The Heritage Foundation has initiated a new campaign aimed at holding corporations accountable for practices perceived as discriminatory based on political or religious beliefs. The foundation is emphasizing values-aligned investing and aims to influence corporate practices towards fairness and accountability.
Heritage has filed shareholder resolutions with major companies such as IBM, Citi, CVS, and Airbnb. The organization is demanding greater transparency from IBM regarding its DEI initiatives in recruitment. At Citi, Heritage is seeking a report on the bank's financial surveillance of conservatives, which they claim was encouraged by the Biden-era FBI. Furthermore, they are urging Airbnb to resist activist calls for divestment from vendors in regions like Israel and are examining CVS’s role in dispensing the abortion drug mifepristone.
John Backiel, vice president of finance and accounting at The Heritage Foundation, stated: “Americans have woken up to the reality that their pensions, savings, and investments are being used to push corporate agendas that don’t align with their values. A growing number of forward-thinking companies have already rolled back their DEI policies, and the sooner the rest follow suit, the better.”
He added: “Those who continue to embrace these divisive and discriminatory practices will ultimately face economic consequences. It’s time to re-center on fiduciary responsibility, accountability, and the principles that made this country strong.”
Andrew Olivastro, chief advancement officer at The Heritage Foundation, commented: “Corporations, banks, and asset managers have abandoned neutrality and common sense, diving into activist politics and betraying those they are obligated to serve. Heritage is leading this effort to restore accountability and merit as the foundation of our institutions."
The Heritage Foundation's initiative highlights potential risks for corporations when ideology takes precedence over accountability. Through this campaign calling for transparency and neutrality in business practices, they aim to ensure that merit and ethics are prioritized over divisive agendas.
