Alfredo Ortiz of Job Creators Network writes in RealClear Politics about legislation proposed by Sen. Marco Rubio designed to protect shareholders from company CEOs who take “woke” political actions counter to sound business practices:
Call it a “wokelash.” Ordinary Americans are fed up with corporations’ woke politics on issues unrelated to their businesses. A recent Rasmussen poll finds that two-thirds of Americans think companies should stay out of politics. Now, new legislation sponsored by Sen. Marco Rubio will help people hold companies accountable for their political virtue signaling. The Mind Your Own Business Act, introduced in the Senate this week, makes it easier for shareholders to sue companies engaging in gratuitous politics for breaching their fiduciary duty to maintain shareholder value.
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Some businesses and organizations even engaged in state boycotts. Major League Baseball moved its All-Star Game from Atlanta to Denver. The Job Creators Network sued MLB over this relocation to stand up for local small businesses deprived of approximately $100 million in economic activity. Movie producers also pulled their projects from the state in retribution, including Will Smith’s latest feature film.
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Sen. Rubio’s bill empowers shareholders to protect themselves from woke CEOs by eliminating barriers preventing them from suing companies for prioritizing politics over profits. The bill requires executives to justify their political actions with concrete rationale for how their moves help the business. No longer will companies be able to get away with political virtue signaling based on gauzy or generic claims that their political preferences are best for the company. Corporate executives will think twice before they enter the political fray to further their political ambitions.
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