Nick Vujicic, a motivational speaker who traveled the world through his organization to speak to millions about his Christian faith, became a co-founder of a pro-life bank after he was kicked out of his bank, a false article was published about him, and a grenade was thrown into his house.
Vujicic learned from the co-founder of his pro-life bank that “most banks give philanthropically under social responsibility to give to causes that provide [to] the biggest abortion clinics in America.”
“But we will actually fund 50 percent net profits to Judeo-Christian line nonprofit organizations that are biblically aligned and doing the will of God, according to our belief systems.”
Stakeholder Capitalism
Vujicic attributed the refusal to provide services to certain individuals by private industries to new standards in business management called Environmental, Social, and Governance considerations (ESG). A person may be evaluated based on whether he or she goes along with the business’s nonprofit causes or is environmentally friendly, Vujicic said.“If I own a V12 twin-turbo [car], which I do, I’m actually then harming the environment. I get categorized as a second-class citizen. It’s going to be called carbon credits. And we’re going to be categorized [on] how harmful Nick is on the environment, socially based on what he believes, and who he gives to, what he doesn’t give to.”
Social metrics “might focus on the company’s relationship with people and society—for example, issues that impact diversity and inclusion, human rights, specific faith-based issues, the health and safety of employees, customers, and consumers locally and/or globally.”
Governance metrics “might focus on issues such as how the company is run—for example, transparency and reporting, ethics, compliance, shareholder rights, and the composition and role of the board of directors.”
Among other metrics recommended by the WEF related to the environment are greenhouse gas emissions, size of land used, water consumption, air, and water pollution.
The WEF report also devised various metrics related to social factors such as percentage of employees by age, gender, ethnicity, pay equality ratios comparing women to men, minor to major ethnic groups, pay gaps based on gender and other diversity categories, number of discrimination and harassment incidents, number of suppliers using child or forced labor, employee participation in health and well-being programs, and community investment.
Willis Towers Watson interviewed 170 board members in more than 20 countries and discovered that pay equity is a prime concern for many board directors in Europe and North America, wrote Shai Ganu and Kenneth Kuk, directors at Willis Towers Watson.
Companies with better ESG profiles can benefit from preferential and lower cost of debt offered by financial services firms, as well as from an influx of capital in sustainable investing, the directors said.
Hastings and Klein described these practices as non-market behavior and metrics that are murky, ambiguous, and costly to implement.
“Executives welcome the ambiguity that makes accountability more difficult,” Hastings, a business consultant, and Klein, professor of entrepreneurship at Baylor University wrote for Mises.
“Corporations exhibit similarly [to business schools] destructive economic behavior with their ‘woke’ advertising campaigns and corporate training programs. Gramsci’s long march through the institutions seems to have reached the corporate HR departments who are the source of much of this uneconomic, anti-capitalist behavior,” Hastings and Klein wrote.
Antonio Gramsci was a prominent Italian communist who realized that it was difficult to incite a revolution to overthrow a legitimate government when people still have religious faith, so the revolution of the proletariat must begin with the subversion of religion, morality, and civilization.