Business Pants – 2023-03-22

Ah, oh. The liveliest you've been in a while just fake fly from the ESG Taffy wheel. It's the ESG Industries. Only weakly woke data podcast. Featuring BS, man. Matt mascardi. Come on. Hey, I'm back. Where you work for a day? Oh God and I was meeting with important people and today's eagle size, grapefruit called March 22nd 2023, CEO update. An alternative democracy Glimpse at American Express, more bank failure. Dumpster diving and a word from our sponsor. Hey, oh, can I just say before we start off? Yeah, in Eagles size. Great fruit is really big. That's a big great fruit. Our show today is being sponsored by S gauge your ESG Data Solutions. Provider. That's right. SJ. One. And only ready. I got a lot. You ready? Um, can't say, no, here's go. I wanted to start the show with a bunch of CEO updates, we've been fixated on these bank failures. So I wanted to just grab some of the news we've been like, what are you gonna do? Well failing, you talk about other stuff Matt. Did Howard Schultz. Just pull a bob Iger. That's the first question. Oh, Howard Schultz. I think time I think we the fourth time. Yeah I think we jinxed it because we reported here that he was going to step down on April Fool's Day. That's when the CEO would take over. Yeah but He has a March 29th Hearing in front of Senate member. Bernie Sanders was threatening a subpoena. Again coming to talk Howard Schultz acquiesced but now we stepping down from Starbucks. Two weeks early. Wait a minute, didn't they announced the April Fool's date? Yes. So that it really was a full. Yeah, it was a pretty lady. They played it. They were like, we're gonna just down on April, I'm stepping down early. So not only, is he not gonna be CEO at the March 29th hearing, but he's also not gonna be CEO at the Starbucks upcoming annual meeting in a few days. So he, he was supposed to be the acting CEO for both important events. Now, he just gonna be like, a guy in the room, you know, he's sure Bernie, I got some thoughts, but it doesn't matter. I'm not, I don't even work here anymore. Is he pulling a bob? Iger, you think, well, if two weeks early, What the hell? If he is, he's pulling it. Like, for the third time, right? This is like his third Boomerang try. I don't know that he's Bob, Iger. I mean like woozy side stepping strive at the annual meeting and Bernie Sanders at a senate hearing these aren't I? Think those two would get along strive and Bernie. I like that. They're both angry about the same place for totally opposite reasons. Howard Schultz also sent a letter on his way out of Starbuck's, a lot of it, triggered me. So I'm gonna quickly go over the things, that triggered me. This is actually my favorite part of the show. He calls it his letter to leaders. Dear leaders, he calls it. I'm already I already hated the hell. Is that dear leader? What do you think that is? Just the, all the important people to companies who actually make money? Is that it? No, I think he's distinguishing with, there's leaders and there's the followers to join the unions. Well, those are the partners know they're not Partners anymore. They're now followers. He refers to them as partners still are, unless you're joking with me. No, that's what I think forward. He's just I think he's categorizing. All right. Yeah. Here are the things that trigger me. Number two. He says, as I stepped down as interim, CEO of Starbucks. So humble I was just here for a little while. Forget the fact that I'm the biggest shareholder, I I found her the company, I was CEO 17 times for 400 years, whatever. No, that's in room. He says I am leaving you with this letter written on the sunset of my last day as CEO, for all you to read on the morning of this new era. This is bad poetry. I'm sorry. He should know better. I know he's taking a poetry class. They call it. He should know better. This sucks. Did he really write that written on? Yes Sunset. And by the way he uses the CEO acronym. In lowercase, what's he doing? Oh come on you. I don't get this. That's so it's bad and every single Direction he says this is not a letter with advice. Matt, the whole thing is advice. It's all advice, 100% advice. Was their grammar check too? I don't know, I don't get that. What is that? A humble brat? What is a? This is not advice. I don't care. I'm gonna start referring to myself as CEO. All lowercase, though he comes off with a very quote that looks like it came out of Star Wars out of what's his name? Obi-Wan Kenobi. One of those shows. Yeah yeah. Everything you need to know resides inside of each of you. How's that helpful? Maybe that's what he means by. This is not advice. How is that helpful? I like that. It means. I need nothing except for you to pay me. He says what I want to write to you about is the love and responsibility for our company that we all share. Except he just happens to share 22 million times more than you do. You see, that's a quick scream. I like that today. He says today I'm entrusting you all with Starbucks, this the interim CEOs and trusting this is off. Alright, this is he's got the power, something that holds a place in my heart, second only to that of my beloved family. Why does he have to rank them? What is it? Family hate him. But he's right about his ranking, right? Like he's got its, it does go family. They started eaters, just don't get dressed