Transcript
Whoa. Yeah, whoa. Hot coming out. Hot today. Yeah, are we are we hot? The band. Sounds good today. Do people know that this band is live in studio every day. Do they realize this I mean you see it's off camera. Yeah. But there's a lot. There's a full band like Paul Shaffer. But what is like a CVS generic Paul Shaffer. It's buzzing in my headphones today. They're really, they're really killing it. I love them. Is that, is that your way of saying it's too loud? And you really, I'm actually feeling it today live. From the Vanguard groups. Fourth floor. Smokers room. Oh it's good. They still have a smoker's room. Wow. It's If it's the ESG industry's only weakly Wok data podcast, featuring BS man, Matt mascardi. Yeah. Yeah. Soon to be a heavily right at ESG, ESG Industries only weakly woke up data podcast. Why am I stuttering? So I don't think we're gonna get regulated. I I I'm highly skeptical that a regulator would listen to this show and today is eggplant Sullen gas called. June 14th 2023. Ultra nerdy ESG headlines a peek into our alternative democracy. A bunch of dorky regulation news occur to see about Guardian. Word from our sponsor. Yes, our sponsor. Who is our show today? Is being sponsored by ESG age. Your ESG Data Solutions provider skates. The only one is courage enough to sponsor this show. I don't want to, I don't want to talk down to our audience, but I really don't like when they start clapping during the plug but that, you know, they get excited by us together. Excited, they don't get to talk about as gauge every day. It's true. No, you're right. Paul will be stopping by later to talk about increases in total compensation and purposes sounds like the start of a really bad bar joke or a really good part director depending how Paul is it? Ready. Yeah, I'm ready. Let's do this. Once again, I have a massive weird ESG headlines, maybe this is good stuff in here. I can't tell though. Oh okay. I'll be the judge of that gonna say I'm gonna watch your face go from moderately. Excited to to absolutely comment comatose in like three minutes. All right, that's correct. It's already happened. First, let's get the big one out of the way, the EU proposes to regulate ESG ratings providers. Here's a quote from A your boy. The audience is booing. Yes, they don't like Here's a quote from European commissioner for financial services, ESG, ratings agencies, that score companies on governance factors are completely unregulated. So it's very difficult to compare ratings by different agencies. We have no Clarity on how these ratings are reach and their peers, to become conflict of interest. That might be true. The last part that might be, but there is there's super, there's a super level of clarity. First of all, it's called the, you know, they methodology that they all published a methodology reports. Also, I, what about this part ESG, ratings agencies score, companies on governance on governance factors, they're leaving out the E and the S there, why? Yeah, no he is. There's an yeah. There is any NS and yes, she yeah. But there's two but this is the thing in my Roundup. I'm gonna explain how the they are micromanaging. The E and the S somewhere else. Okay. So that's why they're only talking about governance here. They're just talking about. Yeah, it's just a lot of different places is that all you have to say about this? You know what I have to say about this is this is that a doubt that wasn't enough? Yeah go ahead. The greatest opportunity for board saber metrics and our like us our company free float. Why our company? This is our great one. Here's why? We do not create ESG rating. Know. That is true. That's however, we do. Yeah, we do give you the power and performance of individual directors, which means we will not be subject to this regulatory measure, but you can use us the way you might have used. Is she ratings? Does this mean we just like every European investors should be calling us to being like, how could you just give us your data. So we don't have to use those ratings that are now going to be useless to us. It sounds like we need. This sounds like we need to hire a sales marketing team. I would be nice because I don't think they know about plans for that. Yeah, no. I don't Biogen Has taken a step to significantly refresh its board of directors. This includes I mean the board the board sabermetrics headline here. Matt is 43% of the influence of Biogen. Just walked out the door. Holy here. Just stepping down the chair, stealth Papa's. Oh, a Greek man. I like that name and Alex denner, William Jones, and Richard, Mulligan, so four, Dudes all stepping down from the Biogen board. Susan, Langer has been named a new member, what? That is the womp womp of strive Asset Management saying well you just decreased the Excellence. Wait for it. Wait for Matt, this is where the story gets weird. Okay, so Susan Langer