Transcript
Oh wow. Version from we really are alive today. Plum, BlackRock stakeholder capitalism. Vending machine. I think you've done that one, movie featuring, Pepsi Doritos and a plant-based oil rig drill pipe. What do you think about their? Plant. Something plant-based. I just saw Reese's. These are plant-based. It's a Thursday game show edition of business pants showing by the Lord of BS and special guests. Contestant! Money Whisperer Jessie, Jessie. Jessie Jessie. Oh, cut off. I didn't want anyone to talk sir. And today is the series concerned with us in today's reusable bag of materiality called March 9223 and the two glorious games. a proxy quiz and a, who the f is that quiz and we have also a visit from Oh, yeah. Look, I have some tape. Okay, we have makes me uncomfortable, but I have it a visit from our favorite, right wing? ESG, conspiracy, theorists actually. Now there's a lot of them. He used to be the only know, Yeah. Now there's several of them. What are the crowded Market? Yeah, it's crowded Market. All right. Some quiz shows. Jesse. Jesse, you sucked. Is there a bet? Do we have a bet? Did Jesse ever, did she win? Did she win some swag now? Matt, you destroyed her, right? She's never won. Yeah, I had to order it myself. Okay. All right. There was no winning know. I won it. Oh, and then I won, and I didn't order anything because nobody, I'm not allowed to get anything. I just play your game. Yeah, I tried to make this game fair. I, I it's not loaded towards map, but he'll probably still win every question. Since the season baby, let's play our game. Okay. This is the random new proxy. Who is game. Okay. This is actually probably about, right? This is not bias anyway. I just opened up the SEC website and I looked for a famous company that is just released his proxy fresh off the presses yesterday at 4:13 p.m. Whirlpool Corporation. Oh wow. Does anybody care about that? Paul was a leading home appliance company that sells products under a wide variety of Brands such as role pool KitchenAid made tag Amana. Okay, got it. I like KitchenAid. See Plebeian tastes, you have. I just told my wife Courtney that I think our only product we own that is valuable or good as a KitchenAid mixer it's the only thing we own of any real value. Everything else sucks in our house. All right, okay. Here's the quiz. So first of all, we would certainly expect a strong female Presence at a company like Whirlpool right now. And let me tell you why I say this was why? Yes. Inc, magazine assist Inc, magazine. That's Incorporated magazine, I guess reported that women on The Daily spend more time than men making economic decisions for the families from from consumer goods to Services woman, hold crucial, purchasing power. In fact, women drive 70 A white paper, a white paper for Cleaver and Associates states. That women today still account for 85% of all consumer purchases while 75% of women identify themselves as the primary Shoppers for their households and a Nielsen consumer research, report estimates that women's total purchasing power. Currently ranges from five to 15 trillion dollars annually. All right. Wow, that's a lot of trillions that love that money. Okay, so with this is a background, what do the contestants think that the average female influence on the board of is according to board saber metrics data? And I again just so you both know. This is not a trick question. I'm just picking new proxies from famous companies. Okay, So really this question may be is better to be asked is what level of female influencer do you expect or think should be on a board like Whirlpool? Those are different questions? No, well, I don't know you, I'm asking you, I have the fit, I have the data, I know what the influence, the female influence at work. So. So it's just guess what? You know, based on what you think, it could be, 12% of Just Right, load of the gutter. So I would so, look, the average US company is about 25%, women on their board, and their larger body count body, count your body count, and I'll tell you the world pool has 31% female body count. That's what I would have guessed 31%. That's so with 30%, body count. That's already low. If they had more than I would have expected. I would say, they might have more power than I would have expected, but on average, women are we used diversity data? And we've eliminated all the factors to find that. If you have a vagina, there's an immediate discount to your power, right? It doesn't matter if you're black, Hispanic indigenous, white doesn't seem to matter. If your male, there's almost no discount to your power, if your female, there is a discount to your power, I'm going with 20% influence obviously. Both, right, because Jesse started off the cynical bar low. Matt had a very beautiful Well-reasoned answer. But you're you're basically hit it Matt it's 18%. Yeah that's correct. Yes I wasn't. I actually would have expected this to be that I was correct. Yeah, no 12. I mean 12 and 18 is really not that