Vanguard, one of the largest investment management firms in the world, was recently accused of being responsible for marketing several brands. The claim was made on Twitter by @bambkb on May 28, 2023. The user named Vanguard, Blackrock and State Street as a retailer, Target’s largest shareholders.
It was further noted in the tweet that the real reason brands are waking up is because of a report called the “Corporate Equality Index” or CEI. The CEI report evaluates American companies on how they treat their employees, consumers and investors who belong to the LGBTQIA+ community. The report is then published by the Human Rights Campaign Foundation.
@bambkb’s tweet claimed that if a company’s CEO does not support the CEI index, he would not be re-elected by its shareholders. The tweet also contains a video, where one person explained that companies like Blackrock and State Street support the CEI index.
The person in the video also said that companies really aren’t afraid to face boycotts. Sometimes, these companies promote LGBTQ+ marketing campaigns, not because they particularly want to or because it’s good for bottom line, but because of a high CEI score. They might suffer backlash or lose some money in the process, but failing to get a high CEI score poses a much bigger threat to them.
Republican states seek to block purchase of Vanguard
More than a dozen Republican-led states across the U.S. want the Federal Energy Regulatory Commission to put an end to Vanguard’s plans to buy more than $10 million of shares in public-utility companies as the company supports “awakened” investment strategies.
According to Republicans, this strategy is called ESG, which stands for Environmental, Social, and Governance. Companies with ESG policies use these three factors to guide their investments.
The attorneys general of 13 states have filed a motion on the matter. They argued that the company’s ESG policies prioritize tackling climate change, which could negatively impact the electricity bills of households relying on fossil fuels.
They also added that greenlighting the investment firm’s massive buyout would be in direct conflict with the public interest as Conservatives are dead against reawakened marketing campaigns.
Netizens discover Vanguard’s involvement amid boycotts of Chick Fil A and Target
The most recent companies that have faced backlash and boycott threats from conservatives are Target and Chick Fil A. While Target has come under fire for launching the Pride 2023 kids collection in their stores, Chick Fil A has been criticized for having a DEI program, which, in a way, extends its support to the LGBTQ+ community.
The backlash against Target was severe, forcing the retailer to pull its Pride collection. Several netizens visited their stores and filmed Pride merchandise, among which, a “tuck-sized” swimsuit offended conservatives the most. They accused the retailer of indoctrinating their children’s minds with LGBTQ ideologies.
On the other hand, Chick Fil A, a brand known for its Christian values, has been criticized and received boycott calls for having a diversity, equity and inclusion program in their company. Conservatives said this program was implemented to support trans people and other queer people, who they say directly clash with Christian values.
Amid the boycotts, reports surfaced that investment firm Vanguard was the reason these companies were forced to push their “woke” and “inclusive” marketing campaigns.
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