Conservative states have a warning for corporations that have “gone woke”: The consequences of political activism are no longer one-sided.
This month, West Virginia declared it would no longer do business with five Wall Street banks over the companies’ anti-coal or anti-fossil fuel policies.
“You have your right to be able to boycott the fossil fuel industry, but we’re not going to do business with you. We’re not going to pay for our own destruction,” State Treasurer Riley Moore said. “They’ve weaponized tax dollars against the very people and industries that have generated those dollars.”
Derek Kreifels, CEO of the State Financial Officers Foundation, added, “If you want to make social change in this country, we have a democratic process that you should utilize to get that done.”
In recent years, corporate board rooms have been smitten with a movement of “ESG” principles, which elevate “environmental, social, and governance” issues—fancy words to describe a preference for progressive policies—over profits when making business decisions.