to the leaders, it's not addressed to Starbucks to the leaders. More bad. Poetry, our company is like a river. Blah, blah, blah, blah. Oh, That's a tired metaphor Howard. Maybe he didn't take a, poetry course arcade. Know how is that a tired metaphor? How many CEOs describe their companies as Rivers? He says the stewards of it will change over time, but it's always growing and changing carving A New Path and moving forward to something better. Oh, is that what a river is doing? I'm feeling the river now. He does. It's so it's a little disingenuous because the river does keep going back to his house. Just keeps rotating was a boomerang CEO, right? It's like, that's what I mean. It's like one of those lazy Rivers, a theme park, that kind of starts over again. It's like an MC Escher. Drawing like a snake, eating its own tail. Yeah. Because it keeps looks like it's going somewhere, but it just goes back. He says, as I step away, I leave you all as the stewards in service of all of our partners unless they want to organize, I guess. Yeah, no, no, no, they're not Partners. They told you. He says, they are the heart and soul of our company. A did he write that on the sunset about there? So what does it mean? The heart and soul. Just mean, the least paid. The least, listen to, what is this? What does that mean? Heart and soul. Yeah, it means they have fewer shares and if they organized in any way, they want something, they will be released from I love this. This is a great humble bulshit. He says our partners have been teaching me for more than 40 years. Oh, really, that's the breaking news of the day. So just like, real, something just like real life teachers, they're all. So the worst paid And nobody really listens to them. Yeah, that makes actually does make more sense. Then here's here's probably my least favorite line. He says they will help you all continue to earn your green apron every day. Oh, no, is the green apron. Is a holocaust playing kit. He was doing. He's like toppled over the actual hierarchy, and he's trying to say is like what you're actually striving for is the green apron. All of us Executives were trying to get to the lowest rung, right? Because that's where the heart and soul is. Yeah, but here's my confusion, because if everything you need to know, resides inside you, then will everything inside of me. Help me earn my green. Do I need to earn a great green apron, like, how do I earn it? If it's already inside me. Amazingly used amazingly. If you're hired as a you just get the green apron in the first day. Let's give it to you now. No. Actual achieve a new policy. Yeah, I know that. Well, don't they all wear green? Aprons, I walk in there. Oh yeah. And finally he says he says an importantly Lean Into The Joy. There is so much noise. So where's the lean into the joy? I was wondering when we hear from lean in Sherrill Sandy. Do that. Anyway, if you're the CEO, like, if someone is laughing, do you just kind of like quickly hug them? How do you lean into Joy? What do you do? You squeeze them? I don't know. I just listened to the voice that resides inside me. That's carving Out, Rivers, and valleys moving on something. We missed here. This is about back to Silicon Valley Bank. Bernie Sanders, says that Silicon Valley Banks CEO, Greg Becker, he was on the regional fed Federal Reserve board. That was overseeing his own company, Matt. And and here's why I bring this up is first of all, thank you. Bernie for kind of playing in our Arena. This is our job but second I want this data. How come this data doesn't exist? I want Federal Reserve board data. Oh that we can get. Well come on, let's get it. Let's um, I'm not having no and what we're gonna do is we're gonna have all of it. That's great. I like that Bernie tiktok CEO show two You see, this is how much the Articles called that. He's alluded the spotlight until now, but now he has to testify in front of Congress tomorrow. He's testifying in front of Congress, of course, because everyone is scared of tiktok because they're scared of China, I guess. But let me tell you how accurate this article is. He's alluded the spotlight so much that I had to look up. How to pronounce his name today. Oh, Congratulations despite being the CFO of parent company bite dance and the CEO of tiktok. I guess we're starting to learn who show chew is I mean You're kind of, you're kind of asking, like why we don't know the name of the guy who runs the finances at the KGB? Isn't that like part of the thing? It's like, here's my favorite part. You always had this complaint that, that the people who run Tech don't like, let their actual children use it and they don't use it. Matt, you know how many posts he has the tiktok. See you have tiktok CEO of I mean, how long has it been around? I would guess you got to do, like, you're not gonna do One A Day. You're gonna have your staff do like, you know, one every two days times, five years? So I don't know, a thousand 23. He like us doesn't give a shit about six, he hates his own platform. Well, doesn't that tell you? That isn't that Elon musk's argument against the Twitter execs? They didn't even use Twitter or whatever one of his things? Yeah, well it's not talked about that. Okay, I'm sorry, I brought let's move on to other green greener pastures. The ipcc climate science report released this week. I don't