Transcript
It's work. Here it is. Just wait for it. Just wait for it. You sound like you're sick. Live, please. From Alabama's. Anti-esg unscented Rose Garden because you know a scented Rose is kind of feminine. Now it's not very manly. But how do you unsent a Rose Garden? It's all new. Terrific. Tuesday edition of business pants. Joined by animals at a whoa. Yeah. Whoa is copy. Makes it sound like this is my show and you just join me every week. It kind of is though. I never said who I am. So it's almost like it's your show though, too, because you're the only name, you're the only real name. I'm the only one here. Well, I don't know this. That whenever we're sighted. It's always you cited. It's all everything. Is your idea? That's what she's fine with me, it what it is? Because I just talking to people which is good for, hey, I hate it. And today's ESG size one, Z called October 8th, 2024 business. Birds. Hey, let's be funny about the horrible. Horrible head. Try our show today is being sponsored by free flow analytics. The only platform measuring board power connections and performance for free. That's at Free Flow, analytics.com. Free, floats, analytics.com. What are you doing? If you don't, you just put it, I don't know, email address. What are you doing? If you haven't done that yet? Look, I mean, I gotta say that I'm a fan of the msci data set. We use, we, you know, we are client about Miss. Yeah, we use a lot of great. I gotta tell you, when I need to get a quick look at a company. I it's hard to go to msci. You gotta, you gotta go find the company, you got to open a PDF, you gotta scroll to page 479.85. Like our data is really easy to use. Really the worst part about it is I have been a client at one point. Or another of msci sustainalytics, S&P I've seen representative, I've seen all the data. And msci is the best. And ours is still fabulous. Ours it's free. Ours is easier to use. Yeah, and free. And if you care about, if you vote a single voter, on a director, it's free anyway, continue. Let's do this. What? Let's try to be funny. This nuggets, let's be now released interesting, or at least something, insightful, and sarcastic be funny go. in our, Because it's 2024 and hey why don't you just save on gas and buy a Chevy bolt. It's just too damn complicated headline of the week. Ready for this one man. Ready for this headlamp? Uber To launch AI assistant powered by open ai's. Gpt-4 to help drivers go Electric Okay. What are we? What what what is this? The I feel like this is the This is the Tipping Point of how technology helps nothing. How about how big of a diaper do? We need for these Tech Bros? I don't like, like, open AI. Why don't we just get one giant diaper? Put them all in it. Yeah. Just read a consumer reports and just pick a car. How about that? in our, Spotify, co-founders, Daniel Eck and Martin Lawrence in announced. That shareholders are children, and that's why they own about 25% of actual shares, but but control, 75% of voting power, headline of the week. Wow. Spotify's HR, Chief says, remote. Staff are not children as company reaffirms work from anywhere, a policy. And the best part about that is that was literally a joke that I wrote, and then deleted because I was like, I just think I didn't know you wrote it but I I remember when Daniel was joking here over the summer said that he's probably the least powerful person that spot of. I remember how he said that now, that's right. That's fun. Oh, in the least powerful? Yeah, I think your headline is the accurate one, like that. There are some children involved. They just happened to own all the shares. That's they're the ones that on the shares and now our Boeing wishes, it had quantic's problems, headline of the week, Qantas, Airlines apologizes. Is after R-rated movie played to passengers on Sydney to Tokyo flight. So the story is that every single TV was showing the same R-rated film. They couldn't no one could figure out how to turn it off. Yeah. Apparently not even like the dimmer or power buttons. Work it and and it was a film with nudity and like sexual content. I'm not a prude but I do wonder. Why, why do they have flights? What have movies on flights with kind of awkward nudity and and weird like or like weird graphic violence, why does your neighbor need to see that? I don't know, but I do think it might work. This might have been Richer's parting gift on his way out. The door is chair. Flying is like is like going to an R-rated movie with your parents when you're 12 years old, right? Because you might be by some perv who's watching some, you know, rated whatever how long before. Us cliff. Evo, Vanessa, Hudson apologizes for every movie ever showing on a quantity, anywhere or anywhere ever ever and our what type of Card. Do I buy for a patriarchy? Where 0.8% of CEOs? Are women? Oh, headline of the week? Whereas Hallmark. Women in Asia are slowly starting to break through historic barriers to the top of the corporate world. Now that headlines sounds promising, but I looked at the data 0.8% in Japan. They're talking about Japan is actually 15 CEOs out of like