Target and Bud Light are publicly traded companies, which means that, ultimately, it’s their investors – a.k.a. Wall Street – that’s calling the shots.
Enter BlackRock, State Street and Vanguard, the three largest and most influential financial institutions in U.S. history. They’re known as the ‘Big Three’ on Wall Street, though many Americans have never heard of them.
These three companies control more than $20 trillion in assets, almost none of which is their own. Rather, they manage the money held in everyday American’s retirement accounts, pension funds, mutual funds and investment accounts. …
The Big Three began to issue guidelines on how they expected their portfolio companies to honor this ‘commitment’ by implementing so-called Environmental, Social, and Governance, or ESG, targets and scores
To encourage compliance, the Big Three uses their power as shareholders to influence who sits on corporate boards.
In 2021, they voted to replace Exxon Mobil board members with climate experts….
They subsequently voted for ‘racial equity’ audits at companies like Apple and Home Depot, compelling the companies to impose race-based hiring criteria and implement diversity, equity and inclusion programs. …
The Big Three also wield enormous influence when it comes to executive pay. According to one study, a shocking 73% of S&P 500 companies now tie executive compensation to ESG measures.