The letter requests that the recently-beleaguered company either "publicly retract the discriminatory outside-counsel policies it announced in January" or, otherwise, "provide access to the corporate records related to the decision of Coca-Cola’s officers and directors to adopt and retain those illegal policies."
Penned further into the letter, the memo touches on the mega soft drink company's new policy "of contracting, refusing to contract, and altering the terms of signed contracts on the basis of the race of Coke’s counterparties, the [directors] have exposed Coke and its shareholders to material risk of liability."
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The letter goes on to cite existing anti-discrimination laws, which it alleges that the new hiring policy violates: "These conditional threats are textbook violations of Section 1981. By adopting Policies of contracting, refusing to contract, and altering the terms of signed contraction on the basis of the race of Coke’s counterparties, the Coke D&O have exposed Coke and its shareholders to material risk of liability."
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The current "diversity" policy in place at Coca-Cola requires that the company "commit that at least 30% of each of the billed associate and partner time will be from diverse attorneys, and of such amounts at least half will be from black attorneys."
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The Coca Cola company seems to be steering itself in a "woke" direction, which has drawn widespread criticism from its shareholders and from the public in general.
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Coca-Cola and American Airlines have opposed Republican voting legislation in Georgia and Texas, and Nike has also signed a letter opposing state laws banning transgender athletes from participating in women’s sports.
“Capitalism as we know it is evolving,” is a motto of Engine No. 1, an activist investment firm which last week was involved in a dramatic example of this change in business-to-business relationships.
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Against the strenuous objections of the company’s executives, ExxonMobil’s shareholders elected at least two directors committed to action on climate change from Engine No. 1’s slate of challengers. The vote was suspended at one point as company officials desperately tried to turn the tide, and the results of the elections for two other seats on the board still haven’t been announced.
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Ideas like this were bound to face blowback from the right, and as a result, companies like Coca-Cola are being attacked by conservatives for many of the same offenses that liberals have complained about in the past.
“Start serving your customers, and not wake politicians,” an anti-Coke ad says. The ads claim these big corporations are “getting political,” as if business and politics formerly operated at a pristine distance from each other.
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