One of the world’s most valuable brands has announced plans to spend billions of dollars in promoting leftist “woke” social causes. American Express issued an “Environmental, Social, and Governance (ESG)” report earlier this month laying out plans to promote a number of progressive marketing schemes.
The financial giant has been listed as one of the 30 firms included in the Dow Jones Industrial Average since 1982 and has been in business since 1850. In the recent report, the company said that it will allocate $3 billion to a “Diversity, Equity, and Inclusion (DEI) Action Plan.” That is in addition to $1 billion already identified for DEI in October 2020.
American Express has donated funds to various social justice nonprofit organizations, including LGBT sites in New York City, “BIPOC businesses in Canada,” and “Latinx” events.
The new DEI report also proclaims the success the card processing business operated by American Express has had with “ByBlack.” That system provides instant checks on whether a vendor is majority-owned by black people.
American Express is obviously trying to make up for the fact many retailers refuse to use them by employing woke virtue signaling. How about you focus less on these ESG issues and more towards lowering your rates so your customers can use you more? https://t.co/EKdKc7phKD
— Mission:DFW (@MissionDFW) August 8, 2022
American Express has been sued over allegations of civil rights discrimination against white employees. Nick Williams is one former white employee who has sued over claims that he was fired so that his position could be filled by a minority worker.
Arizona Attorney General Mark Brnovich is leading a group of 19 Republican attorneys general in pressuring another financial giant, BlackRock, over its ESG policies. The state attorneys have written to BlackRock warning that its adherence to ESG to the detriment of sound business practices may constitute a breach of financial duties to shareholders.
American Express’ ESG report includes a chart that makes claims that “inclusion and diversity “ is more important to businesses than business ethics, financial resiliency, data security, responsible investing, responsible tax practices, or customer satisfaction.
The report also provides that the firm will consider race and sexual orientation when choosing which suppliers to do business with.
American Express also proudly claims that it has achieved two consecutive years of “100% pay equity across genders.” The report provides that the “equity” was achieved by establishing median pay for female employees at 106.7% of the median pay for males.
American Express was named in 2017 as the world’s 23rd most valuable brand by Forbes.