Never let social justice get in the way of the almighty dollar or RMB.
Disney is having a hard time explaining why it was happy to threaten to pull the company’s production apparatus from Georgia if the state passed a controversial ban on abortions performed after a fetal heartbeat is detected but was happy to shoot part of the film, Mulan, in the Xinjiang region in China where the government has been accused of oppressing the country’s Muslim-minority Uighurs.
Disney responded as follows:
“The film is a celebration of female empowerment, based on a 1,500-year-old Chinese poem…The scenes in Xinjiang amount to just 78 seconds and were done to capture the region’s dramatic desert scenery and the historic Silk Road. Most of the movie was shot in New Zealand.”
We don’t have an issue with corporations acting in the best interests of shareholders. We only wish they would be consistent in their application of social standards. Ideally, they should shut up.
Sadly, in an ESG consumed finance world, listed corporations are focused on making ever more woke gestures and statements to appease institutional funds who run guilt tripping rackets which coax gullible investors into thinking they are being socially responsible when in reality they’re forking over higher fees to line their pockets in a market structure ruined by low margins ETFs. It is a total con.