Australian companies have been shifting from a purely shareholder focus to a much vaguer, less accountable, and damaging stakeholder focus for many years. One important byproduct of this decline in shareholder focus has been former shareholder resources moving into ‘social responsibility’, corporate activism, and promotion of political and popular causes that are often antithetical to the interests of corporations’ own shareholders. This has resulted in many corporations becoming ‘woke’.

Read the paper here: https://www.cis.org.au/publication/the-rise-of-activist-corporations-how-activism-agendas-subsumed-shareholder-primacy/