“But looking back 10 years ago and what has transpired since, I see that if gay issues were not the flashpoint, the inflection point that actually made CEOs comfortable with the idea of weighing in on contentious social issues, it was most definitely the prime accelerant… There was precedent that was set, a precedent that has now led major corporations to weigh in on everything from abortion to Black Lives Matter to so-called voting rights bills,” he told the morning show.
The Walt Disney Company, a family entertainment brand, has also faced backlash for promoting a woke ideology in some of its movies, such as “Strange World” and “Lightyear,” leading to widespread frustration among millions of viewers.
ESG (environmental, social, and governance) investments have become another facet of the trend of companies going woke. ESG investing is based on the idea that investors should consider these three broad categories when deciding where to allocate their funds, with a focus on progressive values and promoting “social responsibility” in financial decision-making, the business news outlet noted further.
Angelo argued that the increasing involvement of corporations in woke issues in spite of consumer pushback shows “a major disconnect between CEOs and the consumers that they are marketing to.”
“There’s basically been an insulation that you’ve seen happen among CEOs where even though… the overwhelming majority of the public, 63%, according to the most recent Wall Street Journal poll, do not want CEOs weighing in on contentious cultural issues. Sixty-three percent of CEOs feel it is their duty and obligation to do so,” Angelo said.
He then added: “If you want to get involved in politics, fine. Run for office. If you want to run a company, focus on the bottom line. That seems to be the message that more and more CEOs are waking up to because more and more Americans are getting that message to them.”