Transcript
It's working. Everything's working live. From black rocks. Solar powered ESG VCR. Good for them school. Yeah. And you know, school all new terrific Tuesday edition of business pants joined by analysts whole Matt McCarty. on today's new Dunkin' impact, investment crawler, Called September 30th 2025 the good game. No, to crawler is anymore. I was thinking that it just me, right? I don't like a no one knows what it is. No one buys it. Yeah. I used to love crawlers. I did too. I was a crawler guy. Yeah. But you wouldn't buy one now. Admit it, I would and dunk it in my coffee. The way it's supposed to be done. Do you know, the original Dunkin Donuts donuts? Had a tab on them, so you could hold it while you dunked it, right? Like a little donut table, but there is something that Duncan called like a donut stick. I think. But the Crawlers different because it's it has those weird twisty. Yeah. Harry and it's really good. Is what it is. Our show today is being sponsored by free, float, analytics.com. The only platform measuring board power connections to Performance for free. Why is it free? Hey, excellent question. Somebody needs to call them and tell them. They should be charging because I feel like people would pay but then again, it should be free. So wait, no. I feel like no one would pay because they don't care about Boards of directors. Oh, rendering Our Lives. Well, if you do, or if you're, if you know a student who is, I don't know, running a report about what, about corporate, Melodies and put our website music for free. Let the music for free. All right. The good game. This is the good game works quickly. I this is I'm glad to came this week. It's been. It's been a struggle. So, I find headlines over the past few weeks, that make me feel good and then I run them through our pundit machine Maps, guardi who tells me on a scale from one to 10 if they're actually good or not. Yeah, yeah. So I will tell you the real thing Arbiter of Truth I broke up them up into categories. Let's start with some tech stuff. Hot off the presses California's governor Gavin, Newsom, signed major AI, safety law. I like that. I'll tell you a little bit about it. Yeah, I'm only supposed to rate the headline you are, but I think this is worth giving you a little bit of notes the trick. Yeah, give me a thing. The transparency in Frontier artificial intelligence act that I don't like the sound of that, but whatever they didn't do that one for the for the acronym because that would be tiffa Tifa. Yeah, requires the most advanced AI companies to report safety. Protocols used in building their Technologies and forces. The companies to report the greatest risks posed by their Technologies. The bill also strengthens whistleblower protections for employees who warn the public about potential dangers for the technology poses. What do you think? I mean this is more to it but that's those the headlines If we're honest though, Sam Altman says every single day how he's afraid of something. He is, he's worried. He's like unlike his peers. He's the one who's kind of like yeah, I I realize this is bad for Humanity but you know, we're still gonna I got ahead. I have like inside or I got an Insider scoop of somebody who who's met and talked to say I'm Altman and said that he is literally he's like they described him as Elizabeth Holmes, only smarter smart enough to lie better. That's right, yeah, so in jail yet. Um yeah, yeah, because he's because he isn't in jail yet. Well, this is the way this guy operates. He warns us. That could be trouble. I don't know. Maybe, I, he's like I now his new line is. I understand why you're worried, right? But yeah, at the same time, just this week, he announced. They're building a new data center in Texas, that's going to use as much power as the entire city of New York, which is good. Yeah, eight million people live there and I don't know how many more Millions come into work there. I meant a lot of effing power story, just broke today, that electricity prices are going up as much as 230% down. It's because of AI using electricity. He understands why we're worried, but he's not gonna slow down. Of course, you're not gonna slow down. What do you like me? A score. I have to give it. Like at least a nine and I I have to give it a nine because someone did a thing right? Like, yeah. And it's the state that matters because this is where AI is being. So yeah, so someone did a thing is important. I wished the law that they passed was AI, should not exist. Stop making it. But I feel like that's an unrealistic law at this point. So I'm glad they did a thing. How about this next weird one? The headline is could a chatbot replace your best friend at work. Okay. and I thought that was stupid until I looked this is from Fast Company and I looked at the data that that from a study from KPMG, according to the study they served, they said that almost 99% is this possible almost 99% of workers that they polled would be open to the idea of an AI chatbot, assuming the role of close friend at work 99% of people want AI to be there because I feel like that's a trick question then like, did they word it like would you talk to an AI and trust them at work? Well. And then they like because that doesn't make any sense to me part of the here. But part of the study also reveals that 45% of workers reported feelings of loneliness at work. So hey, alright, know what you need to do, if you want to feel less lonely at work, what put away your fucking phones and get like headphones off. It take your headphones off, stand up from your computer, go to the break room and play a game of Foosball, or ping pong, or