The era of businesses being able to operate as apolitical entities — and the days when customers and employees expected them to do so — have passed. Corporate governance experts don’t expect CEOs to remain silent in response to the Texas abortion law.
The era of businesses being able to operate as apolitical entities — and the days when customers and employees expected them to do so — have passed. Over the past couple of years, corporate chiefs have become more vocal, and more emboldened in their opinions. CEOs have announced racial equity and diversity initiatives, condemned the Capitol riot, recognized Juneteenth as a holiday, opposed state-level voting legislation and “bathroom bills” targeting transgender individuals.
“For years, corporate executives kind of perfected the art of getting involved in the political sphere for a very narrow purpose,” generally advocating for or against regulations that would impact their business operations,” said Stephen Davis, associate director of the Harvard Law School Programs on Corporate Governance and Institutional Investors.
Davis said some feel compelled to use their visibility and financial clout to advance causes. “They use their organization as a forum and a mechanism,” she said. “This is just representative of a growing weariness of CEOs,” said Jeffrey Sonnenfeld, associate dean at the Yale School of Management and CEO of the Yale Chief Executive Leadership Institute, an organization that has been at the forefront of corner-office political engagement.
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