is the only new board member announced but Channel your inner Vivic, ramaswamy inner strive Asset Management respond to this ready, Yeah okay Susan Langer, the daughter of the legendary MIT professor and prolific biotech entrepreneur. Bob Langer is Departing director, Alex denner's, romantic partner. What in fact, in fact, Danner himself nominated her to the board and and the board is calling it, a her presence of fresh perspective to the board. So we've never seen this before. What is happening the problem here? That's right. The problem here is that she's she's extremely highly qualified. I'm gonna tell you this but it's a very strange moment here. And and in governance wonky, no, I'm sorry. I'm like there is qualified and then there's you still got the job not necessarily on the qualifications, right? Okay. Bowling never happens that Shareholders. Rejecting nominee. Oh, a company nominee. I bet you strive over again but technically shareholders could vote her down. I mean, they don't have to accept this nominee. That's true. But could you just read the quote again? Langer brings fresh perspective to the board. Music, but you gotta at least I mean, this is a great moment again for boards and Metric because not only does our data show that 43% of the board influence just left, which means the whole power structure has been dismantled a Biogen but that again, this is the first time we've seen a departing director nominate his girlfriend to take over. What, how much? Influence. Did he have like how does that even happen? He had 10%. That's not that much like that. And I wonder like how he how he convinces the other board members. Like trust me, my girlfriend is perfect for this game. Well again I think it's the I think what's important here partly is the her father the connection to her father who I guess is a big deal in this industry connections. Right, true. She's also the president at souffle Therapeutics. She's a founding president of another therapist company. She she has been on the board of another therapy. How many Therapeutics companies are there? The there's a lot the point is that she does have relevant experience. Yeah. I'm not a big fan of any, any company called souffle Therapeutics. Just don't know what to make of that. This is just incredible story though. Moving on, really good. Let's go. Let's go to our world. Alternative democracy. Toyota shareholders. Re-elect a Kyoto to the board. They also reject a push by some investor groups in the US and Europe over his stance. Oh no, they reject. That they also rejected. Proposal from three European asset managers to make Toyota management, reveal more about the automakers lobbying in favor of vehicles that aren't fully battery powered. So, the takeaway here is there was a book a big Push by activist investors to do something at Toyota which you don't see a lot of Asian companies but They lost fail, big fail. Well, that's not that surprising. Who are the, you know? Like who are the majority shareholders at Target isn't like half the family voting on this. Yeah. And we we don't have those voting results yet. We're going to see those tomorrow. So we can, we can check out, we can be a pleasantly bemused by how ridiculous it was in the first place. I just like the, you know, people are getting a little hot and bothered over there and Japan. I just think it's exciting is Japan's another market so to another Market. Yeah, so hot market. We've been asked we actually we've had a client ask us about our Japanese data. I'm ready. It's a hot Market. Put me in business class. I'm ready to go. Come on. You gotta go to a business class first. So I'm ready. How about this at Salesforce annual meeting at Salesforce? Here's a new one. Matt, and this one's for you. Another anti-esg shareholder proposal? This time at Salesforce. This one from the national Center for Public Policy. Research. One of your favorites. Yeah. I like them. Here's the proposal. Forbidding company directors from simultaneously, sitting on the boards of directors of other companies. About this. Yeah, the anti-g movement is gone. I've gone so Rogue there. Now, we SG. They're not ESG. It's we're all the way back, right? Because this is called board interlocks. Yeah, they are essentially saying sells Force, we should forbid board interlocks. I don't know why they start with Salesforce Salesforce is not the most connected board. Yeah, why because Mark Benny officer of a liberal poster child. Sure. And that's said, there's a lot of other things with board interlocks like, it's because Mark, Penny off, is a known supporter of the democratic party, deifir esg's. That's why that's exactly why. Matt, the national Center for Public Policy research like their advisors are like from the Heritage Foundation, which is highly interconnected with. I mean basically if we look at them and their boards, they're all