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EXCLUSIVE: Corporate America has long claimed that progressive social activism reflects the will of customers and shareholders — but a growing group of investors is now pushing back against that idea.
A Christian investment firm that manages more than $4 billion in assets is targeting dozens of major corporations this year with shareholder proposals aimed at pressuring companies to drop what it calls “woke” agendas, return to political neutrality and focus on their core business.
“Really what we’re working to do through our engagement efforts, is really help corporations get back to a place of neutrality, to stay out of contentious social issues and really just focus on shareholder value and really adequately representing the fiduciary duty that they do to derive value for shareholders instead of bringing in all these other risks that relate to social activism, political activism,” Inspire Investing CEO Robert Netzly told Fox News Digital.
“We’re long-term investors. We’re not activists,” Inspire’s CFA Tim Schwarzenberger said. “So what we’re asking companies to do is to return to neutrality. And the purpose of these proposals is that we want companies to treat all our customers and employees fairly, and to focus on their core business and to stay out of divisive political issues that could expose the company to customer backlash, legal and financial risk.”
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The firm spoke exclusively with Fox News Digital about 38 shareholder proposals it plans to bring throughout 2026 — targeting companies among the so-called “Magnificent Seven” and other large-cap corporations on policies related to water and artificial intelligence use, off-duty speech, de-banking, diversity, equity and inclusion (DEI) programs, abortion pill access and more.
“We’re seeing these chickens coming home to roost. The things that we’ve been warning about and saying that these social issues, the social activism on behalf of these companies, comes with real material, financial risk for shareholders is being proven true,” Netzly said. “And as you look at the cautionary tales of Bud Light, of Disney, of Target, other companies are watching the sidelines and taking their lessons. And so as we go into these boardrooms, as we go into the shareholder meetings, as we discuss with investment relations departments, we have truth on our side.”
Critics have pointed to recent high-profile corporate controversies as examples of the financial risks that can follow divisive social activism. Disney’s live-action remake of “Snow White” reportedly lost $115 million, according to Deadline, which cited the film’s creative direction as a factor. After launching its 2023 Pride collection — which included children’s items — Target’s market capitalization dropped by more than $9 billion amid sustained consumer backlash. Anheuser-Busch InBev also faced multibillion-dollar losses after Bud Light partnered with a transgender influencer.
“We’ve seen repeatedly that when companies get involved in divisive political issues, that creates brand risk and customer backlash. So, essentially, these proposals act as guardrails. They help the boards identify risks that they might not be aware of,” Schwarzenberger added. “I think that customers and investors have been a sleeping giant, asleep at the wheel, and they’ve finally woken up.”
Netzly argued that Inspire’s proposals rest on a principle many Americans share: companies should focus on what they sell — not on social or political messaging. He said corporate activism distracts executives from core operations and brings political risk into boardrooms, a trend Inspire hopes to reverse through shareholder pressure.
“Corporate activism comes with a cost,” he said. “That results in changes to the share price, that results in lower dividends, less money being reinvested for growth.”
“Most Americans are invested through their 401(k) in their retirement plans, and so when companies perform better, naturally, everyday investors benefit from that,” Schwarzenberger said.
“We’ve influenced some of the largest corporations in the world. Costco, for instance, just this last fall, made the decision based on our long-standing efforts with them over the past couple years to not sell the abortion drug, Mifepristone, in their pharmacies. Walmart came to the same decision after our engagement with them. So we can make real, lasting change,” Netzly said.
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Although some of the companies Inspire is targeting have long been profitable for investors, the faith-based firm shared a message for skeptics who argue these proposals on social issues distract from the bottom line.
“There is a healthy skepticism about these proposals because, historically, many of these proposals have been used to push politics and to distract from the bottom line. But that’s not what we’re doing. Our proposals are grounded in fiduciary duty, so they’re not distractions from profitability,” Schwarzenberger said.
“My argument would be that our proposals are to get out of the social issues, right?” Netzly continued. “The problem is that these companies have already been influenced to such an extent that they are spending money and distracting from their core business through DEI programs, through ESG initiatives, through all sorts of things. And our proposals are designed to get them out of those distractions.”
Fox News Digital reached out to all 38 companies Inspire plans to target this year for comment. Most did not respond. Several confirmed they have either received — or have not yet received — formal proposals from Inspire.
The executives said on Monday that some meetings — and what they described as “good, productive” discussions — have already occurred with multiple companies, and Inspire would withdraw proposals as those conversations may transpire. Additionally, some shareholder deadlines won’t be filed until later this year.
Netzly and Schwarzenberger said success looks different for each proposal.
“What we’re looking for is real, tangible change,” Schwarzenberger emphasized. “So we’re looking for companies to make specific policy changes, whether that’s changing their code of conduct, their terms of service, or how they use corporate dollars to sponsor controversial events.”
“If the company ignores the proposals, we can still get them on the ballot. We can still rally the troops and work to vote those things through. It really does come down to the shareholders,” Netzly said. “And I think for those companies that are opposed to even hearing the voice of their shareholders or even allowing things to go to a vote, they’re opening themselves up to [legislative] risk for potential violation of their fiduciary duties. They’re opening themselves up to a lot of risks, and really just brand backlash, for being so tone-deaf when so obviously their shareholders are asking them to stay out of these things.”
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