get a coffee. Go for a walk, within a colleague. I will tell you this sad anymore and the msci Portland office. I was probably the only dude who didn't ever wear headphones while I worked. And I, and I, it did make me talk more and wander around more and talk to people and maybe I annoyed the hell out of everyone. Yeah. But I think it did help me socially because I don't know. I just needed. I wasn't I wasn't listening to podcasts or whatever people listen to, I actually needed a little bit interaction. I, I listened to music but I often had my headphones off and I would ask everyone around, like, oh, what are you doing? In fact, I asked one of my colleagues, what they were doing for? I think it was Thanksgiving. I was like, oh, you got plans for the holidays? And they said that's personal. And I and I said oh I was just you know just making conversation. I like I do you don't have to tell me and they were like I'm not going to I said here. Yeah. Okay, yeah, so I don't. What if you would ask I does make me wonder though. What if you asked AI what it was doing for things going? What do you think it was saying? Oh, it was probably sitting contemplating. How to carve you up like a turtle. Okay, what do you think about this? Is this good? And I don't know how you want to handle this. You can answer this if it's good just in general for Humanity or how about the fact that how the workers feel? I think it's I mean like look, I get that. You're lonely but you're like, loneliness is I think actually, we've been conditioned to think that things are going to come to us rather than we have to put in some effort to make them happen and so we're conditioned to be lonely because friends aren't happening, but I tell this to my kids like you want friends, you have to like go To places where people are just say, go to the lunchroom. I think it's a good openai.com, a punch, a kid in the face. And recess, I don't know, like, like you don't give me a friend sitting there, give me a 0, I hate like this one. I hate it. The study would suggest that 99% of workers like it. They're all dumb and it's only 1,000 and equals 1000. That's not workers. That's like 1,000 people. How about this Elon Musk hit by Exodus of senior staff over burnout? And politics key member of Tesla's, key members of Tesla's Us sales, team battery and powertrain operations public affairs. Arm Chief Information officer Corps members of the Optimus robot in AI teams, all have left. There's only one person at Tesla that matters like good, not to a good start and made me feel good. It doesn't make me feel bad, it makes me feel nothing. I always think this about meta. We talk about met a lot, and because we talk about Instagram Facebook, we talk about Mark Zuckerberg's Empire. And I always, like, just really stupidly say, like, well people could just delete the apps, of course, it's not happening. But you know what? Also could happen. People could stop working for them like all the smart people who graduate these smart colleges. You don't have to go to meta like you can just stop. Really. Honestly, you can just work at a bagel shop and be more fulfilled than you ever would. But you don't have to go to a big old job. You could take your skill set and go work for your government. I don't go work for your county not anymore. Maybe go work for a different government. That's true. There's no jobs in this country. Anyway, what do you think about that, Elon live it? I, I like it because you will you kind of want this whole thing to collapse and burn at this point. But I also think it's pointless because it's like these people leave and it's not exactly like they can go out and raise ten billion dollars tomorrow, Elon Musk sneezes and yes, Just make me depressed. Let's move over to some climate stuff. This is all a headline. We see a lot out of the EU. EU reduces ghg admissions by 37% so they have. Wait. Yeah can you back up? You said EU reduces reduces not plans to reduce by 2050. No, actually. We're just saying this is part of some of their aggressive. Some are aggressive goals to reach climate neutrality by 2050. Ghd emissions have fallen by 37% since 1990, despite 60% GDP growth over the same period. So I got the following but there's no reducing ghg emissions. I thought the trade-off was every time you like one more carbon molecule gets taken out of the atmosphere. I lose 50 dollars. I thought that's the way it worked. Is that the I think this is fabulous. I think it's fabulous and it's stupid that it's even a conversation like half of all electricity in the EU now generated by Renewables, I think I think we are the stupidest country on the face of planet Earth and it is other country is looking at Europe and saying, oh, we could do the exact same thing. We'll just dump our shit in the US. Now, I would say it's an absolute head scratcher. I was just reading about Mary, Barra a GM. Basically, starting to like bail, out of the, EV go, all the evil, all cowards and items a coward. And we just bought our first EV car last month from Subaru. I gotta tell you, how could you, how could you want any other anything else? Once you, it's like a miracle. It's, it's quiet it. It's like, it doesn't smell. There's no. You don't have to go to the gas station anymore. You don't get oil changes. It's an easy thing ever. Like, I mean, and it's fast. It's Zippy like the technology is cool. Like, how could I don't understand? I how an American would not want this car, like, so, because like, I got like, a family of 70. I, we got the only Plug-in hybrid, minivan that I drive, I don't get it and when it flips from Electric like the first 30 miles or