I think it's like 1300 companies so said slowly that's like the glacier's reforming right. That's yeah we could hope we actually should be hoping for that and lastly in my first section in our 3M board planning to drop commitment. To reduce emissions across the value Chain by more than 40% by 2030 by 2026 headline of the week, so confusing. Yeah. The headline is 3M commits to reduce emissions across the value Chain by more than 40% by 2030. But I think they're already playing the drop that commitment to the joke, right? Because now I, because It really matter what you commit to anymore. I you see it all the time companies. They adopt Dei policies, they agree to use less oil, but they just changed their minds, right. Who cares should be 3M? Commits to dropping, commitment to reduce emissions across value Chain, by more than 40% about, all corporations commit to changing their minds. If it involves black people, women or the environment. How about that? Yeah, just just forget it just flip flop on that, too hard. It's too hard. Look, we have a client who has to look at what we've talked about this before. But the I, you Turners Flipper. The flip floppers the boards that are now, like, retracting other Dei stuff and I, we're, I'm finding that half compared to, like the null set of boards. Half of the flip-floppers on Dei also have been on boards that flip flop on climate commitments. They just look up everything, which means what they're terrible people or that they're spineless, do whatever they want, everything that's voluntary. David was a marketing exercise and it's totally no one cares about. So, all right, this isn't very funny right now. Why take it? All right, let's keep, let's keep going on the climate hysteria in our Keep the oily Parts headline of the week. Big Oil, urges Trump, not to gut Biden's, climate law. So, apparently, they really like some of the carbon capture funding that's going on because they have some things you have to pretend they're using it. Oh, and also, they like the oil subsidies that continue to be in there. The globally. We're at seven trillion in oil subsidies. Seven trillion. Yeah, globally. That's seven trillion miles oil. Seals. I think are actually, the biggest contributors to the Trump campaign. I think out of all Corporation its oil that I'm just, I'm no one's surprise. I'm just, I'm just showing, you know, out there just shocked. in our, What if we call it outdoor air conditioning upgrades or enhancing Nature's? HVAC headline of the week, most CEOs, sticking with climate strategies, but changing how they communicate it KPMG. Why KPMG surveying? I I know we're already bowing to the weird incel, conspiracy theorist, Robbie Starbucks by getting rid of our Dei policies at the corporate level at Toyota. Just announced that. But why, why are we? Why do we need to change the language on things? Like who are we afraid of? I don't know what back up. Yeah. If I tell you, my company is working on outdoor air conditioning efficiencies. You'd think that was awesome. Yeah. If I said it was reducing client, you know, Carbon emissions, you think? What is that for, right? Like I said, just think of that. Just, I don't know if we need to do. We need better CEOs, or do we need stronger boards, which one would you pick? I want people with The ability to twist language. So that I am confused constantly, that's us, come on, keep going, and our dog. Rescinds promise. Not to pee on rug headline of the week. BP drops gold to reduce client, reduce oil, and gas output. That's like the I don't, I forget the company already, we just covered a proxy where the, where the compensation committee promised not to the CEO, a big bonus again. Congratulations people. Yeah, thanks a lot. It's nice work. It's it's tying about in our board members everywhere, shocked to find out there. Just average using free flow analytics, data headline of the week. Said seven out of 10 employees, dangerously underestimate or overestimate their skill levels, new analysis, fine. Can I just say the first thought I had? I had when I saw this headline, was that, you know, I, this is sad but, you know, that the people who are overestimating, their skill levels are men and the people who are underestimate their skill levels. Are women, right? I mean he's not unfortunately, the case, okay? So here's some data, 74% of active directors have historically delivered between 40 and 60th, percentile and TSR on all the boards they said, they're basically right in the middle, they're a big fat middle right. Those directors tend to have the highest average age, they're all older 62 years old and they're overwhelmingly male at 73%. This is old men. So where so, where does this talk? Like recreating the meritocracy, what is that bullshit have to deal with what is that? Yeah, it's the marriage ocracy is average. Recreating the average just make America average. Yeah I like that, right? and then finally, until I go again, later in our Adam Neumann announces work, we know they could, yeah, real estate co-working company, not to be confused with wework. The company you founded in