{"id":1367880,"date":"2022-03-09T17:08:11","date_gmt":"2022-03-09T22:08:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1367880"},"modified":"2022-03-09T22:10:54","modified_gmt":"2022-03-10T03:10:54","slug":"elon-musk-condemns-rising-woke-trend-in-corporate-america","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-condemns-rising-woke-trend-in-corporate-america\/","title":{"rendered":"Elon Musk Condemns Rising Woke Trend In Corporate America"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musk-condemns-rising-woke-trend-in-corporate-america%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1367880&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/01\/Untitled-design-17-copy-14.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Tesla and SpaceX CEO Elon Musk condemned \u201cESG\u201d standards \u2014 a growing trend in corporate America to make businesses more \u201csocially conscious.\u201d<\/span><\/p>\n<p><span>Environmental, Social, and Governance (ESG) criteria are \u201ca set of standards for a company\u2019s operations that socially conscious investors use to screen potential investments,\u201d according to <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/environmental-social-and-governance-esg-criteria.asp\"><span>Investopedia<\/span><\/a><span>. For instance, a company may emphasize its use of green energy, association with LGBTQ suppliers, or otherwise arrange its operations such that producing shareholder value is inseparable from a leftist agenda.<\/span><\/p>\n<p><span>When software engineer and entrepreneur Marc Andreessen criticized ESG funds\u2019 willingness to \u201cmake the weapons required to fight wars with hostile regimes we buy energy from\u201d and simultaneous refusal to invest in energy companies, Musk pointed out that \u201cESG rules have been twisted into insanity.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ESG rules have been twisted to insanity<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1501194770261098497?ref_src=twsrc%5Etfw\">March 8, 2022<\/a><\/p>\n<\/blockquote>\n<p><span>The Biden administration has often flirted with pressing American companies into embracing ESG. In February 2021, Allison Lee \u2014 who served as acting chairwoman of the Securities and Exchange Commission (SEC) \u2014 <\/span><a href=\"https:\/\/www.sec.gov\/news\/public-statement\/lee-statement-review-climate-related-disclosure\"><span>directed<\/span><\/a><span> the Division of Corporate Finance to \u201cenhance its focus on climate-related disclosure in public company filings.\u201d<\/span><\/p>\n<p><span>\u201cNow more than ever, investors are considering climate-related issues when making their investment decisions,\u201d the official wrote. \u201cIt is our responsibility to ensure that they have access to material information when planning for their financial future. Ensuring compliance with the rules on the books and updating existing guidance are immediate steps the agency can take on the path to developing a more comprehensive framework that produces consistent, comparable, and reliable climate-related disclosures.\u201d<\/span><\/p>\n<p><span>One month later, the agency again <\/span><a href=\"https:\/\/www.dailywire.com\/news\/sec-eyes-forcing-companies-to-disclose-data-on-social-issues-sparking-politicization-concerns\"><span>mulled<\/span><\/a><span> a larger focus on the ESG actions of publicly-traded companies. \u201cNo single issue has been more pressing for me than ensuring that the SEC is fully engaged in confronting the risks and opportunities that climate and ESG pose for investors, our financial system and our economy,\u201d Lee wrote in an <\/span><a href=\"https:\/\/www.greenbiz.com\/article\/secs-change-climate-climate-change-and-esg\"><span>op-ed<\/span><\/a><span>.<\/span><\/p>\n<p><span>In response, Republican SEC Commissioner Hester Peirce told The Daily Wire last year that the environmental and social categories are both \u201cquite unclear,\u201d and may be \u201cdriven by people who want to know the information for other reasons.\u201d<\/span><\/p>\n<p><span>\u201cA lot of the push for new disclosures is being driven by factors other than what normally drives our disclosure requirements, which is, what is material to a reasonable investor,\u201d she explained. \u201cA lot of people who have concerns about a whole range of issues, social issues or climate issues or whatever, they\u2019re looking at the SEC as the tool to work on those policies. It does run the risk of causing the SEC to engage in mission creep, and that\u2019s really problematic, because our core mission is a really important one, and we don\u2019t want to be pulled away from that.\u201d<\/span><\/p>\n<p><span>As The Daily Wire <\/span><a href=\"https:\/\/www.dailywire.com\/news\/activist-investors-are-seizing-companies-to-push-social-justice-measures\"><span>explained<\/span><\/a><span> last summer, \u201cactivist investors\u201d have long sought to reform troubled companies by taking over upper management. However, some modern \u201cactivist investors\u201d are \u2014 quite literally \u2014 \u201cactivists.\u201d Beyond increasing firms\u2019 profits, fund managers are pressuring companies resistant to systemic change into adopting ESG criteria.<\/span><\/p>\n<p><span>For example, Engine No. 1 \u2014 an investment firm that believes \u201ca company\u2019s performance is greatly enhanced by the investments it makes in workers, communities, and the environment\u201d \u2014 snagged a 0.02% stake in ExxonMobil and sent an activist letter to the Board of Directors, alleging that the oil and gas giant \u201cmust change\u201d with the times, eventually clinching three of the fossil fuel company\u2019s twelve board seats.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla and SpaceX CEO Elon Musk condemned \u201cESG\u201d standards \u2014 a growing trend in corporate America to make businesses more \u201csocially conscious.\u201dEnvironmental, Social, and Governance (ESG) criteria are \u201ca set<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1367880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1367880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1367880"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1367880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1367880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1367880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1367880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}