interconnected, right? Like so. It, but it is. The G coming full. Circle, is this just G now? Are we? Or is it ESG? Or what is this? This little conflicted by this, feels like Jesus. Let me tell you a quote, from the national Center for Public Policy research from the from the actual proposal, Salesforce is not alone. In this regard nearly all large corporations are guilty of contributing to the corporate incest problem. That's playing this. The management of American Business biblical, right? They've got a little weird right there. Incest, we need to, but did we need to use that metaphor? We talked about incest, I like board incest all the time. Back in the day. They also said they said, in other words, the sharing and swapping of board members between Corporation, it's very sexual. I'm just saying, all this feel like a key party. I know. But this is how the religious, right? How they typically act they're very horny because, you know, they're very pent up. I'm sorry, but this is always how it's been. This is always how they've acted that. In other words, the sharing and swapping of board members between corporations has given rise to wait for it Matt and and elitist managerial class. There it is. Oh that has way over most large companies at the same time. Yeah, I was wondering when a globalist conspiracy theory would happen. Thank God, is in there. The results of this vote to know, one surprise are the in support of this proposal less than one percent. That's point five point four five percent. Yeah I wonder how much of this though is the messenger not the message because look our data, we actually have on our platform that's launching in the next four days. We have on our platform the percentage of directors that are connected to one another. Right. So you can see very quickly how incestuous aboard is And how much is swapping she's going on? You mean, how much we're like, we're like a date or something and sharing, like we do analytics and data providing and the national Center for Public Policy, research talks about globalists and Rings their hands about trans people. But if we gave the same data to an investor, do you think that a shareholder proposal built on our data? We get 0.45%. I hope in support. Hopefully we'll find out soon. I think we're at point four, seven percent at least right? Yeah, I mean, I agree that there are elements of this they would support but I but a total the part. Okay. In government circles, the acceptable amount of other boards. As what is three other boards is that accept three, it's three max boards. Unless you're an executive where it's two Max Sports too. Yeah. That's that's like the best practices. The part that bothers me here is that I don't know why you would argue against like, say you're you're on the board of on Apple and you're also on the board of some related, stakeholder. That could help apple, right? Could help the bottom line at Apple. I mean, to completely forbid all other boards that just a little knee jerk to me. That's like they're trying. It sounds like they're trying to dismantle the cabal of Jewish business, people sucking the blood out. They're getting very That's where they get very conspiracy theory. lady, I agree with you, but part of the problem, with all of the anti-woke is there, I don't know if they went to school, where there were only Like ones and zeros like everything was taught in a pure binary sense. And there was no gray in the world because it's a dumb proposal to say, ban total just completely ban, it just completely bad, that could affect the bottom line and a negative way. And I actually did a little bit of research into the schools. They do go. Do they tend. With the tend to go to schools in the South. I don't know what that means. They go not a lot of Northern elitists College, let us Southern a little Southern education. No, but they're globalists the end. I mean, I think globalism is like it's like covid. You can catch it and when another globalist sneezes on you moving on in a story that we've been covering all spring support for ESG shareholder. Proposals plummeted GOP backlash average backing for for these resolutions as Fallen to 22% this year down from 33% two years ago. Come on. It do we? We're saying this because the GOP. Backlash. Yeah but is it, we don't know. Is it really? I mean when you look at the real numbers, right? Like there wasn't that much in the way of support for any year prior to last year to begin with, like we were not, what are we talking about here? Well, and what this doesn't? I quit. I couldn't figure out from this article is that, are they including the anti-esg proposals? As ESG proposes, those are questions. Right. But they are. Cosmos of them, are they not? All right, they qualify and I would say the national public policy. One of The National Pub, both of them, the national Legal Center for Public