bankrupted because the work and the we are swapped. Did you see what he did? I fell for it, headline of the week. Adam Newman's. Latest project is we were competitor right? He's created company called workflow. It's a shared office. Real estate comes down. That's not a lie. Don't invest, that's not a lie. I win in recent Horowitz. Must be ready to make its largest investment ever. Her which says switched his Allegiance. He's no longer a trump fan, he's switching over to him. Well there's big news up there. It's an uncomfortable situation now so which is Allegiance. It sounds uncomfortable and I just saw her headline at a Bloomberg. Jamie says Diamond says that he's still undecided who to endorse? So Jamie dimon Mr. This guy knows everything about everything about tell you like, what kind of grass seed you need to plant if you're a millennial, but he doesn't, he can't tell like, which Candidates support. Because, you know, they're basically the same person, right? I'm their, their, their exactly, exactly the same. Yeah, come on, let's make this funny because none of this is funny. I'm Gonna Get, You know, our Don't worry, they're independent board, is there to ensure the company sticks to its not for profit by laws. And oh, wait never mind. Sam made those women. Look shrill at the week. Oh wow, AI expert. Gary Marcus thinks open. AI will be the most orwellian company of all time did Orwell have dual class shares. Is that a thing? I don't like this headline. No, I don't either. In our, but at least the openai is gonna be in my Uber, my next Uber, this one will this. This will lighten you up light in the mood a bit and our The other three were Berkshire. Hathaway board members with the last name Buffett and they all said, pull my finger headline of the week. Seven out of 10 employees dangerously underestimate or overestimate their skill levels. New analysis finds. Yeah. I like, I like yours better than mine. I like that there, you know, there are three people who are, they're just like, I don't care like I come from generational wealth, leave me alone. Who cares of my skills are underestimated or doesn't matter. Yeah. Where am I even estimating my skills. It's not even a. Yeah forget it. Part of a family firm you jerk and our John Deere CEO, John May says we should all go. We should go all in on getting rid of d e i policies because quote we are never going to get rid of systemic racism anyway and quote actually he might have said that he might be true. Yeah, former Google CEO. Eric Schmidt says we should go all in on building AI data centers because we are never going to meet our climate goals. Anyway, that's the attitude. That's really, you know what that's human, the human Ingenuity right there, that's Spirit of innovation model, what a role, I think my kid was for Eric Schmidt action figure. Is that what the CEOs and Boards of these companies were flip-flopping on d.i.a. There if there but it would be nicer. If they were saying that what they're saying is Robby Starbuck told us to like so um that's like they're not really saying anything other than the fact that we're not going to support like anything like they're not even saying why right? Yeah they don't say why they just and then they reaffirm throughout all of their like announcements. They reaffirm that they love black people and they saw a once they say that all the time in our hey Ma Oh, we, oh, we supposed to be surprised when Japan ranked 125th out of 146 countries in the world. Economic forum's 2023, Gender Gap Index. Also a Toyota Prius is a man's cat like a Dia tractor tell, Dad headline of the week that was a mouthful that one that was a lot. Toyota follows growing trend of companies. Halting Dei policies initiatives, want one? Yeah, but I mean really I, that one actually surprised me. I mean toyoto. They don't represent manly American Products, right? I mean, isn't that more of like a liberal car? A Toyota. don't they make like surprised by that one to like, like motor boats. That's true, too. But what why Toyota, why are they listening to to this anti Dei nonsense? I mean, surprise me. Well, let's come to it later. All right, okay, and finally, in my section in our All of garden is bedding. 1 billion dollars on unlimited breadsticks as a healthier carrot. Headline of the week. It is healthier. You laugh. But this headline is just ridiculous. PepsiCo Is bedding. One billion dollars on tortilla chips? As a healthier snack. You know what? Well, a handful like oil covered gravel like, I don't even it was healthier healthier than gummy bears. Covered in meat sauce. Milk chocolate meat sauce. Yeah, so it is, come on. You can do better than that. I really that it's healthier than something that's all. Yeah, that's all right, that's true. Let's finish this up. In our correction Toyota USA's, all Merrell board asked Toyota's 86% male board, whether it was cool to quote, ditch the women and gay stuff, because quote, a guy on the internet asked us to quote, and quote, headline of the week, Toyota follows growing trend of companies. Halting Dei policies and initiatives because they have