electric, then it flips to gas if you go more than 30 miles, when it flips off of electric onto gas, right like visibly depressed, like I don't like it, Mary Baer, I don't get you. Keep. Keep adding Mary barrel. All of them, every one of you car manufacturers. Everyone. You like oh look at a back out of Renewables. I don't care what Trump says, Renewables are awesome. Give me a GHC admission production from. I love this score 10. I'm glad that somebody's doing something because otherwise, you know, you were regressing, it's straws here but I feel like somebody's winning and this next headline is not just because I live here, but Maine state of Maine wins. Early victory in climate lawsuit against oil companies, a federal judge has started with the state of Maine. In its effort to force oil and gas companies to pay for the cost of dealing with climate change. So, they're allowing this, the transfer the case out of federal court and back into State Court, where it was originally filed, because these cases kind of they go to federal courts and they die. So and I will say, the judge is a woman, Nancy Torres and and does that make a difference? Maybe that's usually or that it's well, these days these days, it seems to me that women and people of color are the only ones are routinely fighting back. I mean, that's I don't, well, there are men, but she said, Gavin Newsom, we did mention him. This is good. I mean, it's the case is not over, but it's something, it's something, yeah, but but they did, but they did reject this notion to go to Federal Court, like, at least it gets to be handled in the state of Maine, and that's where the constituents are. And, you know, I mean, I feel like this is the lowest possible bar of a win that we could come up with. All right, what do you get with the five? This is an interesting one. Trump's hostile attitude is making investors more favorable to ESG. Trump's hostile attitude to ESG has actually made 20% of private investors more positive about ESG funds. I mean, do you care? I come on just over something good. So many problems with the the thing, right? Because we always talk about all the time. ESG is just the data set? It's not. Yeah. But it's been politicized politicized turned into an ideology, it was Ultra War, but it was marketed the reason why I was politicized because it was marketed as effectively ideology. It was kind of marketed his life is Gonna Save the World, which is odd. Because even the Republicans used to want to, they wanted to deal with the climate, they wanted to clean up the climate. I mean, even though even the Catholic church and there they're not exactly Democrats. Yeah, that's exactly. The liberal most liberal, you know, cause of the even that's one of their biggest causes is fighting the climber crisis. I'm glad I used to be a culture worth thing as simultaneously, the all the asset managers have shut down, all their ESG or sustainability funds because of the political wins that don't really shows you. Last three. Really the really if we're doing it, this ESG, one. And the EU one is, if you just stick with the thing that, you know, is the right thing to do, or we have this data, it's a good idea to use it or we can, we can work on saving the planet. At the same time. We grow our economies, like, if you just keep working at it rather than fucking kneeling, like a coward when the political wins change or just shifting whatever you do, you have fickle pointless boards, you just do whatever the CEO says. If you stick with it actually, it works it because he is Jesus, just data and carbon is removing carbon from the atmosphere and or limiting your emissions does not mean you've given up your entire economy using renewals kind of a nice thing. Actually, I don't that if anything that's the lesson here I'm going to give this a seven. Oh because I don't not like it. But I kind of don't care all. So let's move over to stakeholder stuff. Starbucks. I thought Brian Nichols turning this company around but now they're, they're closing a bunch of stores are laying off of people. I guess that's part of a turnaround plan. Starbucks is offering up to 26 weeks of severance for store managers at closing cafes up to 26 weeks. That's that's it, that's it. I'm supposed to feel that's the good headline. Yeah. No, I need you to parse this for us. Oh, here's um. The union came out and said that the closures disproportionately affected unionized stores. Oh, is that true? Yeah, that's what the union came out. And said, they said their targeting the union stores at a higher rate than their targeting other stores. Did they say that they give data? They they're get they give some data but the data I don't have is whether those unionized stores were in like they're self-selecting groups. Right. Like maybe a unionized urban happen to be and urban centers where there's a lot of different Starbucks and they're not like the most profitable ones who knows? I don't have any idea but it does strike me that if you wanted to sort of reset the clock in your Bryant nickel. The easy thing to do would be closed. A whole bunch of stores, Focus, the capitol on the remaining ones and make sure most of the stores. They get closer, the unionized ones. So you don't have to deal with the union and they have no power. That seems like a win-win for Brian Nichols. Yeah. Right. Because often the urban stores are neglected and because they're so busy and they're so small and they're not, they're not treated very well. They're not very nice, they're not very comfortable. The Suburban ones off and are much more, nice places to hang out. So yeah, it's kind of a there, they're suffering