Oklahoma Treasurer Launches Anti-DEI Campaign on Amazon, Google, Netflix and More

Oklahoma Treasurer Todd Russ is expanding his efforts to address what he sees as problematic trends in corporate policies. Instead of banks and pension systems, he is now targeting the Tobacco Settlement Endowment Trust, a $2 billion fund meant to address smoking-related health issues. Russ, as chairman of the trust’s Board of Investors, recently brought in a shareholder proxy advisory company to look into companies like Amazon, Google, and others.

At a special meeting in November, Bowyer Research gave a presentation to the TSET Board of Investors. The goal is to push for what Russ calls “political neutrality” and to shed light on how companies’ charitable donations may affect religious or speech-related discrimination. Oklahoma, through TSET, is planning to present resolutions at annual shareholder meetings for these companies.

In a statement released last month, Russ expressed his concern about the increasing focus on ESG (Environmental, Social, and Governance) issues, Diversity, Equity, and Inclusion (DEI), and the impact on shareholder returns. Shareholders of publicly traded companies have the opportunity to voice their opinions at annual meetings on matters like executive compensation, board elections, and audit firms. However, they can also request regulatory agencies to include additional items on the agenda related to labor relations, human rights, and climate change.

Aside from Amazon and Google, the companies under scrutiny include AirBnB, Blackstone, GoDaddy, Lululemon, Morgan Stanley, Morningstar, Netflix, Wyndham, and Yum! Brands. The exact number of shares held by TSET in these companies has not been disclosed yet, but Oklahoma Watch has requested this information.

It’s important to note that the Bowyer Research presentation to the TSET Board of Investors may have misrepresented governmental restrictions on free speech in relation to private companies’ content moderation policies. These private companies have their own terms of use that dictate what content is allowed on their platforms. Research from various organizations, as mentioned in the presentation, should be viewed with this context in mind.