Activists are pressuring U.S. companies to back up their pro-democracy rhetoric with stronger support for voting rights and changes in their political spending, arguing that companies have lost sight of the threat to stability in the country. during the year following the attack on the Capitol.

The anniversary of the uprising of a crowd challenging Donald Trump’s electoral defeat sparked new warnings about the systemic risks posed to businesses and investors by what two Brookings Institution fellows this week double a “backward” American democracy.

Trade unions and advocacy groups take advantage of the anniversary to request more transparency around corporate political spending and racial equity commitments, arguing that Republican state changes to voting laws will disproportionately affect minority voters.

A coalition comprising the Service Employees International Union and the Interfaith Center for Corporate Responsibility said on Wednesday it had filed shareholder proposals related to lobbying at companies such as Charter Communications, Eli Lilly and GEO Group, and resolutions on racial equity. at Goldman Sachs, Pfizer and Home Depot.

“For workers and investors, the insurgency has shed light on how corporate giving can either support or overthrow democracy and racial justice,” said Alphonso Mayfield, president of the Florida Public Services Union and member of the SEIU International Board of Directors.

There was “a certain level of lip service” in the statements of companies supporting democracy, he said, “but I think they also find it difficult to understand how this impacts their businesses. long-term results ”.

Renaye Manley, deputy director of SEIU’s strategic initiatives department, said the Jan.6 attack crystallized the risks of destabilization for investors, but unions wanted corporate political spending to be subject to more transparency and accountability. control of the board of directors.

Citizens for Responsibility and Ethics in Washington, a liberal rights advocacy group, said this week that 717 companies and industry groups, including Boeing, Koch Industries and General Dynamics, have made donations since Jan.6 to members of Congress who s ‘opposed the results of the 2020 presidential election or the Republican committees supporting their re-election.

Others noted that only a minority of companies had broken their pledge to suspend support for politicians, however perpetuating the idea of ​​a stolen election. About 80% of CEOs who made such promises kept them, said Yale School of Management professor Jeffrey Sonnenfeld. “They are not supporting the savage and flamethrower seditionists,” he said.

A Conference Board survey of executives overseeing corporate political spending this week found that almost all expected the climate to be at least as tough in 2022 as it was in 2021, while 42% prepared for it is even more difficult.

However, less than a third of those polled say they feel pressure on the subject from investors, compared to more than two thirds who cite pressure from employees.

Bruce Freed, president of the Center for Political Accountability, said he sees more business interest in adopting his model of transparency about political spending, but changes in political spending “are coming more slowly” than changes. changes in corporate rhetoric.

“Too many companies and their leaders continue to act as if their politics and business are business as usual. This is not the case, ”he said.

Several activists are working to get companies to voice public support for federal voting rights legislation proposed by Democrats.

Daniella Ballou-Aares, head of a business coalition called Leadership Now, said she remains worried companies “have forgotten the risks of January 6,” but the resumption of debate in Congress over voting rights had brought the subject back to the top of corporate political concerns. agendas.

Chuck Schumer, the Senate’s top Democrat, has insisted that the upper house of Congress will vote on changing its rules no later than Martin Luther King Jr.’s Day on January 17 to clear the way for Democrats to they act alone by passing legislation on the right to vote.

However, many in Washington remain skeptical about the possibility of reaching a deal, given the persistent and open opposition of at least two Democratic senators to the changes, which will require the support of the 50 Democrats in the upper house.

“If the legislation was clearer, then [CEOs] would line up behind Schumer, but it’s very difficult to see what there is to line up behind, ”said Sonnenfeld of Yale, who held a virtual GM meeting in December, dominated by their questions and concerns about the democratic stability.

Ballou-Aares added that many companies had been dissuaded from speaking out by accusations by some Republican leaders that “awakened capitalists” should stay out of politics.

“This story woke up the CEO rhetoric and the idea that voting rights were a partisan issue gained ground and raised concerns among some CEOs,” she said, “I think we are seeing this traction erode a bit. “