Policy, research public policy, Research Center for research and public policy, whatever. The there's two orgs that are anti-woke. They actually are like, they ranked third and fifth or something for all shareholder. Proposals of the fortune 250, was that right there? What some of the largest fire alerts this year for shower, proposals out of everybody. Which means if they're including them in here and it says civil rights audit and they just like look at it and civil rights on it and they say that's an ESG proposal. Yeah. That's they that would be a misleading headlines for sure. All right, help me out with this quote, because speaking of the national Center for Public Policy research, this is from Scott Sheppard, who was the executive director of the free enterprise project at the national Center for Public Policy. He's something special. Yeah, here's the quote, I want you to help with this because he's Responding to the horribly low. Support, they're getting for all these stupid things. Okay, good. But help me that this is a mouthful and I don't really understand what his point is. He says, all we are seeking in every effort we're talking, we're taking is to get companies back to neutral. He said, so. So they are admitting ESG is left wing and partisan by calling us anti-esg, but we'll take it because the admission itself is pretty huge. I think we can score that as a big win for our team. Matt. What the hell? Is he talking about? What helped me out there. He's saying, Well yeah, I think he's saying that because we've been labeled anti-esg. We've won Because that proves that ESG is the left wing. I I don't, I don't I'm not sure what I'm sorry. I think that's that's a quote in search of a win because he really hard to say that 0.47% of the vote, was a major loss. Yeah. And in fact, it's there, they're all these proposals are just getting ridiculed constantly. Look Scott here is the real thing that you should not that I should help you but here helping that you just saying you should be helping him. Yeah, we'll help them Scott. The thing to say is the people voting on, your proposals are all woke and that's why that proves you getting low votes. Proves that the system is woke and against, you know, conservative values, that's all you say, right? You don't the big win is, see, we prove that the system is full of woke asset managers because they're voting against conservative. You know, you, you would call them pragmatic, conservative principles, excellent proposals, right? I should probably for the national Center for Like research policy Research Center legal. Here's the problem. Scott is that you've been praying to the altar of shareholders, right? Shareholder value blah blah blah but 99.50% of all shareholders hate you so you gotta honor the voice eventually right like do we do we believe in the shareholders or not know he's he's here. He's praying to Jesus, not all so Scott, I gotta tell you what are the reasons why they're ridiculously is not because of their political sense, it's because you you repeatedly come with these proposals with absolutely no data to support anything. No credit, no methodology is no, there's no data we can actually help you out with that if you're listening. I know the fact. Yeah. For some of the proposals you've gone, I think this was Disney or there were a few of them. You basically said that people are hiding their board member or their companies affiliations with things. Oh no, it was It was Hilton or Marriott yet. They were hiding their affiliation with the world economic forum and you forced the company to respond. We had it in our hotel. Like we made money on that thing. We were just getting people to come, stay in our hotel. I'm not sure why this is a shareholder proposal, so maybe you need board. Saber metrics is what Damien saying? Oh, you definitely know. Not, maybe they definitely, let me wrap up with three quick stories. A lawsuit brought by kids. In Montana could determine if the state has a constitutional duty to protect its residents from climate change. The outcome has the potential to set an important precedent in the fight against climate change. Just could be, could be something could be something Brewing? Montana does not like. Yes, so this is why the setting for this lawsuit so interesting. The railroads have finally offering paid sick. Leave and adopting a bunch of Labor friendly. Paul sees such as predictable, shifts to help address a bunch of horrible treatment of workers there in the railroad. Yeah, it sounds a bit. Well, that's how big. Well this is coming from Union Pacific CSX in Norfolk Southern. And finally I had some really big news out of uber Uber commits to emissions-free, Uber Eats deliveries by 2040. When it's not even their employees. Remember, now, this is all. This is only the Uber Eats deliveries part of uber, and this is 17 years and 17 years, they're