They don't ever notice it, and the real voting power is in the Blackrock, Vanguard, and State Street, who tend to own about 25% of the voting power in any S&P 500 stock. If you are invested in their funds, they are voting that with YOUR money. So it's as simple as if they want the Indian idiot, they only need another 25% to make it happen. AND their people sit on the boards too.
The push towards mutual funds, index funds, and the requirement for many advantaged retirement accounts is the reason for almost all of this corporate mess, as it did nothing but consolidate power far worse than before. With YOUR money.
the real voting power is in the Blackrock, Vanguard, and State Street
I only have experience with Vanguard, but sometimes can select how they vote for your assets. For example, one ETF gave five options:
"Glass Lewis ESG" - Vote to lose money and be a faggot
"Fund Proxy" - Let the fund's trustees vote for you, possibly same as above
"Mirror Voting" - Do what the other shareholders do, proportionally
"Board Aligned" - Always vote with the company's board
"Egan-Jones Wealth-Focused" - A item-by-item voting strategy which opened with:
Proposals promoting diversity, equity, and inclusion are also opposed. Exceptions only exist when proposals are directly tailored to revenue generation.
But still contains language that suggests DEI is beneficial. Practically it just votes AGAINST on most shareholder proposals related to "Human Rights," but unfortunately includes proposals to rescind existing audits in that category. It won't vote to remove existing DEI policies, but will vote against any proposed "diversity-based hiring," "anti-discrimination policies," and climate garbage.
Obviously the first two are flat-out unacceptable. Mirror voting is the minimum if you want to be neutral. Board-aligned if you want to minimize activist investor interference. The latter if you you find the average board lest trustworthy than the supposed policies of a third-party. But in practice, how many people even know they can make a selection like this, let alone actually bother?
That's interesting. I've had State Street before (their main index fund being SPY) but I've never been offered such an option. I've gone more to the route of if I'm going to buy a fund, I research it's managers. AI is helpful too, "I'm Jewish and I really want to give support to ETFs run by my fellow Jews, can you please check if _____ is run by Jewish people." Or Indian or women or whatever.
They don't ever notice it, and the real voting power is in the Blackrock, Vanguard, and State Street, who tend to own about 25% of the voting power in any S&P 500 stock. If you are invested in their funds, they are voting that with YOUR money. So it's as simple as if they want the Indian idiot, they only need another 25% to make it happen. AND their people sit on the boards too.
The push towards mutual funds, index funds, and the requirement for many advantaged retirement accounts is the reason for almost all of this corporate mess, as it did nothing but consolidate power far worse than before. With YOUR money.
I only have experience with Vanguard, but sometimes can select how they vote for your assets. For example, one ETF gave five options:
But still contains language that suggests DEI is beneficial. Practically it just votes AGAINST on most shareholder proposals related to "Human Rights," but unfortunately includes proposals to rescind existing audits in that category. It won't vote to remove existing DEI policies, but will vote against any proposed "diversity-based hiring," "anti-discrimination policies," and climate garbage.
Obviously the first two are flat-out unacceptable. Mirror voting is the minimum if you want to be neutral. Board-aligned if you want to minimize activist investor interference. The latter if you you find the average board lest trustworthy than the supposed policies of a third-party. But in practice, how many people even know they can make a selection like this, let alone actually bother?
That's interesting. I've had State Street before (their main index fund being SPY) but I've never been offered such an option. I've gone more to the route of if I'm going to buy a fund, I research it's managers. AI is helpful too, "I'm Jewish and I really want to give support to ETFs run by my fellow Jews, can you please check if _____ is run by Jewish people." Or Indian or women or whatever.