Governor Ron DeSantis announced he is directing the State Board of Administration (SBA) to launch an inquiry into Bud Light’s parent company AB InBev over a potential breach of its fiduciary duties to shareholders. In a letter to the SBA’s executive director, DeSantis suggested that the company violated “legal duties” by partnering with transgender influencer Dylan Mulvaney and promoting “radical social ideologies,” which sparked a boycott and a massive drop in sales.
“It has come to my attention that the [SBA] currently holds global equity assets with Anheuser-Busch InBev (AB InBev),” DeSantis said in the Thursday letter.
“As you well know, AB InBev’s performance has plummeted since its decision to associate its Bud Light brand with radical social ideologies. That fateful decision has transformed America’s formerly best-selling beer — and one of InBev’s best-performing assets — into a commercial pariah. InBev’s losses have been staggering.”
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DeSantis referred to the partnership with Mulvaney as a “bizarre marketing misstep” that has cost the beer brand its top spot. The letter also cited a Newsweek report which found that Bud Light had experienced a 28 percent drop in revenue year-over-year, according to NielsenIQ data. The drop in sales has also reportedly bled into other subsidiaries of AB InBev, including Michelob Ultra and Busch Light.
“Clearly, the Board’s management — as well as its failure to remediate the problem and repair its relationship with millions of disaffected American consumers — has led to this impasse and will continue to financially harm the SBA and other shareholders,” DeSantis added.
“We’ve kneecapped ESG in Florida,” the Governor tweeted on Thursday. “All options are on the table.”
The decision received praise from conservatives.
“I love this,” one commenter wrote.
“Yes, it’s about bud light, but it also puts all public companies on notice. Your first duty is to your employees and shareholders. Let them figure out how to remake the world.” ~ Frog Capital [@FrogNews]
“Florida: the state where woke goes to die,” wrote Rebel News’s Ian Miles Cheong. “Beats angry tweeting.”
“Several anti-ESG candidates are in the presidential race. That’s a good sign for the future,” said Dilbert creator Scott Adams.
“Accountability is coming, woke corporations are finally waking up to the cost of their ESG activism,” said Will Hild, executive director of Consumers First.
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Corporations have a fiduciary duty to make the best financial decisions for their shareholders.
We have a responsibility to protect the investments in Florida’s retirement system. Injecting political ideology to the detriment of our first responders won’t be tolerated. https://t.co/TyddXajuli
— Jeremy Redfern (@JeremyRedfernFL) July 21, 2023
Thank you, @GovRonDeSantis, for your tireless work to protect Floridians’ retirement investments. https://t.co/3wiix4FHyR
— AG Ashley Moody (@AGAshleyMoody) July 21, 2023
BREAKING: @RonDeSantis says that @AnheuserBusch may be in breach of their fiduciary duty, and Florida is investigating whether shareholder action(s) should be initiated.
Accountability is coming, woke corporations are finally waking up to the cost of their ESG activism. https://t.co/o57rnI1YID
— Will Hild (@WillHild) July 21, 2023
After the announcement, DeSantis Press Secretary Jeremy Redfern added,
“Corporations have a fiduciary duty to make the best financial decisions for their shareholders. We have a responsibility to protect the investments in Florida’s retirement system. Injecting political ideology to the detriment of our first responders won’t be tolerated.” ~ Jeremy Redfern
The State Board of Administration is tasked with managing investment portfolios, including those related to state employees, retirement funds, disaster relief funds, and others.
Ron DeSantis on Jesse Watters: pic.twitter.com/xc3erGOMMc
— Ron DeSantis People (@desantispeople) July 21, 2023
On Thursday, DeSantis made an appearance on Jesse Watters Primetime, and defended the letter in an interview.
“When you start pursuing a political agenda at the expense of your shareholders, that’s not just impacting very wealthy people,” DeSantis said. “It impacts hardworking people who were police officers, firefighters, and teachers in terms of their pension.”
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