know what to say here. Here's what it's a worst thing you could read. Yeah. There is a rapidly closing window of opportunity to secure a liveable and sustainable future for all. That's kind of, oh look, here's the thing. That was a night that was the most like gentle headline of them. There were headlines that were basically like we need to turn off oil and gas and coal by 240 which I'm ready. I'm not great at math but that's real soon. Sooner than 2015. Like we've been talking about 20, 50 for years and now it's 2040. That's all these pledges go right out the window. They are talking about how it we're about to hit a tipping point. Where if it doesn't change like, immediately, we die, we just were dead. We're just all dead. Everything on the planet is dead. Right. But scientists are all I guess they're politicians too. According to the vivix in the world, right? They're just a bunch of it's just politics. I mean this is just this is just alarmist. Shrill, what do they think? What do they call it shrill? Alarmists, oh, okay. In the say about that or can I move on? No I just I want to acknowledge that. It came out acknowledge that it's horrific and acknowledge that because of Silicon Valley Bank being woke, no one cares. Let's move on to the alternative democracy. There's a article American Express shareholders will be asked to vote on an abortion related, share the proposal, okay despite the company's effort to ditch the proposal. This is a their shareholders are requesting report outlining the risks and costs of complying with law enforcement requests for data regarding the company's customers and state laws, criminalizing abortion access. So is this one of the first the portion related Sheryl proposals? I'm trying to remember no, they're been a few adjacent ones. So I did a little bit of a deep dive on American Express. Here's what I found. First of all, they talk a good game. They have an eight-page, ESG section Matt in the proxy. Oh, really? Just ate ages. Yeah, that is saying something. I will say to all of the our fans over at strive Asset Management. I know you listen to us because you don't update your website anymore because we make fun of you so much. You might want to turn the volume down because some of this might make you cry. This is gonna be uncomfortable, like, like in the same way that I cry when I, when I read that, since Elon Musk took over Twitter and anti-Semitism is doubled. This will make you cry. Okay, this is like their anti-Semitism. Yeah, yes, here's some of the things that American Express talks about they actually have actual ESG goals. Matt actually gold, what like like maintaining 100% pay equity Yeah. Okay. That's it. Like double annual spending with underrepresented owned suppliers. That sounds like a pledge. Everyone makes know, they actually goals. They report they report what they're doing. They they reported all, it's all in there and they don't have far reaching dates. They like they have one about doubling a baseline to the end of 2024. I have actual numbers. Actually. All seems very not meritocracy based. They have an actual office of Enterprise inclusion, diversity, in business engagement. They actually published, they published Global Workforce representation data. They give you the data right there. I think that shriek was Vivic they Flex on their strong ESG ratings. Oh, what is that means? They tell you what they get at msci. Sustained analytics, Human Rights Campaign. You know, they they're just proud of it. They're proud. Okay. Wait until it's a double D or whatever. And here's what I found. Okay, but here's what I here's what we found here. Boards. Saber metrics ready for this. Yeah. So they do some good flexing but here's where it gets a little problematic and here's where our data you really should be buying our data after hearing. It's silly that you don't Only 31% of the body count at American Express's represented by women on the board. Only 31%. It seems low for a company flexing that much 31% 5 out of 16 arguably, not the worst but here's their influence. Matt. The actual influence these women have on the board, including one, that would been there for over two decades, although she has zero leadership roles, they represent only 13% of total influence on the board. Yeah. And after the 2023 AGM where, where long term director, Charlene barczewski stops out, they're gonna women will only represent 9% of the voice. Wow, that is disturbingly low disturbingly low. It's hard. Actually, I look credit where credit's due? I said this before. When you have that many women on the board to not give them any responsibility is hard done. Yeah, I will say that the chair of the risk. Committee is a woman. I'll give them that. No. Okay, good. Nine percent. Set of the influence. You know, I only really covered this. Just shoehorn in a plug for us. See what I did there. Well done. Well done. Okay, everybody's appreciative. And finally, before I hand off, we gotta talk about our favorite asset manager strive that. You told me, you told me today. So I did a little digging one of the proposals that they back at apple called civil rights and nondiscrimination audit proposal. Yeah, they don't like audits, but they do like audits. That's what scares. What Apple said about this proposal. It said, the proponent miscarriage is Apple's commitment to inclusion