RCI's Guide to Politicized Capitalism: Challenging Woke Capital

Part of RealClearInvestigations' Guide 
to Politicized Capitalism 
(Home page and overview here)

On This Page: Woke Capital's Non-Governmental Opponents
(See also: Policing the Unwoke)

Shareholder Activists

• National Center for Public Policy Research: Its Free Enterprise Project is the dominant conservative shareholder activist organization. FEP submitted 30 of nearly 50 right-of-center proposals during the 2022 annual meeting proxy season. The organization also litigates on behalf of its causes with partners such as the New Civil Liberties Alliance, Pacific Legal Foundation, and the American Civil Rights Project. Its “2022 Investor Value Voter Guide” reveals progressive political positions taken by major corporations, while its “Balancing the Boardroom” identifies the most prominent woke CEOs and corporate executives.
• National Legal and Policy Center: This group’s Corporate Integrity Project “promotes integrity in corporate governance, including honesty and fair play in relationships with shareholders, employees, business partners and customers,” and “exposes and publicizes the influence of corrupt corporate executives on public officials and political systems.” CIP engages in shareholder activism on behalf of conservatives, sponsoring more than two dozen shareholder resolutions during the 2022 proxy season.

Consumer References

• 2ndVote: Conservative watchdog offers searchable company scores using criteria including respect for the sanctity of life and freedoms guaranteed by the U.S. Constitution.
• Consumers’ Research: Its mission to “increase the knowledge and understanding of issues, policies, products, and services of concern to consumers" includes reports on woke companies.
• American Accountability Foundation: Its report “None of It Is Our Money” identifies progressive and liberal Beltway insiders at America’s “Big Three” asset managers – BlackRock, Vanguard, and State Street.
• Cancelthiscompany.com: List of woke companies, curated by a conservative source.

Journalists & Activists

• Christopher F. Rufo: The self-described “writer, filmmaker, and activist challenging critical race theory and gender ideology in America’s institutions,” Rufo has produced a series of exposés on woke capital for the Manhattan Institute’s City Journal, where he serves as a contributing editor.
• Stephen Soukup: A longtime consultant to the institutional investment community, Soukup, a leading critic of ESG, authored the 2021 book “The Dictatorship of Woke Capital.”
• Rupert Darwall: A senior fellow at the RealClearFoundation, Darwall writes prolifically on ESG.
• Andrew Stuttaford: The editor of National Review’s “Capital Matters” – and a participant in international financial markets for nearly four decades – Stuttaford’s coverage of finance and economics often touches on ESG matters.
• Richard Morrison: A senior fellow at the Competitive Enterprise Institute, Morrison authored the 2021 study “Environmental, Social, and Governance Theory: Defusing a Major Threat to Shareholder Rights.”
• Andrew Pudzer: The former chief executive of CKE Restaurants (Hardee’s, Carl’s Jr.), Puzder is the Executive Chairman of the Board of Directors at anti-ESG financial firm 2ndVote Advisers, visiting fellow in business and economic freedom at The Heritage Foundation, and an outspoken opponent of woke capital.

Think Tanks and Policy Shops

• American Legislative Exchange Council (ALEC): The free-market oriented policy shop has urged states to enact a State Government Employee Retirement Protection Act to shield pensioners “from politically driven investment strategies."
• American Free Enterprise Chamber of Commerce: Portrayed as a conservative alternative to the Chamber of Commerce, it claims to provide tools for American businesses to maintain access to the marketplace in the face of "woke capital" and "cancel culture" threats.
• Competitive Enterprise Institute: The libertarian think tank combats ESG through research, writing, and providing regulatory pushback.
• Heartland Institute: The free market think tank combats ESG through research, writing, and testimony to legislators.
• Heritage Foundation and Heritage Action: The conservative think tank and its activist arm jointly launched a campaign, “ESG Hurts,” that includes model legislation for state lawmakers to protect state pensions, investments, and contracts from promoting ESG.
• State Financial Officers Foundation (SFOF): The nonprofit connects leaders from the public and private sectors to help state financial officers “develop and implement free-market, pro-growth policies.” SFOF has helped coordinate efforts by Republican state treasurers to combat ESG by withdrawing pension funds from woke capital firms.
• American Securities Association: The group has taken stands against ESG and related government regulations.