how many they have one woman on their board? Is that it Toyota USA like the Toyota Motors USA. No women know. So but this came from Toyota USA or came from Toyota. It came to Toyota USA, okay? But my guess is, they probably had to call up Toyota corporate in Japan. I just where there's one woman on the board. Again, I don't, I don't get this one. I don't know that actually brings the total in the study that we're doing for this client. Brings the total of to 108 board members, who have cowered under their pillows with the idea that they might have to talk to the gay people. They said they liked at one point. Look, there's already too much like, constant outrage and all media but why are we the only ones who care about this Growing store? Like this is not like some sick stuff. Who else, who else is covering like first of all, the Human Rights Campaign who like set up. So they set up like a survey in an index that says like these are inclusive companies. And that's what Robbie Starbucks is using as a list to go after those companies. So I would be a little outraged if I set up an index to Great. A good thing that some companies were doing that. Some internet troll used and the companies, listen to The Troll, they didn't they didn't like like that. I actually Human Rights Campaign, you should call us up. We should give you our data because your index must be wrong. If these companies are willing to flip-flop immediately crazy, maybe we need some new data point again, they're not they're not flip-flopping to a campaign started by like Jamie dimon or you know what I mean. Like it's a it's a creepy in selly conspiracy, theorists who lurks on Twitter, that's all he is. It's a fucking guy. It's like one fucking guy. That's not even, but not even a powerful break guy. Just like a schmuck, like a guy, just a idiot. All right, speaking videos. Keep going in our white guy who heard other white guy, say something about black people. Once apparently was not discriminated against headline of the week, I'm already confused. Yeah, black rock beats Equity traders, buy a suit over ESG d e, i policies. What's the so, there was a equity Trader who worked at BlackRock years ago, He was fired. And then he sued years later because he heard Larry Fink say something about diversity in a speech once. And he sued saying he was fired because he's a white heterosexual. No, no stop not. I don't even believe that, that's real, that's real and BlackRock won the lawsuit in part because he was years between when the guy when the guy was fired, and when Larry thinks said anything, you want to hear something even worse. I, I didn't want to do anything. Elon Musk today, but there was, there's a story. So Australia has fined X for, you know, for name it right. Some horrible content. Yeah. Children but there but the ex tried to get out of this fine. As this is only, if I say only a 4000 dollar fine, you know, but whatever they tried to get out of by saying that the the they're not Twitter anymore. So they can't be right because because they change your name to X. And the complaint was a originally filed against Twitter and since Twitter does not exist anymore, they can't be fined for even though they are Twitter. Look what these are the children, these are the children running our world, I robbed the local bank, and when I went back in to like, and to like deposit, the money I robbed, I was like, no, my name is Larry now. It's not Matt, you can't. I'm not where I'm not wearing a mask anymore, so it's not the same person. I mean, lots of all like money, you know? So I'm not sure, I can protect democracy, social, cohesion, or the self-esteem of young girls, but I definitely can turn this Porsche car into a minivan, because Miracles are possible headline of the week. Mark, Zuckerberg redesigns. Porsche Cayenne Turbo GT into a minivan for wife, Priscilla. Chan gets a 911 GT3 for himself. What what's happening? What why are we reporting? You know that the like that's really the thing. The last Like year of of Mark Zuckerberg, reporting has all been this all been. Like the fetish things, he likes to buy. What are we doing? It's that his new t-shirts. It's always focus on. That's like, all we focus. And yet when meta, or Facebook or Instagram, or Whatsapp does something horrible. They just, they cite the company but they don't cite. Mark, Zuckerberg is doing this, I gotta say, what are we doing? What are we? This is a master class in diversion. Like, but like, do you think that Mark is responsible for this? Do you think that, that his PR people are? Putting these stories in the price, like, I think work is figured something out. I think he has, I think he really figure something maybe like. Okay, so we're ruining democracy, well, wear a t-shirt, that's different like, okay. We were getting were girl, you know, teen teen girls suicide is up. Oh, well, put on a gold chain. Let people talk about that. Instead, it's fucking brilliant. It's really good. You're right. Because elon's losing this because every headline since we started talking about Elon, is basically that he is the devil. So