Dozens of executives, including current and former CEOs and other senior-level corporate leaders, gathered in a Zoom (NASDAQ: ZM) call this past weekend to discuss a wave of restrictive voting legislation passing through various state legislatures. The meeting comes after inflammatory comments made by GOP members, decrying corporate leadership for getting involved in politics.
The meeting held this past weekend is the second event in recent memory that saw members of the corporate world speaking out against restricting voting access. Last month, a group of 72 Black executives signed and published a letter expressing their support for expanding voting access and calling on other members of the business world to join. A similar letter/statement from the recent Zoom gathering could surface this week.
The movement is gaining momentum in the corporate realm, with executives from major firms such as PepsiCo (NASDAQ: PEP), PayPal (NASDAQ: PYPL), Merck & Co. (NYSE: MRK), and AMC (NYSE: AMC) all in attendance on the weekend Zoom call. According to a Wall Street Journal source who was in attendance, many executives in the call criticized pending legislation for being too restrictive, and in many cases, racist. Some CEOs have even already spoken out in favor of signing a new statement, including Adam Aron of AMC and Tina Kuhn of CyberCore Technologies.
Despite the growing momentum, though, many members of the corporate world are treading carefully, voicing concern about the various risks of becoming involved in politics during a highly polarized era. The fear of some executives is understandable, given the vicious partisan blowback that has already occurred, with brands facing boycotts and ridicule from conservatives. Republican politicians, who are traditionally very supportive of corporate participation in politics, have made statements condemning their involvement in this particular instance, which has bewildered and even amused many spectators. Executives also face some criticism from progressives, who claim that the corporate sector isn't going far enough.
Regardless, it would appear that voting rights isn't an issue that the business world takes lightly, and this weekend's meeting may only be the latest of others to come.