gonna find enough drivers with electric but not all the Uber, not all the Uber rides, just the Uber Eats deliveries, just your tater tots. All right, here's what I got. You ready? Oh, he's always. It's not that good. Don't be ready. All right. I got a I want to keep this quick because I, I honestly bore myself. Yeah, thinking about it. No, I'm already bored. But the EU has been regulating a lot of stuff and it's really hard to get away with. That's what they do. Not not talking about, so that's their jam, you know. Damien already mentioned the new proposal to regulate ESG ratings but there was another massive drop this week a long-awaited drop The corporate sustainability reporting directive or csrd was published by the EU commission. The actual, the draft of the bill was published. This is obviously, I don't want you to confuse this gets confusing. I don't want you to confuse this with the European sustainability reporting standards or no SRS. I wouldn't do that or the prior corporate sustainability due diligence directive, which is csdd. What about the, what about the fourth born movie? You know, there's a Bourne Supremacy. Those movies? That was the fourth one, called the born due diligence directive? Yeah, due diligence directive, I believe. And don't don't get, there's also sfdr. Oh, and the EU taxonomy. I don't want you to get confused with those things know. This was Um and 11 page. Directive discussion directive with a 247 page. Annex outlining every conceivable ESG rating data point that's ever been used. Like excruciating detail. I like this and it had to be accompanied by a third document. That was a 33-page dictionary. Just for the terms used in the 247 page Annex wow I did a word cloud. This sounds just sounds like valuable stuff at least for us know. I mean a useful to us. No, no. I mean like they rolling with summarize everything that's been in CSR and sustainability reports for the last 10 years and they took from you know SAS b s a s b and they took from the gri and they took these other reporting Frameworks and standard whatever. But I did a word cloud of the 247 page Annex and the most used word is the word undertaking. and the most used phrase is if the undertaking is oh They're already admitting that. This is ridiculous. This is a massive undertaking and it's ridiculous. Ah, they are I think we've gone beyond micromanaging ESG at this point. Now we're just into, I mean, like, like why don't you just write my report for me, teacher because is this bananas, is this part of the push to regularly? The issue ratings industry is a separate. This is separate. This is this is the push to this is at the corporate end to to regulate what corporations have to disclose or what's voluntary, what's not voluntary, and what that disclosure should take. But then this eventually will feed into how they regulate this eventually feeds into the radio. So now the ratings probably if this passes as drafted and it's slated to go to vote. I think at the end of June, then the ratings ostensibly are supposed to only use this standardized data to create their ratings, right? Oh, that's sort of what's happening. Okay? But meanwhile in the United States, in case you didn't think it was confusing enough because if you're a company or an asset manager, now in your multinational you're dealing with this. Meanwhile in the US Ted Cruz. Oh no just put forth. He nominated to the Senate a bill that already got nominated in the house called the stop ESG and the tsp or Thrift Savings Plan Bill okay. It's it has yeah it's very specific. The Thrift Savings Plan is the plan for all federal employees in the US and it is I want to give Ted Cruz credit. Yeah. Okay for one because oh we don't like Ted Cruz giving it Because this is the cleverest anti-esg Bill I've ever seen. Well, he went to Harvard, so he's a very clever man. The bill is one paragraph long. Oh, It is an addendum to an existing code. The code, it's part. Five us code, 8438. I like describing how the Thrift Savings Plan is executing effectively their, their proxy voting. It says currently, it says, quote, the board other government agencies, the executive director and employee, a member of former employee, or a former member may not exercise voting rights associated with the ownership Securities by the Thrift Savings Plan. So they tried to get rid of conflict of interest. Okay, by saying, like, if you manage the Thrift Savings Plan, because you're a federal employee, you can't vote on The proxies because there's too much conflict, right? I don't could be much more than that, but okay, well, it's basically like your government. You can't tell the companies what to do because you're a government employee. Got it. Like they don't, they don't want that conflict. Got it. Cruz has suggested an amendment that adds one. It's like five words. He wants to add to that list of people