and diversity by suggesting that our policies promoting these goals are discriminatory apples. Like like, what is going on? I was like, because what a higher everybody. We're discriminating now. Yeah, yeah. So anyway, it fails miserably. Matt, only one percent of the vote one. I mean this is low for even at Charlotte propose, a one-person said yes, one percent. Oh that's, Is that? I thought I thought there'd be much more racism embedded in proxy voting. Let me give you at least eclipse in some of the digging I did today. This proposal was put up by the national Center for Public Policy research. Okay? Okay. The current ahead of corporate governance at strive someone named Justin danhof. He was previously Executive Vice President and wow, there's no problems conflict, so that's where Vivica Fox. Oh, that must have been a hard, get hard, the founding CEO, Amy ridden, her at National Center for Public Policy research. She was famously anti Environmental Policy but but Pro tobacco. Thank God somebody she famously supported the tobacco industry. Yeah. Look like to be Pro tobacco. I guess you're just pissed off that people were that people were coming out for them when you're Pro tobacco and announce it. Do you are you smoking three cigarettes at the time? Well I will say this Amy is no longer with us. Her her husband took over the national Center for Public Policy. Research. A man named David Ridenour. Here's where it gets confusing. Matt, I want you to help me. Took credit for Disney ousting, the very woke Bob Chapman, right? Yeah. That was a big, victory lover. Well, yeah, so hurt, all about it in 2020. The current CEO at this anti-wolf firm David. Now in 2020, he wrote an article calling for Bob, Iger to step down because he was too woke. Yeah, of course. Accusing, accusing him of having a quote hissy fit because he resigned from one of Trump's business advisory panels, which he called a terribly. Bad example. For the millions of children, who go to Disney children were really concerned about their being on a business advisory panel. He also said because of this hissy fit. No quote, no one is going to take, seriously, any of ABC's reporting on climate change? Because he didn't join Trump's panel. I because he's taking because he's he's being political about he's not being excellent. Yeah. But what's he thinking? He's taking because he's taking side. He's you know but Tigers back now. So what does this mean? Did exactly, what does it mean? A Vivic strive reach out to come back on. Explain to us the victory tour of Bob, I hear coming back the same guy that you all were wanted to get rid of getting rid of shape, and iger's back and now I just explained it to us. All right, that's it. That's all right. Let's do something else. Something entirely different. Which is Banks know. Specifically. Yeah, an autobiography of Credit. Suisse, I'm looking forward to this because I one thing I don't usually miss you, but but on Monday, when digging into the banks alone, I needed the former. What were you, the former head of what? I was the head of the financial sector research at msci ESG, right? So you might know, something know, here's what I did find though. Credit Suisse like svb actually had money. So the capital ratios of the bank, which is how much money they have to have on hand in case of, like, bad stuff. We're super not woke. They were, was it mean they were? Was that, I mean? Like they were like a woke number would be, we spent all our money on diversity, and we don't have an early bonds, green bonds, or like yeah, financing George, sora's backyard Gardener. I don't know these. These numbers were super not woke in as much as 2019, 12.7%, cet1, which is core Equity. The Tier 1 ratio. You don't need to know what that means. Suffice it to say. 2022 was 14.1% and went up like, basically over time they were keeping enough money on hand in case. All right, shake up at and shit, to get that shit did get bad Credit Suisse all. So coincidentally while they had some money, they sucked at the job of being a bank or anything related to banking, really they seem to yeah in 2022, they wrote down 7.3 billion dollars for every imaginable. Reason deferred tax assets, arcade goes depositor, outflows lower, three billion and lower commissions and fees from from actual bank. They everything that like could go wrong with being a bank went wrong. And they have to their name, to their credit, they were the original 1% or bankrupt. Meme stock because in just 2022. Absolutely. The social media frenzy about they were failing and losses were so bad. Pull your money out and in just that month they saw enough depositor outflows to be a primary cause of them failing last like this week, last over the weekend. You can only play that game for so long. And here is a short list of what makes them. One of the worst at running a bank and not just running out the worst. Just only one of the world, only one of the worst Deutsche banks are gonna be much worse. Um, okay, but they're actually bad at Humanity. Here's here's a short list of things that they managed to accomplish since like 2017. This is all the times they've had to settle with a regulator or settle with somebody because they lost them a tremendous amount of money. They paid 21 billion. That's a b billion dollars and finds and settlements. Wow, for the following. Probably