Is Vanguard woke? Internet highlights concerning trend in wake of Target and Chick Fil A boycott backlash

Vanguard, one of the world’s largest investment management companies, has recently been blamed for being behind the woke marketing of several brands. The claim was made on Twitter by @bambkb on May 28, 2023. The user named Vanguard, Blackrock, and State Street as the retailer, Target’s largest shareholders.

It was further noted in the tweet that the real reason brands are going woke is because of a report called the “Corporate Equality Index” or CEI. The CEI report rates American businesses on how they treat their employees, consumers, and investors who belong to the LGBTQIA+ community. The report is then published by the Human Rights Campaign Foundation.

@bambkb’s tweet claimed that if the CEO of a company does not support the CEI index, they would not be reelected by their shareholders. The tweet also contains a video, where a person explained that corporations like Blackrock and State Street support the CEI index.

The person in the video further stated that companies are not really scared of facing boycotts. Sometimes, these companies push LGBTQ+ marketing campaigns, not because they particularly want to or because it's good for profits, but because of a high CEI score. They might face some backlash or lose some money in the process, but failing to score a high CEI poses a much bigger threat to them.

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Republican states try to block Vanguard's purchase

More than a dozen of states in the USA that Republicans lead want Federal Energy Regulatory Commission to put an end to Vanguard’s plans of purchasing more than $10 million shares in public utility companies as the corporation supports “woke” investment strategies.

According to Republicans, this strategy is called ESG, which stands for Environmental, Social, and Governance. Companies with policies falling under ESG use these three factors to guide their investments.

Attorney generals from 13 states have filed a motion regarding this. They argued that the corporation’s ESG policies prioritize combating climate change, which could adversely affect household power bills that bank on fossil fuels.

They also added that greenlighting the investment firm’s massive purchase would be in direct conflict with the public interest since the conservatives are dead against woke marketing campaigns.

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Netizens discover Vanguard's involvement amidst Chick Fil A and Target boycotts

The most recent companies to face backlash and boycott threats from conservatives are Target and Chick Fil A. While Target was targeted for launching their Pride 2023 kid's collection in their stores, Chick Fil A came under fire for having a DEI program, which, in a way, extends its support to the LGBTQ+ community.

The backlash against Target has been severe, causing the retailer to withdraw its Pride collection. Several netizens visited their stores and filmed the Pride merch, among which, one "tuck-friendly" swimwear offended conservatives the most. They accused the retailer of indoctrinating their children's minds with LGBTQ ideologies.

On the other hand, Chick Fil A, a brand that has been known for its Christian values, was criticized and received boycott calls for having a Diversity, Equity & Inclusion program in their firm. Conservatives claimed that this program was implemented to support trans people and other queer people, which they said, clashes directly with Christian values.

Amidst the boycotts, news emerged that investment corporation Vanguard was why these companies were compelled to push their "woke" and "inclusive" marketing campaigns.