeing Strive’s concerns, Vivek Ramaswamy offered three different requests for Disney to consider.
First, he asked Disney not to take a public position on political controversies if it doesn’t matter to the company’s core business activities.
Second, he wants Disney to make a public commitment that there will be no discrimination against employees and customers regarding their political views and a commitment not to punish them for the way they express opinions. Political Views.
Finally, he asked the company to make decisions not based on social, political, or cultural pressure on employees, but purely based on Disney’s long-term profitability.
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Source: Getting into comics