As a follow up to the Frat Boy Culture Scandal, SOC Investment Group (an ATVI shareholder) present during the Activision Blizzard Q2 2021 Investors Call is not satisfied by Bob Kotick’s statements concerning what the company plans to do to rectify the harassment and abuses brought in the California Department of Fair Employment & Housing (DFEH) lawsuit.
Today, in an AXIOS exclusive interview, SOC Investment Group said “Activision Blizzard’s recent promises to improve its culture do not go nearly far enough to address the deep and widespread issues with equity, inclusion, and human capital management that the company is facing.“
SOC executive director Dieter Waizenegger shared with AXIOS a list of three things Kotick failed to propose changes to what’s affecting Activision Blizzard; and a list of demands of what he wants Activision Blizzard to change. Very spicy statements coming from a shareholder.
Things Waizenegger says Activision Blizzard hasn’t done:
- No changes to alter the process for filling vacancies.
- No changes to executive pay, or monetary penalties to those who enabled abusive practices.
- Wilmer Hale must go because it is deficient and fails to address the needs of workers.
Things Waizenegger demands Activision Blizzard to change:
- Add a woman director to the board of executives and committing to gender-balance on the board by 2025; and a seat on the board for a nominee selected by employees as their representative (BIG!).
- Monetary penalties against those who engaged or enabled abusive behavior, and no bonuses.
- Undertake company-wide Equity review based on concerns by ABK employees.
In closing statements, he flattened Activision Blizzard with:
“At this critical juncture in Activision Blizzard’s history, we urge you and the board to push beyond the inadequate response from management and take the steps necessary to protect our investment from the financial, operational, and reputational risks that have come to the fore over the past week.”
This is just a summary. You can read the AXIOS exclusive with SOC executive director Dieter Waizenegger here.
Personally, I think Activision Blizzard’s shareholders are the most powerful ally @ABetterABK (Activision Blizzard King Workers Alliance) have, along with fans. This move by SOC Investment Group shouldn’t be forgotten. @ABetterABK should seek to communicate with all shareholders to seek support and guidance on how to face Activision Blizzard executives and their cold attention to their demands.
The only way investors and shareholders can feel at peace concerning the scandal is if Activision Blizzard is forced to act on the workers’ demands. Otherwise, this will continue to devolve in more walkouts, more press, and more stock loss.
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