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The Supreme Court eliminated affirmative action, and ESG and DEI caught a stray.
I think ESG and DEI are corrupted acronyms whose objectives are laudable but whose implementation is, generally, poor.
So I was interested to see 13 State AGs who wrote a letter to the Fortune 100.
wsj.com/articles/attor…
From the WSJ:
“Well-intentioned racial discrimination is just as illegal as invidious discrimination,” wrote the AGs, who were led by Jonathan Skrmetti of Tennessee and Kris Kobach of Kansas. “Companies that engage in racial discrimination should and will face serious legal consequences.””
“In 2020, it says, executives of 27 banks, tech companies and consulting firms “set an explicit racial hiring quota.” The AGs say companies including “Airbnb, Apple, Cisco, Facebook, Google, Intel, Lyft, Microsoft, Netflix, PayPal, Snapchat, TikTok, Uber and others” have also set policies that amount to discrimination on the basis of race. Microsoft set quotas for suppliers.”
I suspect these diversity initiatives quickly become endangered species within companies lest a company want to spend years fighting with various state AGs essentially against the 14th Amendment or Title VI and VII of the Civil Rights Act. Seems like a no-win situation.
I suspect this will be the first of many changes that eventually eliminate ESG and DEI as marketing taglines for the purposes of raising money in the capital markets and instead are replaced with actual incentives and measurable outcomes simply because it’s part of good business.
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