because they're not being paid attention to. But anyway, what do you think about this? Is this good? I'm supposed to rate, though. The fact that they're getting 26, Weeks of severance up to up to. Oh, so that's not guaranteed. It's yeah, they get, they get six weeks of severance plus another week for each year of completed service. Six weeks of severance plus a year a week for each year. Yeah. So the 26 weeks or for people who have worked there for 20 years, Yes. What's that six people and you're getting fired like immediately, right? I mean, if you've worked there for 26 years or 20 years, you know, you have to do to keep your fucking job. You think if you'd worked there for 20 years and Brian Nichols, he should find a place for you somewhere. I mean, if you were good enough to manage the store for 20 years at these were remember, these were not unionized stores, right? So, they could fire you for sucking, and, you know, being like late one day they can, there's lots of reasons to fire you. You're getting the axe that you move, move that person to a different store. Why why cut them at all offer them? I will be still be fewer now. I don't like this. Oh, don't like this. That you're really not gonna like it when you hear the next headline. We are gonna give it. I'm gonna give it a three. I don't like. All right. How about this one? And I'm gonna ask you to rank. I'm a little, let's move over to govern stuff and I'm gonna ask you this like this. Here's the question. How good is this headline at telling? The CEO pay story. We always wrestle with this. How do we tell the CEO pastry? We, we have, we like to use a lot of populist math. One of the ones that I personally love is in telling the CEO pay ratio story is to tell people when the CEO will make the average worker time. Yeah, right. Usually, it's like 10 in the morning on the first day of the year. Yeah. And not even not the first work day 10 in the morning, on January 1st. Yeah. But I, I thought this was good. This is a visual capitalist. The headline is ranked, the hourly wage of retail CEOs. Now, how about this? So we're talking about Starbucks CEO, Brian Nichols. He's actually the top paid retail CEO. This is how much money he makes now. Or is this a good way of telling people how a ludicrous? This is? He makes 40 6000. In 58 dollars. An hour, 46,000 dollars an hour Brian Nicholson an hour. So, how good is this at telling the CEO Pastor? You like what? I like, what I like about this is we did the same thing. We did it on a show last year maybe even two years ago, populist myth, where we did some populist math and we we used a 60-hour work week for CEOs. And we worked it down to their hourly wage and when we worked out the boards hourly wage and showed that board members make as much as named executive officers at companies on an hourly wage basis. A point I made it a conference and somebody yelled out. Oh during the conference that they didn't like that I was doing it. They were like you have no idea how much work it is. It's like okay, great. We're arguing about how much work you do on a board. Not actually that you get paid like a CEO for showing up five times a year. That means that I love using hourly wages. How about this fat about normalizing? How about a minute wage Brian Nicholson makes six seven hundred sixty eight dollars a minute. How about that by second? He makes 13 dollars a second. That might be too much, right? That's a little too much. I don't, I don't want to go down. You know, what I hate about this is that yes, Brian Nichols just ludicrously overpaid for just selling, you know, dirty brown Water drugs. But then I'm looking at McDonald's CEO, Chris Kaminski. He makes only 9,000 dollars an hour. It seems reasonable right compared to Brian Nichols, 46,000 dollars an hour but it's real seems unreasonable, because he got a golden hello package, okay, build in. Okay, like right there, that's what he made last year. I don't care. But like, if you're gonna do this calculator, right? You you actually have to get rid of some of that stuff and you have to look or included all like include all their shareholdings. Not just what they made, you have food at all. It looks like that. By on average, the average retail CEO makes about 10 dollars an hour. Doug McMillan at Walmart, at 13,000 dollars, get gap of all things, Gap CEO. Richard Dixon makes 9,000 dollars an hour. How the hell is up? I I gotta be on it. Yeah, I'm gonna give this a 7. But I think your metric is better. Oh I think if you can put in how much you make into a calculator and it tells you a list of CEOs, based on what time of day of the first day of the year, when they make, as much as you make for the year, that is way more impactful because you'll see like, okay Brian Nichols makes as much as if you make. That means if you make 46,000 dollars a year, which is like a lot of jobs like a real. Yeah, because of jobs, I think of the poverty wages poverty level is like 16,000 dollars a year. It's like three times the poverty. I mean, that means on January 1st between midnight and 1 a.m. he's made as much as you write like that. That's just that, that is actually super impactful. So I'll give it a seven. I like it but I like yours. Better know, only that but the the next part of the story is that let's remember. Brian nickel actually doesn't have to succeed. He doesn't. Turn around Starbucks, he gets paid no matter what. He's just trying to do, he's just giving it a go and fight. In fact, he's like, hey, I think we need like, like better mugs. He's just trying stuff. He's covering stuff on the proxy countdown. That there are a lot of these golden. Hello