It is clear that certain political factions have been highly successful at hijacking the debate over whether and how American companies should engage in non-core social issues. Jonathan Berry, Managing Partner of the prestigious DC law firm Boyden Gray, and a leading authority on the overlap between federal regulation and corporate law regarding ESG and proxy voting, explains how the SEC arrogated to itself powers not granted by Congress and used those powers to shift the balance of power towards political change agents whose interests are not aligned with investors. Berry also shows how the recent SCOTUS ruling against Harvard’s affirmative action program makes racially biased corporate diversity goals and human resources training highly vulnerable to legal challenge. Berry also lays out concrete ways in which excess power could be stripped away from bureaucracies and their favored interest groups and shifted back to the interest of investors.
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