BUSINESS
Kohl's shareholders reject proposal from anti-'woke' activist investor

Ricardo Torres
Milwaukee Journal Sentinel
Published 9:35 a.m. CT May 15, 2024 | Updated 3:10 p.m. CT May 15, 2024

A proposal from an anti-'woke' activist investor was soundly defeated by Kohl's Corp. shareholders at the retailer's annual meeting on Wednesday. ... More than 94% of Kohl's of votes cast by shareholders rejected a proposal from the National Center for Public Policy Research which wanted the company to establish a committee to review the company's charitable giving and "the effect of those actions on the company's financial sustainability."

More: Anti-'woke' activist investor group targets Kohl's with proposal to shareholders

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The National Center for Public Policy Research has made roughly 60 similar proposals with companies around the country, but those proposals have not found much support among shareholders. ... Stefan Padfield, deputy director for the Free Enterprise Project at the National Center for Public Policy Research, made a pitch to shareholders Wednesday before the vote was closed encouraging them to vote in favor of the proposal.

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In the proxy proposal leading up to the shareholder meeting, the National Center for Public Policy Research criticized a $100,000 contribution by Kohl's to The Trevor Project, a suicide prevention and crisis intervention organizations that focuses primarily on LGBTQ+ youth, and provides information and a 24/7 hotline for those who are in need of help. {snip} The National Center for Public Policy Research also singled out Kohl's' contributions to minority and LGBTQ anti-suicide organizations. ... The Washington, D.C.-based group criticizes Kohl’s Diversity and Inclusion Task Force, particularly what it called a $1 million contribution “to the BLM movement and related causes since 2020.”

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More: Here's what to know about the anti-'woke' proposal before the Kohl's shareholder meeting

Bradley Foundation is a funder of National Center for Public Policy Research

The National Center for Public Policy Research started in 1981. The Free Enterprise Project launched in 2007 is described as the “original and premier opponent of the woke takeover of American corporate life and defender of true capitalism.” {snip} Because the National Center for Public Policy Research is a nonprofit, the donors are anonymous. However organizations that donate to the organization do report their contributions. ... For example, the conservative and Milwaukee-based Lynde and Harry Bradley Foundation started donating to the organization in 2019 when it gave $220,000 to support the Free Enterprise Project, according to IRS filings.

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