I mean the point is that you both aimed low which actually I you're both very cynical negative pessimist but I would have expected this to be higher. I mean I I agree with what you're saying, Matt, and the data is the data, but I feel like you kind of this one surprised to it. So I knew the 25% figure and then I was like, oh he's asking for a reason this way. Let me go love it might be true. But okay with that percent, that stuff with that said, out of six possible board leadership roles, that's four committee chairs board, chair leader. And out of five named executive officer roles, including CEO, CFO, these 11 leadership roles in the world, pools proxy statement. How many of those roles are held by women I mean three oh that's higher than I would have said, I would have said one technically you're both wrong, but Matt's closest. The answer is zero. Oh wow. Congratulations. Whirlpool. Well played Whirlpool Corporation. So then the 30% that are on the board that are no. No just on there. Yes, that's just, that's actually pretty rare for a large companies. You'd like hard to do, right. Yeah. You know, leadership position that they they don't entrust women with anything at Whirlpool. Wow. That's hard KitchenAid now. Look, you have to give kudos where Kudos are due. It's, it's actually difficult to construct that many leadership positions have that higher percentage of your board, be women and still find a way to not, give them the leadership. That's That's like you have to be dedicated. That's effort. Good for them. Bonus question. Well, they're all really, they're all bonus question. Everything is described the person. Pictured, in the proxy statements first photo, right at the top of the phone. At the whirlpool proxy statement is a big beautiful, photograph describe the person in that photo, He's old older than. 60, above 60, white gray hair. No false. It is a black woman aged 37 years old, bent over filling a dishwasher. Yeah I mean that is pretty amazing, man. You were almost you almost directly. Hit it on the head. It is a black woman within it. No, I am not beautiful black women with a big, beautiful smile. Bending over to put her dog's bed in a washing machine. Oh, I miss that, but she's lucky enough to have her washing machine in her nice. Beautiful kitchen. Right next to the dishwasher. So that's good. He both. And that this is all just, this is all True. By the way, this is that, you open the proxy statement to Whirlpool. You will see this black woman to which I am referring to look like I'm just telling you I've read enough of these reports to know that's we did a, we did a show, like, two years ago, which we created the brown wash index. Where we went through company reports, all the reports and counted the the percentage of the pictures in the reports of people of color and then looked at their workforces. And the percentage of people of color and Johnson and Johnson stood out at the time as 75% of the workforce was white and 80% of the pictures when people of color also, consumer products. Yeah. Oops, double bonus question. I looked at, I looked at throughout the whole proxy, I looked at the companies website, how many black women are in top leadership positions Whirlpool Corporation. I'm just going to my answer is just Give me. Unfortunately this is a big hero. Okay. Triple bonus question God, there's so many names. Can you name one of the company that right, again? Right at the top of their proxy statement as the company's ESG highlights. Can you name one of the three social highlights? They have me ESG. Can you think Matt, you're good at this? Can you think of one of their Social. Yeah, and we're talking about women in leadership so I'm giving you a little bit of a hint there. Yeah. It's gonna be increase the number of female management by 7% year over year with 62% of new hires were women. Something like, actually, that would be great because that's that's actionable and that's measurable. I actually would prefer that. What they did do is they launched in power of a women's leadership program in Latin America and Asia. I don't get that part of it. Like why not right here in America. I mean all right. I have to I have to I have to get on my ranty couch for one second. Go ahead. Which is every leadership executive training program for women. When we did the research like seven years ago. You and I wrote the first paper that compared the average like intelligence by way of degrees and schooling of women on boards versus men on boards. And we found that women were significantly more educated than their male counterparts. The empowerment leadership training, go out there and like we're gonna we're gonna get you in this pipeline of eventual leaders. Stop it. Just stop it with the, that's fucking bulshit because men, I'd never took a leadership course in my entire life and somehow became an executive director at a major corporation. Women don't get the job not because they're not trained because they're not giving the job's