FT News Briefing The war on ‘woke’ capitalism
Jun 6, 2022
The European Central Bank is gearing up to address soaring borrowing costs with new bond-buying strategies. Meanwhile, U.S. investors are voicing their dissatisfaction over high executive pay, even targeting board members. The critique of 'woke capitalism' is heating up, as political figures confront businesses on social issues, complicating the landscape of ESG investing. Discussions also touch on how rising energy prices in Africa are affecting media and transportation, deepening the implications of these societal conflicts.
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ECB's New Bond-Buying Program
- The ECB is likely to create a new bond-buying program to support vulnerable member states.
- This aims to counter rising borrowing costs after anticipated interest rate hikes.
Investor Rebellion Against Executive Pay
- US investors are increasingly opposing high executive pay, but proposals to curb it are non-binding.
- Some investors now target individual board directors to apply pressure and lower CEO pay.
Woke Capitalism Backlash
- Some US investors are rebelling against corporate activism on environmental and social issues.
- This backlash targets "woke capitalism," where companies prioritize various stakeholders and ESG investing.