EXCLUSIVE: An Ohio-based asset management company announced Thursday it will offer a new 401 retirement plan for medium and small businesses that will focus purely on maximizing shareholder profits and forego "woke" environmental, social and governance investing priorities.
According to Cole, such considerations hinder the ability of those investment companies to maximize profits and compounds the problem of many Americans not having the funds necessary to retire. "We have a simple mission that we take to corporate America: Maximize value, period," Cole said.
Cole told Fox that his first question to everyday investors would be: "Are you willing to accept lower returns in exchange for pushing values in corporate America, yes or no?" "The second question would be, if you were pushing the values, do you agree with the values of racial equity audits in corporate America? Affirmative action? Forced emissions reductions? Do you agree with those values or would you have different values?" he said, adding that such an approach...
When you think about that, and you think about a career, the average career being somewhere in the neighborhood of 40 years, a 2,000% difference is basically the difference between being able to retire and not being able to retire," he said. "That's why we care so much about this. And stakeholder capitalism, what it says is that all stakeholders are equal. And in biblical terms, what that means is you can serve multiple masters. My belief is you can only serve one master.
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