it's not. It reinforces the, the notion that all they need is some extra training, they just need to be. They Just don't have the training that it takes it does. But the question that, you know, the the right wing the part of their anti ESG movement is they want to re-embrace the meritocracy. So you would expect to find even a higher percentage of women in leadership than men, wouldn't you based on based on pure Merit based on the data? Yes, the data suggests that you would correct. It's not based on the ridiculous training program that you put in place for Latin American seven, Latin American women finally called the Empower. You only. That's the thing that got me only in Latin America and Asia. I don't, I still don't understand. Well, it's because they're crushing it in the US. Okay, the final question for our random new proxy quiz, this is the quadruple. Bonus question was no, triple bonus. According to the company's CEO pay ratio disclosure. How long? Does CEO Marc bitzer. Have to work to earn the median total annual compensation of one of his beloved employees. How long does he have to work? Jesse just dig deep into your inner full year. Six months, what God? No, I was gonna say, probably until March 1st, he's already, he's already reached. Oh God. Dear sinek is not cynical enough. It's still like January 5th. Um, you know, Matt gets that gets the points here. But yeah, both wrong. Matt gets, unfortunately, I got the points and all the questions, but here's the real answer, here's the real answer. If the world pool workday starts at 9, a.m. on January 1st, just for the sake of discussion, right? I did that, I did the hourly that sounds reasonable. Yeah, 9 a.m. just second. Yeah, sure. Whatever. Let's say, January 1st the CEO Marc bitzer would have to work until just before 158 pm on the first day of the year of one of his workers to pay ratio is 419 to 1 and to put this into context. The CEO, his annual bonus this year. He failed miserably, he missed both of the targets ongoing ebit and free cash flow. He got nothing, he after getting 4 million dollars last year, he got nothing in his annual bonus because he sucked at his job. Wow. Still still earned his, the median employees salary before. 2 p.m. on the first work, day of the year. It's not great, it's not a great stat. That's a Whirlpool quiz. What else we have? We have another quiz. Well we have lots of things. Let's let's so we got Tucker. Carlson Tucker. Charleston. Are you expert? Okay, let's do it. Let's do him first and then I'm gonna do who the f is that it is. So remember this, and this time you need to remember this, I'm gonna preface this hard. Yeah, this is not me. It sounds a lot like me, it is not me. It is cawker Charleson from the grievance News Network. Are you ready for him? Always. I'm gonna read something to you. and stop me when we get to the park about running railroad. Quote, we will Implement and expand unconscious bias education. We will create and share strategic, conclusion, and diversity plans. With our board of directors, we can cultivate meaningful change for our society. You know, how you couldn't stop me. What I quoted was part of a pledge made by a CEO, not to make more money, but in Stead to spend shareholder money, your money in your pension fund, or your retirement account on something called Dei or diversity, equity and inclusion. That's not just any CEO. This pledge was signed by the CEO of Norfolk. Southern Alan Shaw. I'm Tucker Carlson and this is. Are you terrified yet? here's some statistics Norfolk Southern wants you to be proud of 52% of trainee. Intern hires are a racial minority or a female? 60% of executive vice presidents are female and 56% of new manager hires are racial minority. Do me a favor and look closely at those numbers. You lookin'? What you don't see in those numbers, I Cherry Picked is anything about safety of your children or the qualifications. Those people have to operate a railroad. You won't see anything about Merit. Desi is now driving our trains carrying toxic chemicals through our communities. And if Dei is driving our trains, our question is whose driving Dei Norfolk. The executive in charge of Dei is Jason Pettaway and Jason was working in the, IT department of Norfolk, Southern for more than 20 years with his skills listed as it infrastructure data, warehousing and cloud computing, not listed are trained safety and Child Protection. Jason is however, black Jason reports to the Norfolk board. Specifically the human capital committee on that board which is in charge of Dei. And that committee is led by John Thompson. John is at a long career working at Best. Buy Liz Claiborne and Goody's Family Clothing running their websites sales, not listed in. John's qualifications are the words railroad or spill cleanup? John also is black And John himself reports to Regulators in the Biden Administration, specifically the department of transportation that oversees Norfolk in its safety. The Department of Transportation