packages, that are now just time base, right? Like, it's just like if you exist at the company for three years you get your PayPal package. Well, he could fail after three years. If he fails he'll see gonna walk away with like 100 and probably 40 million dollars. It's the greatest failure you can ever have, yeah, right? Like he's just giving it a shot, that's all he's doing, he's like, yeah, I'll try. All right. So you gave that a seven. I like yours better. I think all right, better. Okay. How about this one? I want you to answer how another one another curveball here on the good game, September 30th 2025, how good was business pants at predicting, this headline, okay, how good were we at predicting this headline? This is from Bloomberg Jeff Green. We know Jeff Green Bloomberg. Sure. White men. Make a comeback in America's boardrooms. I like that. We're framing it as a comeback like that. I was gonna get to that later. I was gonna get to that later. Jeff, I will agree that, that's, that's ludicrous. But but the data would suggest that it and maybe he's being tongue and she had no idea. But over the last year, it is a bit of a comeback. Let me just give you the data. So women won about a third of board seats this past year, 33% down from a peak of 44% in 2022. None, white directors. This is the worst one. 20% of new board hires down from 44% in 2021. So, He's saying that 55% of new directors are white men. This is according to ISO ISS data. Good for you ISS. Oh, really. So, you better check. That might not be valid. I wonder if I assess got that from our show because we, we've been talking about it for a year and a half, right? Like that's like and can I tell you, before you rate this? How good are we at practice? Here's the horrible part is, you know what? You know, one of the main reasons why this is the case because they, the article is claiming there's a new, a new. Again, this seems like an old emphasis, but there is a growing emphasis on a pointing CEOs, or former CEOs as directors and we shot all the time before, there are no female CEOs. So, there you go. That's a good way to weed out. Women just only put CEOs on your board. First of all, rating, the headline for, how well we predicted this that's a 100 we predicted this. Not only do we can only do you gave data on this. You coined the term bro IPO or Bro, p o, which is like companies that are going public and it's basically all bro teams. And we've been talking about the drop. I'm proxy countdown. We talked about the drop from three, a minimum of three women on the board to two women on the board. And as usually done through expanding the board, or somebody retiring and just not adding a woman that's like that, you get rid of, you know, dilute women on the board. But when it comes to the content of the story, Jeff. We're gonna write a story. We're going to call it the comeback. Okay, he might be tongue-in-cheek, I don't think it is. I think it's like I think what it is referring to is contextually, maybe white men owned all the positions and it started to be like a little more egalitarian. You started to add more people and the comeback is, they're going back to owning all the positions. I beg, you lost all the positions. They still had them all and Jeff. I beg you to adopt our our gender influence Gap at free flow analytics.com, because just counting numbers on boards is not paint the picture. Jeff, you have to look at who has leadership, who has actually influence in the boardrooms. It's not just about bodies. It's not, it's not, it's not a genital count. It's that I want to leadership count, but I want to point something else out to about the and this is very 2025 and and I'm I'm referring to the fact that they're they're creating this emphasis on appointing CEOs, the boards. Which means only man, right there was An article just today about defense, secretary Pete has gets, he's got hegseth, whatever. His name is, he got some new stupid meaning, what? Yeah, the leaders on the military and yeah, okay. It's the same thing. It's the exact same methodology. Listen to this, he outlined new rules for the quote, highest male standard for fitness and combat roles and he said, if that means no women qualify for some combat jobs. So be it, it's the same thing. It's just what we're moving the bar, right? You you read to find the meritocracy to mean, only male things and that way you can hire your buddies back ladies. I want to address you directly because I think your smarter your more qualified and you work harder and you are always better prepared on average than any of your male counterparts except for me. And the fact is none of that matters. It's time to get aggressive. Forget an era where Where you could like out Merit your way. You are always held to a higher standard than your male counterparts. I know this as a white, man, I've gotten jobs, I have no business getting the job. And what, what Drive? I mean I was an analyst at msci for almost 10 years. My background in analysis was I made Dungeons and Dragons spreadsheets when I was a kid, but that was a lot of the early ESG hires was it. I'm just saying, I was a musician by trade, right? Like I was a musician. I'm not saying that like I am woefully unqualified to do anything. I'm just saying that I would be sitting in the in a room with like Executives from Goldman Sachs telling them about ESG data and I was probably okay, but they're smarter DJ, there was a DJ at. This is true. My point here is the time when you could just be, you had to like get to some golden bar above everybody else and be perfect. And you could finally get into that, you know, the big room where the