Rensi, who has also sat on the boards of Famous Dave’s, Great Wolf Resorts, and Snap-on Inc., announced he is joining forces with conservative advocacy groups to form the Boardroom Initiative, an advocacy coalition that will oppose corporate boardrooms that mix company policy with U.S. politics.
“Corporations have no business being on the Right or the Left because they represent everybody there, and their sole job is to build equity for their investors,” Rensi told Fox Business Wednesday.
The former McDonald’s President and U.S. CEO will be the executive chairman of the coalition, including Home Depot co-founder Bernie Marcus, the Job Creators Network and the Free Enterprise Group, and Second Vote.
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Rensi, who is responsible for creating McDonald’s chicken McNuggets during his CEO tenure from 1991-1997, said companies’ shareholders and their returns are being negatively affected by Liberal policies.
"It is not the providence of board members or executives that take shareholder money profit and spend it on social matters," said Rensi. "Corporations should not get involved in social engineering."
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The Boardroom Initiative is targeting investment fund managers such as Engine No. 1 and Blackrock, which are “slowly infiltrating American corporations by embracing woke cancel culture and prioritizing Environmental, Social and Government (ESG) scores and leveraging your 401k to do so, leaving shareholders and employees disenfranchised.”
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The coalition’s latest measure will aim at a push from Bank of America shareholders who have called for the financial institution to “commission a racial equity audit analyzing the Company’s impacts on civil rights and non-discrimination, and the impacts of those issues on the Company’s business,” all while Bank of America has reportedly promoted its employees to be “woke at work.”
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The Free Enterprise Project owns about 2,000 shares of Bank of America, enabling the group to advocate for changes on behalf of other shareholders, Fox Business reported.
Bank of America is among major US companies to come under fire for implementing training sessions for their workers that incorporate the progressive teaching concept Critical Race Theory.
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“Time and again, US companies have tried to address social problems by implementing divisive, controversial programs that have only increased conflict,” Richard Morrison, a senior fellow at the libertarian Competitive Enterprise Institute, told Fox Business.
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“Hopefully, The Boardroom Initiative is the beginning of a new era in corporate America in which extremes of ideological politics are set aside so that everyone can work on creating value for both customers and investors,” he added.
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