is led by mayor, Pete buttigieg, mayor, Pete graduated with the degree in history and literature not listed in. Peace, qualifications are the word Transportation infrastructure or laying railroad tracks. Pete though, is A game man. So let's recap the steps that the left took to turn Norfolk Southern from the heartbeat of our nation's infrastructure to a chemical, spilling Menace. Step one have her liberal investor Elite. Like, BlackRock, write a letter saying, Dei is the only thing that matters Step 2 Force, the CEO of the railroad to sign a pledge on Dei step 3, higher, the closest black man to run the Dei effort. Diverting safety resources, probably to implement a new strategy of corporate affirmative action. And step four, make sure the Dei strategy is Led at the board level by the next closest black man step 5. Avoid scrutiny by the gay man in charge of the nation's infrastructure. White in America. This is the uphill battle, you face BlackRock Norfolk Southern and the Biden Administration have put the wokes before the folks. And one has to wonder how much was marked for southern CEI policies. Directing resources away from important things like greasing wheel bearings. And are you terrified? Is this the satire anymore? There's an article. Yesterday I found the headline is Republican lawmaker blames trained a real mint on diversity. This is. Mike Collins, Georgia, Republican, Mike Collins. Yeah. And he said, In fact, he's, I think he stole the quote from he said, he said after seeing another, this is real, this is true. Yeah, he said after seeing another Norfolk Southern Train derail this week and I had, I was reminded of the fact that the company wrote to shareholders State stating it is focused on diversity equity and inclusion. And he says he wonders. Whether those policies are directing resources away from the important things like greasing wheel bearings. Yeah, he said from her that's real. I don't even know what Cocker anymore. I don't know. Yeah. He also he also said that the Biden is Administration is putting the wooks before the folks, that's what he said. When we first started the cooker segment, there was a there was a level fun and satire to because it's just seemed extreme and silly but in like six short months the Republicans have caught up with the inanity and are now basically parading That insane anti-esg. It is totally insane. Yeah. That I, that cucker, whoever he is, can't make up something ridiculous enough. Yeah, I don't know, we might need to maybe make it money to let him go and save that money. I mean save that because what I know is, yes costly, I love, he has been texting about how much he hates us. All right, good. All right. There we go. Clucker Charles, let's get to our, let's get back. Let's play another game. Let's play something fun this time. I don't like my quiz show, Thursday, being interrupted by depressing, white male, grievance diet, tribes again. Okay, let's play. Who the f is that instead? How about that? Yes. I got three for you today. The first up, you're definitely gonna know in the next two. You're not gonna know. And by you, I mean, yeah, Jesse's Gonna Know none of them. Okay, we get pictures. No, no, pictures this time. Look, I have a real job. So like this is my sidekick first up is Lynn good. Oh yeah, I know Lynn. Good. Should who the f is that Lynn good? Who the f is Lynn? Good job, listening and Johnson. Well, it's a good guess actually a bad guess. My guess is worse. I think I don't know why I thought Duke Energy but nobody cares about Duke Energy. That is correct. You got it, right? She's the CEO. Okay, just something right. I feel so proud, but she's also the comp chair at Boeing. That's what she is. So that's how I probably know originally is Boeing. Yeah, seven years of 10 year, 10% influence on the Boeing board and in the news with this headline, Boeing CEO Calhoun just missed out on a seven million dollar bonus but he still got a raise. Yeah, rude. All right, so apparently Boeing saw fit to give Calhoun 25,000 shares in and February as a retention bonus. Just where is he going? Like, he got lots of job offers. He gonna coach? Yeah, the Kansas City Chiefs. Where is he heading? You know who hasn't had any management training? Like, you know, like Latin American empowerment training Dave Calhoun he doesn't get that, he got a raise from 21.1 million to 22.5 million despite missing targets like being profitable Boeing law, six point six billion dollars last year. Up from 5 billion dollars the prior year. Well, yeah, they probably just moved their de-9 budget over there like, oh, profitability doesn't matter. I think you could be like, what would Laura Ingram's our version of that be? They even raise the mandatory retirement age for CEOs, at Boeing, from 65 to 70 because Calhoun turns 66 this year. So what did they just? So the managed fashion with the sky? Well, part of the obsession might be that 100%. Let me say it again. 