that cannot vote on the proxies quote, a qualified, professional asset manager. What so like black rock is that? Yeah. Cruises and what is g proposal is to change the Thrift Savings Plan so that now no longer asset managers can vote on the proxies in the Thrift Savings Plan, that is his that doesn't run counter to the whole point of shareholdings that you that's being it being having the ability to exercise your vote. He basically said the federal government is no longer to have any of the rights of a capitalist system. Where does he think the Federal Government is made up just of all of George sources children? He had a lot of children, didn't. Yeah, but okay, this is, this is just I don't even okay. At the same time. Yeah this week Bernie Sanders on the other side sent a letter to his richer older whiter. Doppelganger. Warren Buffett. Yeah, asking how insurers can justify underwriting insurance contracts to oil and gas anymore. Good question. And now I'm really hoping to set up for Bernie Sanders or Buffett. Bernie V. Bernie V Buffett. That would be the greatest hearing. Yeah. History of hearing, two of our favorite populist, blowhards from both. Well I wouldn't say that. I mean I don't I think Buffett actually probably agrees with a bunch of stuff that Bernie says, but not obviously not completely some of the stuff, some of, I don't think so at all. Well Warren is committed to giving back his, he's he giving the billionaires pledges and he going to give his money back. I think it's his pledge or something, right. But again, he's not, but he's not gonna get, but Bernie wants to tap, would prefer to attacks that. So, the government decided to spend it whereas Warren's gonna decide how to spend it on his own right, is that? Yeah, that's a different Warren's, asked for higher taxes, but he also doesn't want unions or anybody to tell his companies. What to do know, he wants to invest in oil and Coca-Cola. But can you imagine Bernie Sanders and his blustery way like sitting at the same like Mr. Buffett. I want to know what you're doing about oil and gas underwriting. Yes, or no like and then Warren Buffett being like folksy. Like well, you know, back in Oklahoma and Nebraska, we don't have a lot of Jews in Nebraska, or Bernie. I mean like what is it gonna be the greatest? They could be the greatest and the finally I want to wrap up with this because if you're not confused enough, I did a quick anti-wolf ranking for sure older proposals. Okay, what is that? I looked at proxy Moines. Which is a great resource. Go look at it. If you don't have access to data, that's free proxy. Monitor does the proponents of proxy shareholder proposal, the people who bring the proposals to vote. Yeah, everyone who brought it to a vote and it shows you that the outcomes Okay, so the end of proxy season is effectively it's wrapping up right now. So we got a good sense of who's winning and like this. I like this the biggest winner of proxy season so far for proposals that are not board proposed like a director proposals is Management. Oh, shocker 93%. Median. That's the median. Wow, vote for a management. So there's not there's not a left wing cabal there a drawing, Corporate America cabal. Um, the next next highest, the highest like non-management is John Chavez and nice. Yeah. 32%, median vote. They're only 33%, he puts up some very typically governance, all very, it's all governed. Yeah, it's yeah, so it's not really polarizing stuff at most of it is pretty much Common Sense these days, so that does not surprise. Oh, sheriff separation surprised like that but third on the list. Yes. Our the nuns. Yes, yes. Which okay. A little over Saint Francis. Well, let's say it's showing they drink a little bit more coffee over there. So they're really on top of it at the bottom of the list. Oh no. Only proponents at least five shareholder proposals At The Fortune. 250 oh no. Okay. The very bottom of the list. At a stellar median of 1.5%. Oh no, the national Center for Public Policy research. There you go. We just talked about them. Just above them at second to last. The national legal and policy Center at 7%. I look, I actually I actually do hope they're listening and I do use our data because I bet we could get that number up, next year, if you actually use extra relevant data for your, how dare you, it's a support your bulshit. Yeah. The in case you were wondering the top Proposals for support this year. Lest you think they are just racial Equity Audits and trans like tuck bathing suits and you know, gay pride parades the top vote getting was Say on pay 93% median say on pay so yeah so it's just a complete rubber stamp. Yes. To all pay proposals. Despite what Paul's about to talk about coming up, when we're talking about wokeism and Corporate America, we're talking about 93% median vote for say on pay, that's what we're talking about and they