boys all play and get your shot that time is already over. It's already dead, and it's time to start fucking fighting instead. The of hoping someone will tap you on the shoulder and let you in the room. It's time to do your own thing. Start all your own companies, you're like gonna be, you're not gonna be made a CEO at your corporate job. Fuck your corporate job, make your husband go. You know, work nine to five and bring in some money while you start something meaningful. Make your husband fold, the fucking longer you. I know I do it. Look at that hetero Centric. All I'm saying is like, come on, it's time to set up a fight and like investing companies where women lead the company stopped investing in companies that have like you know, all bros running absolutely or just delete the apps, delete the apps. Um this your Zuck, anything that Larry Ellison owns that Zuckerberg owns, Elon Musk, all the dudes just delete it. All right delete bro. App still no acts bro. Companies from your portfolio finds female you can't do it. You're allowed to do it. I have two more before we get to our speed round. Both speaking of women, both from Qantas, we covered Qantas great detail in the past because their CEO Vanessa Hudson. She took over a shit show and she had to start apologizing immediately. The first thing she did was say, I'm sorry for everything that's happened ever, but but right these two governance moves the first one Qantas cutting, CEO, pay signals New Era of cyber accountability. So the board of Qantas voted to penalize. CEO of Vanessa Hudson and other top Executives for a June 30th incident. The exposed, you know, user passenger information. They find them a total of a boat, 500,000 dollars from their bonuses. But hey, it sounds low, but still they actually, they're actually, you know, it's something, right? How about this, the last time aboard with held compensation? From a CEO for cyber security, breach was another woman. It was young CEO, Marissa Mayer, that's not a coincidence. That couldn't be a coincidence. Not only is not only two times, it was women. The Qantas CEO of Vanessa, Hudson is only CEO because she had to clean up. A boy's mess who came before remember, Richard goiter, and who is he, who is the chair of the board? And who was the CEO there? That they fucking, like, basically took money from the customers they mishandled everything. They were, they both resigned in disgrace and they handed the company over to a woman for the first time in order to clean it up, Alan Joyce. And, and 12 seconds later, they're cutting the woman's pay because it, because for shit that no man has ever seen their pay cut for, I mean, the largest breaches data breaches, right? Or what the Sony data breach. It's the it's it's got didn't Sony have a breach of like 100 million customers or something like that. Facebook had a 500 million person data. Breach has Zuckerberg lost a Can of pay Ticketmaster, they had 560 million people, lost their data, a Ticketmaster. You think anybody ever lost pay know we're cutting Qantas Airlines? Well, that's a hard, this is good but still, but as a Governor's move, this is good no right? Holding this, the exact accountable. I I care about Level Playing Field, I don't care. If everyone's a dictator, great find at least it's a Level Playing Field for dictators but this is not Level Playing Field. We're holding her individually. This board is holding her individually to a standard it all these one else too. Well I will say this shareholders investors they can hold every pay package accountable that doesn't that doesn't have this as part of the play plan that right? I mean this can be built into all pay plans. I mean, it arguably should be and not just this, right? Shouldn't shouldn't be. Like, there's a lot of things we should hold in sure. Put it in these play pants play plants and these directors, I mean, one of the directors on Nora Shining kestel He's on the board of Westpac banking corporation, brambles, origin energy. You're saying they've never had a data breach at other boards that you've been on, never okay. But yeah, I cut their pay. I see what you're fixated on here, but but I want you to rate is this good? Is this a good governance, practice? I mean, you're allowed to rate this headline anywhere you want, but I was just looking at the governance. Practice, what do you think? Ah, I can't take it as you want. I take as you want great. The governance practice of I have a really hard time rating. This come on. Do your special. Since this is a board audience, the audience needs it, the audience can can can can can wait for me to think through whether or not this matters at all, two of the board members sit on the same fucking board. Who are these people like what's their? I'm gonna give this a five. Oh I would give it a zero. I want to give it a 0 but you're trying to talk me into something higher, on Purely the governance aspect of it and I I'm not 0, then I'm guessing you're gonna you're gonna hate the next Quantus headline. Because again, you're gonna focus on the fact that it's a woman which maybe you should, and you're gonna think a lot about Qantas. I always thinking of it more of a this should be a universal thing that all companies. Adopt the headline is Qantas tightened reputation metrics after increasing CEO salary again. She's taking the fall for her, but but I'm just looking at the governance practice. 