Go to Article
Excerpt from amp.star-telegram.comOne of the latest schemes to do an end-run around self-government is using shareholder activism to pressure public corporations to embrace a progressive agenda. CalPERS is known for this kind of work. It’s also known for being underfunded by $150 billion and for underperforming its peers, no doubt partially because it puts its progressive agenda ahead of what’s best for its retirees. But that’s California’s problem. When it tries to impose its agenda on companies and even other states, it becomes everyone’s problem. And now, these activists are being aided by the Biden administration through Securities and Exchange Commission policies that encourage shareholder activism.