next to our simple, majority voting at 51%, people like to have majority votes. It's democracy. I like that. And I like how it's and I like how the simple majority voting got, just the majority of the vote 507 50. And then special meetings got 36% who doesn't love special meeting changing how you can call special meetings. Last on this list are the wildest of all woke socio-economic system risks. Are sound very well to me. And in case you were really concerned about wokeness human rights came in at 9.9% median, animal rights, 7.3% median civil rights, 2.2% median, climate 13% median, remind me when Corporate America got woke. Again, when was that because, well, we can trace it back somehow to Larry Fink, right? That's where this started. I guess it was when he Mistakenly suggested that they're the climate change is real? Is that where this stem is that? Where it goes back to? Yeah, I believe that's correct. Okay. That's all I got. Let's go now, we got Paul, right? We're gonna Paul's gonna say, let's and the show with the great Paul hardship. From ESG age here to talk about him, tell you. Yeah. Paul it's not my job. Paul, you're on the line. So as promised is Paul Hudson of SK, statistic of the week to talk to you today, about total compensation increases and increases. So the we're looking at the table here since 2011, when average total compensation was 9 million 479,000 dollars, For CEOs, in the S&P 500, a median value, sorry it's risen almost every year since then. There was a drop back in 2018 and another small drop in 2019 though not below that 2011 value, it dropped from 11 million 512,000 back down to just under 10 million in 2018. But then it started to climb again in 2019 2021 22. And while there is at the moment, a small drop in median value in 2023 from 11 million, 854,000 down to 11 million 763,000, we're still in early days in terms of data collection at the moment. Well, not early days but we're not a full data collection at the moment. So we're I'm not really expecting it to go down. Very much, that's a drop of negative. 0.8%. So not a great deal. It's probably going to catch up least to the 2022 figures. So that's fiscal, 21, and fiscal, 22 were talking about here, the change. So just to just to kind of give you that demonstration, that size actually does matter. Oh, I'm gonna add in the Russell 3000 to that, data set to see what happens, what the comparison is between the Russell 3000 and the S&P 500. So the S&P 500, as we as we noted is 11 million, 763,000 dollars for median, value for CEO total compensation. It's less than half of that in the Russell 3000 it's 5 million 312,000 for CEOs in the Russell 3000. So, as you can see, the the sb500 is, is certainly keeping Pace with or its Exceeding its colleague in the Russell 3000 in those mid Camp companies by a considerable amount. So, let's have a look at increases in perks and other compensation. So, we'll just look at the S&P 500 again for this. So, just looking at the values at the moment, the median value is for perks. So in 2011, it was median of 144,000 dollars for each CEO, and that's a reason pretty substantially in to 20203 of 232,000 dollars. So, that's an increase. That's an increase of well, actually, it's an increase of 80% Between fiscal 21 and physical 22. Which is a pretty substantial increase. This is a kind of statistic that makes you want to look behind the aggregate data and try and find out what's driving that because there's clearly a group of CEOs who's increases in their perks were pretty substantial. Otherwise you wouldn't be getting an average increase of 80% between the last two years. I mean, is it, is it an increase in the Amazon CEOs security detail, or is it? Is it in the meta? CEOs, security detail, security, whatever it is, it's pretty substantial. So maybe maybe I'll dig a Little Deeper for next week and find out where that might have happened. So this is Paul Hodgson signing off with SK gauge statistic of the week. I gotta say. That's a lot of security. Yeah. I mean, if that's all in 80% increase in security detail, that's why he's talking about that's a lot. I want to end with one thing. The latest GOP polling. Oh, United States. Had Vivic. Rama Swami had a solid 2.9%, but he still got a chance because the fourth Most important according to a new yougov Poll for most important issue to GOP voters this year. 90% want to plan to lower inflation. That's the first. The fourth was limit transgender rights. Wow, that was it. The most transgender people make up like 1% of the US population, better than that. It's wow, it's nuts. Is what it is. It's nuts. That's Damian Ross, big special. Thanks Dad gauge our sponsor. Our spots are forever. And forever. There are there are Perpetual sponsor. Yeah, if you like this, come back tomorrow. When we do a game show of some kind I don't even know what we're gonna do it until then,