not woke items or woke items. I don't know what these are. You'll have to determine the answer to that rigging foreign exchange markets, Okay. Feels not woke rigging, Bond markets. They did that too. Yeah, they abetted tax evasion now. That's definitely. Not woke, right? Was its George sources, taxation. Oh, good point, I didn't look into who's evaded, the taxes. Abetting, FIFA corruption FIFA's, not working everybody. A better a betting drug traffickers Bulgarian drug traffickers in paid for that spot. Only one buying on their own employees. Well, yeah, this came this came from the CEO of. Yeah, with actual spies too. They hired like actual private investigators, actually Spies, Like track them, breaking their own tax evasion and abetting, settlement. They made it they settled with authorities, and then like, four years later, they forgot the settlement and just broke it. Like they just broke it again, rigging Global interest rates, And then there's General corruption. And then fraudy Investments, it does feel like there's a huge list here, this all, when you, you know, it's kind of glazing over with this list. You know, why? Because this all sounds very credit successful, it does, it's we still because we reported on most of these stories and it's just like, it never ends with credits. I guess it ends now, but it never seemed to end with credit. But here's the, here's here's where it gets into board paper metrics territory, because let's you think That this is just they they like suck at stuff and it's hard for them and they fail as a result. So what you're saying is that ESG data, my actually be relevant. When articulating, the risk at a company you're saying it's I will say in Chile, every one of these facts are pulled from an ESG data provider. Wow, weird and wild. Yeah, go ahead. Here is the Frat party. That was Credit. Suisse here's board sabermetrics. The most influential director since 2017 is URS roner. Sure, average 18% of the influence in that time chair, he was the chair for a long time until 2021 when he was booted from the board. Yeah, he was it I actually went through and multiplied the influence of each director since 2017 against the settlements in each year. And what I have is a top five of directors. Who oversaw the biggest payouts for fucking horrible behavior from the board every single year. Now these were the five directors with the biggest influence in the board. No not even the biggest influence they just stuck around long enough to keep paying for bad shit, right? Cut it roner oversaw 3.7 billion dollars in payouts number one by far. No not by far north nargal Walla, 3.1 billion, Chuan, 2.2 billion. Got Sleek 2.2 billion, Tyner 1.6 billion. The top five directors out of something like 25 account for 12.1 billion dollars of payouts at Credit Suisse okay. The rest are about nine billion. and, Notice something about the top five. Yeah, none of them are women. Well. Yeah, because now that the Frat party is over, Credit Suisse went through two rounds of who's going to clean up this mess. The first round was calling up. Uncle risk expert. Right. And this is something I reported on Monday. Is that that what we often see in these situations, our companies kind of scratching their heads and throwing women at the problem, right? They didn't do. That makes you wonder, which makes you wonder? Why would you get the women in the first place? If you know that they're valuable to have around? Just do that first? They did that. After they tried to call their Uncle Rick expert after the first failure. Your second video said, a bunch of different men at it, okay? And the risk expert influence on the board. 2017 was 14% 14% of these. Not nothing, you know. No one cared about risk management that's that's like the female influence on the board of American Express. It basically doesn't just to compare that to Silicon Valley Bank Silicon Valley Bank, their risk influence was zero zero percent. So we're talking about, we're talking about Banks. Is that right? Don't care about. Risk 2018. It is a it is a bummer. I got a bit too 28. I know, but it's kind of depressing. 18 was 14% 2019 was 9% 2020. 13% guarantee that those numbers went up. 2021 was the first year, someone woke up and said, should we bring in someone? Who knows something about risk because it goes to 24% influence. Oh order the board, good 20227 percent influence. Write 23 the most recent before they fail, 33% of the board influence was with it. It always kind of fell out like too late. We so did. Yeah. Well here's the thing, the French party that they threw, they trashed the hotel room or the Airbnb and they realized they weren't going to get their security deposit back. So they called up the first person that they knew which is their Uncle being like, dude, you clean stuff. Can you come over and check this out? And the uncle was like, yeah, there's nothing. I can do about this and that was in 2021. Right. After Uncle risk expert looks at it and says, this isn't going to work. Well first he cashed the page. Well, yeah. And then he's like, no. I can't do anything about this. You have to pay me for the advice, then they turned to the ladies. Yes, yes because I I remember reporting that. Four. They've hired they appointed four, female directors. Just the last two years here is the worst part in 2017, female influence on