This week, South Carolina State Treasurer Curtis Loftis excluded The Walt Disney Company from an endorsed investment roster, pointing to a structural decay where “far-left activism” takes precedence over fulfilling fiduciary obligations to its investors.
“I think it’s clear to anybody paying attention that there’s a structural rot inside of Disney. It’s deep, it’s pervasive, and I suspect Bob Iger, since his return is the CEO, now realizes it can’t be fixed… it does not bode well for the future of Disney,” Loftis said.
In his capacity as the state’s financial overseer, Curtis Loftis, a member of the Republican Party, oversees an annual sum of about $70 billion. The portfolio under the State Treasurer’s purview holds $105 million in Disney debt instruments, which are set to mature as planned and will not be replenished.
Loftis contends that Disney has been adversely affected by ESG (environmental, social, and governance) principles, which critics argue is a guise for liberal activism rather than genuine corporate responsibility.
“People sometimes forget that ESG has nothing to do with investing. ESG is a speech and behavior code that was created by the left and delivered to everybody else under these virtuous circumstances, or presumed circumstances. But really, it’s about the transfer of power. And it’s been complete at Disney. The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney.”
He further stated that this influence is reflected in the underperformance of their movies and a significant decrease in their market capitalization, which now stands at about half of its previous value. Loftis expressed concern over this decline, emphasizing that it represents a substantial loss for America, given that Disney has been a cultural mainstay for many, shaping the childhoods of numerous individuals.
In the previous month, Disney surprised onlookers by essentially acknowledging in a Securities and Exchange Commission report that its political and social agenda had negatively impacted both the company and its shareholders.