20% of the long-term bonus will be based on quantic's reputation, which is measured externally on a scale between 0 and 100. I just, I love the idea of actually holding CEOs accountable for for stuff for things for for real life, things, right? All the pages. Can't be guaranteed. I mean, we're we're seeing that that CEO. Still get a significant portion of their Equity even if they underperform their peers and TSR. So I'm looking at this, I know you're already skeptical about this one. I mean, look. Okay, if you are, if you are part of the Australian market, and you know, these Australian companies, I want you to look up on free flow analytics.com. Our sponsor click through every single director's name. And just when you click once, yeah, for the Qantas directors, when you click their name, you can click on a year and it shows you what boards they were on in that year. And that includes people like John Patrick Mullen who's on the treasury wine, Estates board, right? Like who's who's on the board somehow of an airline because he's qualified for that four boards. He seems busy, he's on brambles, limited with Nora shine kestel, who's also on the same board, right? Like, so these board members all hang out, it's super insular in Australia. When you look at the networks of boards in Australia, they all basically know each other and as yourself when when John Patrick Mullen is going to the brambles limited boardroom, is he Holding that CEO to the same standard and that CEO happens to be a male named. Graham chip case. C holding him to the same standard as he just held. Vanessa, Hudson of the Qantas board. While inherited a company that was fundamentally destroyed by a bunch of boys who made it their plaything and paid themselves, a lot of money to do it. I don't, we don't spend a lot of time talking about this really in Market, but I don't know how unusual this is, but I gotta say John John, Patrick Mullen. He has on four different boards with at least 10% influence at each, which I don't see very often. I don't have ever seen that. To be honest. This is one busy dude. How does he? You think he can keep any of this straight from one board meeting to the next. I mean, how does he know? I know what's going zero? I like this is another one where you put me in a tough place because I agree with you philosophically that the idea of people receive your company should actually matter to how you get paid. You shouldn't just get paid if everyone he weighs of all the payback is basically seemed like guaranteed pay to me now. There should be ways of actually deducting, your final amount. It does, yes. Case study is one woman who came in to clean up the one of the worst comes in, who's even whose even now can lose money based on them, adding a reputation Factor, because the former male CEOs, like, like, Is there like like now, it's 20% of her long-term bonus between 2026 and 2028. Like, Like what do you think? Give me a score. I hate this. I hate it but I can't give it a zero because I know what you're doing. I know. You're welcome to you. Oh, it's a five year. I'm doing the same thing. It's you're gonna teach the audience. You're Mark, Zuckerberg's pay will be permanently, you know, tied to whether guess this is it. Do she creepy College? He doesn't even need pay. He doesn't even need pay. He should be paying. Yeah, he should feel different paying the shareholders every year. Okay, let's go. Let's end with a speed around. I got five quick headlines for the good game. Gold. Mine are Newmont names, Natasha v o and its first female, CEO. Can we celebrate news, female CEOs? Are we allowed to do? You want to good? Love, you don't know anything about her. Well, what I know is that the CEO? She might be a puppy killer. We don't know. I I know the CEO retired and gold is up. So what I know about this is she's not inheriting a wasteland of a company that is underwater, that's true, he's breaking things so I'm gonna give it a 10. Okay. Oh, I like that. And is that, should that be a data point to whether the CEO is a puppy killer or not? We could put that in the proxy statement, right? I think it should be. Yeah. I Next speed around headline. Why Lyft? CEO David risher still drives customers once a month. You think that's good? Him driving customers want something like that? It's like you want. Laxman went and served a coffee one. Do you want, do you want to see you have lift picking you up and like a 1997 Broncos? I have to, I have to your parents were teachers. Write my parents, my mom teacher librarian. My mom was a high school teacher, and she used to always say, all the time that the administration, if they didn't have a teacher, they don't know. She should actually be forced. I agree. My mom said the same stuff all the time. They teachers. And what's worse is that they would come into her classroom and they would sit in the back and stare at everybody and make everyone come. Yeah, it's way worse because it's like then, then they're actually disrupting the class they make it. What are they even evaluating? If they don't have a teacher, I don't know whether or not the kids, sit down long enough. I'm gonna give it a six because I because of my mom but I I skeptical that it's actually good. Costco. Afo promises the hot dog and drink combo will never cost more than a dollar fifty. I think it should cost more than a dollar fifty. That's a weird. It's not a weird part of Costco. It's a stupid hot dog and Coke thing. They have going. I mean I dollar 50, I gotta tell you, I I told I've I've mentioned to the on the show before that I have happily switched from Target to Costco, but the one thing I don't like about Costco is every time I glanced over to the food court area, people look very unhealthy. Well, they're eating a dollar. Well hot dog and Coke. The people in the normal shelves, look good, they're buying like flaxseeds and like