100% of the Boeing board is connected to one. Another within three degrees with say, do we do we need a mandatory retirement age of 65. That makes me feel a little uncomfortable. What is that about in the first place? Well, right, don't have a problem that so much. I do have a problem. When they raise it for Dave, Calhoun Lynn herself is connected to eight of the nine Boeing ball members she like knows or traffics with so Lynn good paying Dave Calhoun like it's 2004 Ah, next up and who the f is that? Sue Gove or Govi go. I know this name too. Jesse's just gonna just pick any company, and it would be fine. Guess you gotta give hints? Give hints. All right, I'll give a Hint. It is a company that feels like it should be going under but where, but hasn't gone under. Oh, that's my guess that's that's you're in the you're in the you're in the right here. Yes. Go ahead. What he got? The answer is she is the CEO and not chair, but on the board of Bath and Body Works. Okay. All right, that's same. Same difference. There the same. She has 37% of the influence on the board. Wow, despite not being the chair and the reason why I chose her, is this headline Bath and Body Works named diversity, top 50 company and our data corroborates, that they are a top diversity company. This is one of the few times when that is good news, finally. Finally, 81% of the board influence is female. Even if you removed Sue gavi or gov, I'm not sure how to say sorry Sue and redistribute if you removed it from the board and redistributed her influence, the board would still be female powered, that's how powerful the people on this board are. Usually, in fact, I Body products. Okay. But it makes Jesse. Did you hear what I said? Yeah, yeah, okay. But this is like body products. Know, like when's the last time either of you went into Bath & Body Works. I would have to shower, wanna go to Bath and Body. I do actually go into those places. So how dare you? Oh, well, I feel bad for your endocrine system then. Oh, go into those that I just like to look, it's not just a love far loafer. Oh, that's see. I know what I'm talking about that. Usually, this was why I like this one and I picked this, I was looking through all the companies. Usually, when I like looked through our data, I have to highlight in Excel, right? When we download our data, I'm looking at Excel, I have to highlight the entire column and deselect the women because there's only like two of them and then do the math. Right? This time, I'd highlight, Bed Bath & Body Works, rather and deselect the men. It was the only time I've ever had to do that. Women actually make up more than 50% of the board, and they have 81% of one's, good job Bath, and Body, Works Bath & Body Works. That's what winning looks like and last on, who the f is that. Is my least favorite. My new lease favorite person next to MD Lockhart from who. Jesse knows that is now Norfolk Southern's MD Lockhart who was leading the Safety Committee. My new favorite is Michael Levitt. Oh I have no way. I'm just say US Bank. I have no idea. No correct. Close. It's my, it's my next least, favorite thing Nike both are totally wrong. He is the chair of the safety and health committee at Royal Caribbean. Oh, okay. Okay. He's the he's ex-bush Administration. He was the EPA director at one point Health and Human Services director at home during Bush Administration which he played golf. Yeah, more or less he stripped the world of regulations. He's new to the Royal Caribbean board as of last year February last year, he has currently 0% influence. That's what our data says, yeah percent. But imagine the perks though of just becoming a director of that company, it must be a lot of Travelers everywhere. Yeah. Cruise per its who wants to go on a cruise? It's not. That is the correct question because this is why I picked it. The headline is more than 300 people on one of the Princess Cruises ships, fell ill and suffered from vomiting and diarrhea. Yeah, but that's less hey, that's less than 400 ship a cruise, 10% of the passengers on Galveston. A docked cruise ship all were had to be quarantined in their rooms, and they were encouraged to use their own bathrooms for the vomiting and diarrhea. They had from an outbreak of norovirus and Michael, Levitt, you were someone who was supposed to know something about health and somehow, no one's listening to that guy because he has zero percent and I say, can I see a very appropriately that The all the independent board members at Royal Caribbean. Their average age is 67 years old. That's seems very appropriate, doesn't he? Yeah, because old people take great. That was it? That's our show. That's more than enough. I mean, two two ESG quizzes. Yeah, one was one too many. Come back tomorrow. We got, we're gonna record early which no one cares about except for us. Well, I care about because we don't we don't just he's not gonna be here, right? Yeah, just not here, but Ariel be here. The data Queen and we'll do a Friday wrap and otherwise. We'll see you next week until then goodbye.