Has the time come for corporate DEI to die? It would seem so, as businesses are rediscovering profitability by refocusing on their customers rather than black squares or woke packaging.
“We’re seeing more and more changes going this way,” Stu Burguiere of “Stu Does America” comments, adding, “We don’t know what the reasoning is exactly, but we can all kind of take a little bit of a guess.”
One of the most recent examples is American Airlines, which a judge says has violated federal law through its ESG investing strategy. In a 70-page ruling following a four-day, non-jury trial, Judge Reed O’Connor of the North District of Texas ruled that the airline violated its fiduciary duty of loyalty by letting asset manager BlackRock weigh environmental factors and 401k funds.
“A federal judge in one of the country’s foremost conservative district courts ruled Friday that American Airlines unlawfully incorporated environmental and sustainable governance — ESG factors — into its employee retirement plan,” Stu explains, adding, “You can’t just do that, and now they’re getting slapped down in court.”
But American Airlines isn’t the only one, as Pfizer must also face a lawsuit over a diversity fellowship program.
On Friday, a U.S. appeals court revived a lawsuit by a conservative group opposed to diversity initiatives in medicine that challenged a Pfizer fellowship program that was designed to boost the pipeline of black, Latino, and Native American people in leadership positions at the pharmaceutical company.
“Basically, they just admitted a pretty large mistake in their ruling and revised it,” Stu explains, noting that the incoming inauguration of Donald Trump may be having an effect on these companies as well.
“We’ll see if these things wind up having a shelf life beyond the inauguration,” he says. “And that’s another potential explanation for all of this. Look, Donald Trump is coming into power, he’s threatened a lot of these companies, ‘Get your act together or I’m coming after you,’ and so they’re quote unquote ‘getting their act together’ whether they mean it or not.”
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