Conservative fund pulls investment from Tyson Foods for employing asylum-seekers
Investment Fund Shakes Up Portfolio over Company’s Asylum-Seeker Employment
Shifting currents in the principles of investment have recently led the American Conservative Values ETF to part ways with Tyson Foods. The driving force? Tyson’s commitment to hiring asylum-seekers.
Behind the Divestment Decision
Tyson Foods’ collaboration with Tent Partnership for Refugees in 2022 sparked controversy by assisting refugees in securing jobs. Bill Flaig, the bigwig at ACVF’s parent entity Ridgeline Research LLC, explains their bold move.
“The stakes are high when politics enter the corporate arena. It’s now a balancing act for businesses to avoid stepping on ideological landmines that might alienate customers.”
Referring to Tyson’s strategy, Flaig added, “Customer loyalty is pivotal, and with U.S. sentiments leaning towards critical views on immigration policies, per a Pew Research poll, companies like Tyson could face consumer backlash.”
Economic Impact or Political Statement?
“Protecting our shareholders is tantamount, which sometimes means tough decisions. Divesting from Tyson is a preventative measure against potential fallout,” Flaig remarked to FOX Business, citing recent consumer reactions to brands like Bud Light and Target.
The news coincides with Tyson’s announcement of shutting down its Perry, Iowa, facility, displacing 1,276 workers. Flaig sees this as a validation of their concerns, though Tyson firmly denies any connection to their hiring initiatives.
Tyson’s Stance Amidst the Storm
A potent response came from Tyson Foods:
“We stand corrected in the face of misinformation. Claims that we prefer immigrant labor over American jobs are baseless. Our history of compliance with government policies like E-Verify and the IMAGE program showcase our commitment to lawful employment practices.”
Tyson’s rebuttal stresses their opposition to illegal immigration and showcases their dedication to ethical employment. However, the narrative unfolding in the media has certainly hit a nerve.
A Broader Conservative Shift in Investment Strategy
ACVF’s eye for aligning investments with conservative values doesn’t pause at Tyson. Other giants like Delta Air Lines, Blackrock, the Walt Disney Company, Apple, Netflix, and Starbucks, are also in their crosshairs, suggesting a greater movement within certain investment circles towards a ‘values-based’ portfolio.
This latest case highlights the intricate dance between corporate strategies, political ideologies, and the investment world’s response to these dual forces at play.
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