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Corporate boards eye profitability over “woke capitalism” again

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Is the end of woke capitalism over? Corporate boards are once again reprioritising profit over culture, reputation, social and climate concerns.

The survey, conducted by law firm King & Wood Malleson and reported in the Australian Financial Review, found that nearly 70% of directors now consider profitability as their top priority. This represents a notable increase from just 47% in the previous year when profitability ranked fourth behind concerns about skilled labor, skills shortages, and cyber risks.

The return to a profit-centric approach is also evident in directors’ views on supporting social issues such as “the Voice,” a term often used in the context of Indigenous representation and rights in Australia. According to the survey, 29% of directors believe that addressing these social issues is not the role of businesses, while 44% would consider it only if it directly relates to their business operations.

Only 20% of directors expressed support for businesses backing “the Voice,” despite a campaign featuring prominent directors endorsing a “Yes” vote in the Indigenous Voice to Parliament referendum.

Meredith Paynter, a partner at King & Wood Mallesons and the lead author of the survey, noted that there has been pushback against corporations taking strong stances on socioeconomic issues, particularly in the United States, where such actions have been criticised as “woke capitalism.”

The survey also revealed that over 12% of directors admitted to reevaluating or retracting their public commitments or disclosures related to environmental, social, and governance (ESG) issues. This comes in response to increased regulatory scrutiny on greenwashing and the growing threat of climate-related litigation.

Emma Newnham, a representative of King & Wood Mallesons, emphasised the real risk of greenwashing and stated that some organisations are reevaluating or scaling back their public ESG commitments in response to these concerns.

The focus on profitability extends to medium-term goals as well. The survey found that 43% of directors prioritise finding new business models, an increase from the 35% who expressed this sentiment in the previous year.

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Ticker News is now live on XumoTV and Xfinity across the U.S.

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Ticker News is now available on Xumo TV and Xfinity, bringing new era of accessibility

Ticker is thrilled to announce a major milestone for Ticker News: we are now available for streaming across the United States on Comcast’s major platforms, Xumo TV and Xfinity.

The development places Ticker News in the company of industry giants like CNN, Fox News, and MSNBC, marking a significant leap forward in our mission to deliver quality news to a wider audience.

With a combined reach of 50 million active users per month, Xumo TV and Xfinity offer an opportunity for Ticker News to expand viewership.

The achievement is particularly special with Ticker’s fifth anniversary on air on August 19.

“Getting Ticker News on these platforms was no small feat,” says Ticker Founder and CEO Ahron Young.

“It took nearly two years of intense negotiations and overcoming various technical challenges. But the journey underscores the resilience and determination of our team, proving that persistence pays off. We are immensely proud of what we have accomplished together,” Ahron says.

Being available on Xumo TV and Xfinity significantly enhances our already robust distribution network.

These platforms provide Ticker with the ability to reach millions of new viewers, further solidifying our presence in the competitive news landscape.

“Our commitment to expanding our reach and improving accessibility remains stronger than ever,” says TIcker’s Global Marketing Director, Kane Ricca.

Looking Ahead

As Ticker celebrates this exciting moment, the media company remains focused on its mission to provide accurate, timely, and engaging news to our audience.

“We are grateful for the ongoing support of our hosts, staff, investors, and viewers. Every moment counts at Ticker, and together, we are building something truly special,” says Ahron.

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‘Frank and constructive’ meeting between Harris and Netanyahu

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Vice President Kamala Harris met with Israeli Prime Minister Benjamin Netanyahu to discuss the humanitarian crisis in Gaza and a cease-fire agreement.

Vice President Kamala Harris highlighted the nature of the discussion describing it as a “frank and constructive”meeting with Israeli Prime Minister Benjamin Netanyahu at the White House.

Harris expressed her concerns about the humanitarian situation in Gaza.

She stressed the need to finalise a cease-fire deal.
Harris described the past nine months in Gaza as devastating.
She urged that the tragedies in Gaza should not be ignored. #trending

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‘Left wing lunatic’: Trump tears into Kamala Harris in major rally

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Donald Trump is ramping up his attacks on Kamala Harris – his new opponent in the November election. But will it be enough to stop her?