Shareholder vote on ‘slew of Woke Coke proposals’ shows effect of the Bud Light rake stomp

As we told you yesterday, sales of Bud Light are reportedly down more than 25 percent since Dylan Mulvaney’s endorsement, and the sales drop seems to be accelerating:

In the week that ended April 22, the brand’s in-store sales plummeted more than 26%, according to figures reported by Bump Williams Consulting, a Connecticut-based firm that specializes in the alcoholic beverage industry.

And the decline is only accelerating. The week before, sales dropped by 21%. The week before that, it was 11%.

This has certainly caught the attention of other corporations, and the one we’ll take a closer look at is another beverage company.

Matthew Foldi took a look at a different corporation for an indication of what effect Bud Light’s self-inflicted misery has likely had on much of the corporate world:

NEW from me @TheSpectator:

In the most recent @CocaCola meeting, shareholders rejected a slew of Woke Coke proposals by *billions* of votes, in a massive rejection of woke corporate takeovers and so-called "stakeholder capitalism."https://t.co/vvKY4LYs9R

(1/xx) pic.twitter.com/eh9kYdsHy7

— Matthew Foldi (@MatthewFoldi) May 3, 2023

“Woke Coke”? LOL.

Coca-Cola’s shareholders overwhelmingly rejected a series of left-wing proposals that demanded an audit on Coke’s impact on non-white stakeholders, “a report on risks from state policies restricting reproductive rights” and more.https://t.co/vvKY4LYs9R

(2/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

During its annual meeting of shareholders, the Coca-Cola board’s voting recommendations carried the day over every single shareholder proposal — and none of the votes were particularly close; most lost by several billion votes!https://t.co/vvKY4LYs9R

(3/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

While the rejections of these proposals is undoubtedly welcome news to the growing movement of anti-woke corporations, Coca-Cola’s rationale for why it opposed many of the proposals at times boiled down to how they’re already doing much of what was demanded.…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

The board’s statement of opposition to the proposal, for example, that would require “an audit of the Company’s impact on nonwhite stakeholders” (which was rejected 16.54 percent-83.46 percent) boils down to how the idea is redundant.https://t.co/vvKY4LYs9R

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— Matthew Foldi (@MatthewFoldi) May 3, 2023

In its memo to shareholders, obtained by @TheSpectator, Coke touts how Diversity, Equity and Inclusion is a “strategic business priority,” that it already “publicly disclose[s] gender globally and US race/ethnicity by level, a practice that we will continue annually” and that…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

“We are already taking meaningful action in addressing the overarching issues raised in the proposal… Therefore, we do not think it is in the best interests of the business or our shareowners to divert resources from ongoing DEI actions and commitments and apply them toward an… pic.twitter.com/SdrdMPYem6

— Matthew Foldi (@MatthewFoldi) May 3, 2023

This all “provides an interesting look into the DEI industrial complex”:

Coke’s statement rejecting a proposal requiring it to publish a report “listing and explaining any instances of incongruent expenditures” provides more for opponents of woke capitalism to celebrate. This proposal (rejected 29.08 percent-70.92 percent) singles out politicians who…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

While the proposal was overwhelmingly rejected, it provides an interesting look into the DEI Industrial Complex. It relies on data from the innocuous-sounding American Democracy Scorecard to urge Coke to cut off donations to Republicans.https://t.co/vvKY4LYs9R

(10/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

The scorecard itself is a project of @accountable_us, which in turn was a project of the left-wing New Venture Fund before spinning off into its own standalone organization.https://t.co/vvKY4LYs9R

(11/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

Its president, @KyleHerrig is a perfect embodiment of the left’s revolving door of staffing. Herrig used to work for the foundation of Hansjörg Wyss, a foreigner accused by groups like @apublictrust of illegally funneling tens of millions of dollars into the Democratic Party’s…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

Some of Coke’s longtime opponents on the right are eager to view these developments as positive outgrowths of their relentless criticisms of the company. @WillHild, whose group @ConsumersFirst has spent over $1 million attacking “Woka-Cola” (as reported by @audpants) for…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

“Companies are finally beginning to realize they should focus on the things that impact their business and less on pleasing woke Wall Street and progressive politicians,” @WillHild told me.https://t.co/vvKY4LYs9R

(14/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

Anheuser-Busch is finding that out the hard way.

In recent weeks, the high-profile battles in the Woke Wars have been going @WillHild's way. The most high-profile of which has been the right’s sudden sharp-turn against Bud Light–which Hild gleefully capitalized on by launching “woke alerts” to warn consumers when companies are… pic.twitter.com/ebGK0VvWGx

— Matthew Foldi (@MatthewFoldi) May 3, 2023

Hours after @ConsumersFirst's “woke alerts” went live, Bud Light issued the most milquetoast statement of all time, and placed several senior executives on leave.

That's some wildly fast results from @WillHild https://t.co/vvKY4LYs9R

(16/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

While Bud Light has stolen most of the headlines, anti-woke crusaders have gone on offense against other massive corporations in recent weeks as well. Another @WillHild campaign, that flew more under the radar than the mass anti-Bud Light mobilization, was @ConsumersFirst’s…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

Since January, companies have also had to reckon with the reality of a new sheriff in town. Until earlier this year, Democrats had complete control in Washington, DC; but since gaining the majority, the @HouseGOP has put corporate ESG practices squarely in its line of sight.…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

#MI04's @RepHuizenga, who’s been leading the House GOP into the fray against ESG told me that Coke’s rejection of these proposals is part of a broader rejection of ESG that he’s been noticing.https://t.co/vvKY4LYs9R

(19/xx)

— Matthew Foldi (@MatthewFoldi) May 3, 2023

“There are signs that the ESG movement may have crested,” #MI04's @RepHuizenga said. “Corporations are learning that if they give in on items to satisfy activists, there is no actual finish line to the craziness. Give an ESG activist a cookie, and they will want the whole…

— Matthew Foldi (@MatthewFoldi) May 3, 2023

The number of companies caving to activists while spitting in the face of their customer base should start to decline — salute to Bud Light’s suspended marketing genius.

Lessons being learned real-time. https://t.co/tpQq95It8X

— Dave🇺🇸 (@SGTDave325) May 3, 2023

progress. https://t.co/poXVNjIjBD

— Dani the Georgia Girl (@NewYearsDani) May 3, 2023

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