yeah, only smarter giving his stupid opinion. Mark is just he just turns a portion to a minivan and we don't know what he's doing, otherwise, it's probably good. all right, in our Dear Linda. I know you're the daughter of Vince McMahon and a class 3 director at truthsocial, so I thought I'd come to you. First, are you really working with tits ass millionaire? One, two, three for a guaranteed investment scheme, headline of the week. I haven't told my wife about this blunder. How truth social users are getting scammed out of thousands of dollars. Wait. So Linda McMahon, who's who's not the daughter? It's the it's the ex-wife, right? The wife of Vince McMahon. Oh, that's right. Stephanie, she really is Linda, she really in the board of Truth social, that's true. Yes! Yeah! It's a classified board and a controlled company. I don't know why you have to be a classified board and a controlled company. What's the point? I mean the two things that made me laugh about this headline is first of all of course it's I haven't told my wife. I mean I'm being heterosexist but of course, it's a man on Truth social right like no other women on Truth socials. I don't think so. There are a handful but I do think what I did. There was a second headline, I almost combined this with which was rich, people are finding secret offshore accounts. A secret accounts, the secret trusts to hide money from their spouse's. And I was like isn't that the same thing? Like I haven't told my wife about this blunder and Rich. Dude is like I set up a secret trust to hide money from my wife. I'll tell you this, if I was on Truth social in the first place, I would not tell my wife even that I know it'd be embarrassing. You know there's also a Vince McMahon headline that we didn't cover thank God which was that he once tried to do a story you know they do wrestling plot line story lines. Yeah he wanted to do one where he impregnates his own daughter. That's one of the ones that he wanted to do on Vince McMahon former CEO. Of a publicly traded company there in Connecticut, been well, didn't like Elon Musk like make a joke about impregnating? Lots of people. Well, but Tesla does not have a board that can get rid of Elon Musk. Do they have a board? A Tesla. I don't remember. I heard something that. I think they have meetings. I think it's, it's Chipmunks that go, I but I'm look How whatever your politics are. Yeah. You could tell a lot by how you structure your company's board, if it's a control board of the classified board. On top of it, like, it's multiple like, like you trust. Nobody. You literally what you hate, everyone. It's just you. And finally, let's wrap this up. Come on. My favorite part is the last one in our Vivek ramaswamy sends Edge, one capital, a letter saying, Finders Keepers nyanya headline of the week. Edge. One Capital sends letter to BuzzFeed demanding overhaul of corporate board and governance. Know Here's the excerpt. Yeah, Edge, one Capital, sent the letter with this excerpt quote, given its lack of relevant experience. It's unsurprising that the incumbent board has for years fail. To hold, its CEO responsible for destroying shareholder value. What we find truly extraordinary. However, is the extent to which the board has actively created an environment where Jonah Peretti faces. No repercussions for poor decisions and is instead insulated from shareholder influence, meanwhile. Yeah Peretti has dual class shares with 64% of the board. He picks the board. What this story is that edge? One Capital, which is founded by a man named Varun Gupta. It's no, he has no website. There's no information about this guy. I can find nothing about this guy. Why don't you? I mean, what, come on, actually, the headline here? Edgewood Capital sends letter to BuzzFeed the link. is to something that edge like a press release that edge one Capital, put out saying that it put sent a letter to them and Unclear, whether or not ability anywhere have any money at stake here. It's really just this whole thing is, so dumb. It is dumb. And by the way, Varun Gupta and Vivek ramaswamy, no one's asking for BuzzFeed. Again, we don't we don't need it back in our culture, it was okay, but dies. Yeah, I know what literally no one is. Most people don't even know what it is. Why does an Uber use BuzzFeed to help their drivers figure out like what type of phone they should be using or something. All right. You know, that's all we got. Let's end this nightmare of news. That's hazelnut, Rallis. I'm here at, we are free float. We will be back. We'll be back on Friday wrapping up the week and I think we're doing a weird UK company this week for proxy countdown. Yeah, it is. I mean, I, I don't think it is a UK company. It's, it's Parker Hannifin. Oh, it's us. It's the us, we can change, you could change her mind. We like, if you want to hear us, Dissect the company. Send us a message because you know how many messages we get. The problem is, there aren't a lot of big companies doing annual meetings in the fall. But the next big UK company we're definitely gonna cover on proxy countdown. Until then. Goodbye.