Superannuation companies are "pressuring" businesses like Harvey Norman to adopt "politically correct positions" according to Australian entrepreneur and businessman Gerry Harvey. Mr Harvey told Sky News large super funds "will not invest" in his company unless he changes his corporate practices.
"Every week or two or three I get a letter saying 'you don't meet the requirements, and you rank very low on all the tick the boxes, so this doesn't allow us to buy shares in your company and would you please rectify this situation,'" he said. "So I generally just put the letter in the garbage." He said pressure groups with small constituencies, like the "nobody group the Sleeping Giants" like to put pressure on large companies.
jez_1985 Go Woke Go Broke. Gerry knows more than Gillette and Koala mattresses.
JazzaBazza_ Superannuation investment is often the main reason why companies can expand. Big business lie all the time about their perceived ethics, morals, and corporate responsibilities and then cuddle up to the fund managers for more investment. It’s a disgrace and bhp is the ring leader
Who would have thought company investors would have a say in how a company was run.............
briez63 Corporate regulators must crack down on directors making corporate decisions, or pressuring other corporations to make decisions, based on ideology rather than sound stewardship principles LiberalAus ScottMorrisonMP
'Politically correct positions' or merely positions. Gues beneficial ownership has some perks?
Only by the noisy minorities. Unfortunately the silent majority are irrelevant whilst they stay silent.
So superannuation businesses should not be concerned about their brand? You may not like an investment decision but free market rules suggest the investor makes the call based on their own criteria. Otherwise I could provide a bank with the criteria for lending me money...
Without doubt. Relatively junior Super Fund execs (and/or media buyers for major advertisers) have been indulging their power/influence for a few years... Sometimes in belief they are acting as client would want, but often to their detriment.
Super firms don’t have a clue. Hence they cannot best the index. Keep slapping them down Gerry 👍
Harvey is a social dinosaur
You mean like not supporting nut jobs like jones who hate women and sprout bullshit about scientists making stuff up. That could be a good reason for companys not to invest in assholes running appliance monopolies. Why an aussie would buy a stove off you is beyond me.