almonds, but the people there's a bunch of people like shoving down, pizza slices, and hot dogs. And why I love the fact that they're cheap should should food. That's that bad for you. Be that cheap it kind of concerns me like where is like the where is like the fresh? Like shouldn't there be like roasted red peppers over there? Why is it hot dogs? I have to give it a little bit of credit because like, you know, the Quotes in the article are about how the dollar 50 price is sacrosanct like that, seems a bit extreme don't actually sacrosanct, okay, but the Costco board member also came out. You know, when Trump was ill antide and made the case that diversity is, is sacrifices Costco, effectively. He said, like you're an idiot if you're not doing it for things and there's one company fought back. I'm gonna give it. I'm actually 10 and that respect and that I don't even eat hot dogs when you think of it that way, that that they stand by d e. I and hotdogs actually makes them pretty great. I'm gonna go to Costco today and just buy something, not a hot dog and light of that. Last headline, how great is this headline? 58 million pounds of corn dogs and sausages may contain something you really don't want to eat. That's how good of a headline, is that 58 million pound. First of all, who people still eat corn dogs, is that Of all 58 million pounds of corn dogs and sausages may contain something you really don't want to eat. I don't even know what the thing is. Um, could be, that could be like an old lunchbox. Like I don't know what the headline my problem with the headline is you have to click it to feel to find out what the thing that you don't want to like a fence post. Like what is that? I don't know. Turns out it is the the United States, agriculture, food safety, you know whatever which who's running that now, who's running and a 17 year old? Like from that a doge and a former beauty queen. They said it may be contaminated with extraneous material, which means specifically pieces of wood embedded in the batter. Oh, I was right. I said, offense post, I was right. So you won. You get a splinter by eating a corn dog that attend because you shouldn't eat corn dogs. I think he should all contain extraneous material. I might be rigging this game. A bit because you're scores might be elevated. Let's end the good game for September 30th and 2025 on this headline. I don't know how you gonna take this but I know you kind of hate all this so I just wanted to hear your reaction. Is this good. Should we be praising United? Maybe a United flight from Paris to DC had to U-turn to avoid flying across the Atlantic without enough working bathrooms zero. Don't get on the plane at all scores, don't get on the plane. What are you doing? There's no need for them though. They're not made their passengers suffer, right? They just said, like now we better go back home, I have you been in an airplane, bathroom having you. It's your actually suffering going to the bathroom. I I don't eat very much a drink, very much on airplanes to avoid the bathrooms. I never read before the final because it's horrible. Like when you, when you have three kids and you're, you're wife insists on flying all over the place and you want to just stay home. And I am the one who takes the kids into the bathroom. I'm like holding him six feet in the air and trying to aim because I say that one thing I have noticed, I don't, I don't fly domestically anymore, not because I'm a snob or anything. I just don't see that. I just don't want to I'm afraid to go anywhere, but New England. I'm just point, I'm just, but when I trained, but when I have flown to to Europe recently, the one thing that always stand out to me is America's digestion and they're eating, habits are horrible. I mean, they eat the meal and they immediately get up to use the bathroom. They line up to use about what is going on with Americans digestive tracts. What? Maybe they just last cyber and discussed has a lot of fiber. I'm worried for them. Give me that that's a zero. That's zero. That's a zero. Well, I'm, you know, you were at risk before that zero, you were seven, you were to 6.8 you were at risk for breaking your streak, but that zero brought you back down to a 6.4. Here, your last four scores for the good game, 6.4 6.4 6.3 6.3 your weirdly remarkably consistent. I don't know how that works. How is that possible? I don't know. You picked the headlines, know, I know, but I it's been strange. I gotta tell you. It's strange. I really have one moved. Very I had two cuantas headlines in there. We can't predict based. Well, I had Vibes for them. I I would have they, you actually you're gonna like rose. I would have given them zeros. Otherwise that's a show. That's all. I'm at Scotty. We are free float, we got a show coming up. We're gonna do a Friday. Show this week? No proxy count on this week. We're doing fine until the season picks up in the US. But we're talking about ways to, like, cut the universe and think about, like, what companies to cover, if you have a company want to hear covered on the proxy countdown. These are companies that we analyze. We look at how you should vote your proxy. We already did Tesla. There's a free report out and social media. You can get it. Hit us. Let us know what company you want us to cover. We will look at it. We will cover it. We will talk about it. There's a shareholder Primacy podcast coming out tomorrow. Yes. They're talking about advanced notice bylaws and like I think they just some of that last week they're talking about. Some crazy stuff that actually matters. Like because no one cares about. It's a great show until that good.