the board was six. Percent. Six. Yeah, and this is in and this is in Europe where just about every other country. Has some type of mandate in place and is realizing the importance of having a few women on your board. But those mandates never hit. What's just think if this is a 10 person board or so that's less than a person worth of influence. Okay. Can't do the math that way. 2818, six percent, 2019, 11 percent 2020, 10 percent 2021.14 percent now remember, right? So no real no real no, real movement 2021 is when they brought in Uncle risk expert. And don't go risk expert. Very quickly said this isn't going to work in 2022. Female influence of the Credit. Suisse board goes from 14% to 30% of the board. Wow, it's still feels low but yeah, that's a big success for Christmas when they fail. 41% of the board influences, female, they threw women at it, so they they're this is, let's just summarize, the glass Cliff here. Like I was gonna say this is this is a perfect demonstration of the glass. Basically, throw a frat party. The risk experts say there's nothing you can do. You guys are bananas terrible at your jobs and then they frantically hire women and put them in positions of moderate power on the board. To compensate for the fact that they were terrible at their jobs. They asked the women to play janitor and talk about and imagine how much that sucks anyway, because you've you're right, you're writing off so much money. You're paying all these funds. Probably not even free coffee, right? Like there's no sweets. They're actually talking about like they were carving out first boss in to sell off and like, spin up like all the fun stuff was done the women. If you join this board, you look around and you're just like, hey what the fuck did you guys do? And be really. This is I have we don't get to have, I think the women without surprise, I think they know what they did. They they don't have any fun and of the 21 billion dollars in settlements that got paid about Credit Suisse in the period leading up to their failure. 2.5 billion is accountable to women. Leaving fully 19 billion dollars. Worth of shit that men broke. Right. And that, that I think is an adequate summer. That is my that's good on autobiography of Credit Suisse. You can't blame this on anything really, except a wonderful frat party. Well, it does again, it does remind me of one important thing is that if you if you know, eventually you need women to do the SMART stuff, why not? Just have them on the original, on the right calling to clean up your mess? Right before the mess. Yeah. And then they can do with before it gets messy. Wait, wait. Wait, wait, wait. Before we get out of here. Our sponsor skate. He every week, they send the great Paul Hodge and over to our Studios, I guess he's been waiting outside. In the cold, some report, which is what's he talking about this? I think he's talking about women too, isn't he? Whatever that's. Come on, let's go. Come in. Tell us what you talking about, whatever he says, here you go. Here's Paul. Hello there. This is Paul Hudson with the ESG to just give the week. A just a quickie this week on new female directors. Now, there's been a lot of push in the last few years, about increasing the gender diversity of us boards. Because there were many many boards that were all male. and that situation has changed pretty significantly over the last three or four years, not as much as in Europe where there are tend to be more active quotas, requiring companies to Take on new directors, who are women? We don't see like, quote as in the US. We don't like being told what to do. Which generally means that we don't do it, but there have been improvements. So the statistics that we're looking at this week between 2018 and 2023 and it's very early days for proxy season in 2023. So we'll have a look at the the sample size of that a little later on. Um, it shows a pretty significant increase in the proportion of new directors. That's directors, who are appointed first time to the board who are women. So, back in 2018, it was only 25% just a quarter of women were new directors in 2018 and that increased to just under a third in 2019. And then again, another big increase to 2/5 in 2020. So 41.2% were women? New directors in 2020, it brought back a little in 2021 but only to 37% and then rose again in 2022 to 42.1% so getting higher than a 5th at the moment. We've only see that particular number, there's only 150 companies of filed proxies so far this season with only 105 new directors, but The numbers are holding steady at 41% even with that small sample, of course, that may change and that proportion might increase when we have all of the proxies in at the end of proxy season. But at the moment it's holding steady and we'll see if there's an increase later in proxy season. So that's Paul Hodgson signing off with SG statistic of the week. I hope you have a great Wednesday. That's that's Paul 41%, does not sound like a lot. Thank you Paul Hodgson, skh or ESG data. What is the question? You're sorry, you're ESG Data Solutions there either. I mean that's you know how much that is really? When you think about it a lot that's starting. We are free float. This is business. Pants is woke Wednesday. Come back. Tomorrow, we're gonna do a quiz. We're gonna do something. We're gonna have some fun until then goodbye.