FEP Balancing the Board Room 2022


Friends of Liberty,
It’s vital that the left does not complete its capture of American corporations. Its takeover of higher education
(and now, clearly, so much of public education), Hollywood, the one-time news media, the civil service and so
much more has brought our country to the brink of disaster. There are few outposts left, as you well know:
maybe just corporate America and the military. Both are under attack.
But we’re fighting back, and we’re glad to have you with us. As you will see in these pages, in 2021 the Free
Enterprise Project (FEP) launched and sustained major campaigns against many of the evils of woke politicized
capital and companies. And we had significant success, especially when it came to corporate activism regarding
election-integrity laws and regarding the ill-named Equality Act – proposed legislation that pretends to be about
equal opportunity, but would in fact destroy girls’ and women’s sports, put vulnerable women at risk and explicitly
revoke longstanding religious liberties.
As we did in last year’s Balancing the Boardroom publication, we have here shone a spotlight on some of the
CEOs and other corporate executives who are most woke and most hard-left political in their management of
their corporations, and therefore most inimical to the Republic and its blessings of liberty. Whether they are truly
committed to critical race theory and the socialist foundations of woke, or they are just shameless monsters who
are willing to sacrifice our futures to their comforts, we hope you will join us in voting against these CEOs and
entire boards of directors throughout the coming shareholder season, and in helping others to be aware of their
failings and their shared responsibility for the crises we face as 2022 rolls on.
As you will see, we also ask you to renew your opposition to bad actors whom we highlighted last year. We have yet
to unseat any of them, and we might not for a long time. We’re behind the left in this fight for corporate America,
and so we may not win on vote-count alone, but we don’t need to. We are rallying allies like yourself to our cause,
as well as the pension funds of states run by people who think like we do, and other big players. So our vote totals
against these execrable executives will increase, and they and the companies who overpay them will take note of
the rising opposition – of the center/right’s ever-growing awareness of their deeds. Your vote will matter.
And as the left showed us last summer, the ultimate prize of defeating our directorial foes is within our power.
Last year a left-wing investment firm called Engine No. 1, with a tiny stake in Exxon but with the backing of real-life
Bond villain Larry Fink of BlackRock and other improperly partisan investment houses, threw three directors off
of Exxon’s board of directors and replaced them with climate-catastrophist directors who will now act to push
Exxon out of carbon-based energy development. Imagine.
This victory for the enemy proves that it can be done, and why we must all work so hard together to get it done
on our side. If we should sit back, if we should allow the left to take over the corporations the way it’s taken over
so much else of our shared national life, we will see our lives constrained and contracted as energy prices soar
and inflation gallops; as we fund the free world’s enemies by our insane national abstention from carbon-energy
production increases; and as the power of the individual and of merit are swept aside in favor of a racial, sexual and
orientational spoils systems until any inducement to effort and achievement has been destroyed. Then we will live
in a racialized socialism of the sort that history has tried before, to its shame and to the misery of everyone involved.
Thank you for once again joining us in these efforts. Vote against these directors, and then join us in constantly
reminding these companies that we sensible people of the center/right will not rest until their companies have
returned to making products, providing services, protecting their businesses from the rapine of greedy politicians
and otherwise staying well away from political and social discord.

Scott Shepard FEP Director


Vote Against Every Board Member of These Companies:
American Airlines*
American Express*
Bank of America*
Bristol Myers Squibb*
Capital One*
CVS Health
Johnson & Johnson*
Levi Strauss*
Meta (Facebook)

Parag Agrawal (Twitter)*
Stéphane Bancel (Moderna)*
Marc Benioff (Salesforce)
Chip Bergh (Levi Strauss)*
Albert Bourla (Pfizer)*
Joaquin Duato (Johnson & Johnson)*
*New additions in 2022
Larry Fink (BlackRock)
Al Gore (Apple)
Alex Gorsky (Johnson & Johnson, Apple)*
Brian Moynihan (Bank of America)
James Quincey (Coca-Cola, Pfizer)*
Darren Walker (PepsiCo)