In a sign that top corporate executives are finally grasping that investors aren’t on board with their walk on the woke side, there’s been a measurable drop in the number of references to green and social initiatives on earnings calls over the past few quarters.

Unfortunately, this doesn’t mean corporate America’s forays into social activism have slowed; it only means they know better than to agitate the shareholders to whom they have a fiduciary duty.

The Wall Street Journal published a graph showing the number of mentions of “‘ESG,’ ‘DEI,’ ‘environmental, social and governance,’ ‘diversity, equity and inclusion,’ or ‘sustainability’” by executives of United States-listed corporations on earnings calls over the past five years. In the first quarter of 2018, there were 170 mentions. The number grew steadily over the next couple of years. But following the death of George Floyd in May 2020 and the civil unrest that followed, the number of mentions surged, reaching a peak of 942 in the first quarter of 2022.

Over the past year, however, the number has fallen sharply. For the second quarter of 2023, it stands at 575. Safe to say, corporate financial officers have noticed that not all investors are willing to sacrifice profits for the sake of ESG initiatives.

But make no mistake: Companies don’t plan to abandon their activist programs. They just won’t be touting their activities quite as loudly.

The Journal cites electronic-signature firm DocuSign, whose CFO boasted on a March 2022 earnings call that “the company achieved carbon-neutral status during the year ended that January.” There has been no mention of climate or social initiatives on any of the company’s earnings calls since then. When asked for an explanation by the Journal, a company spokeswoman “didn’t comment on why executives haven’t discussed such topics on recent earnings calls, but said the company continues to make investments in its environmental, social, and governance programs and regularly updates investors and customers on its initiatives.”

I’m sure they do.

Last August, corporate advisory firm KPMG polled U.S. CEOs about the impact of ESG on their companies’ profitability. The survey concluded that 45% “agree[d] that ESG programs improve financial performance.” This reflects “an increase from 37%” over the previous year.

Having worked for years as a financial consultant, I find these conclusions to be rather dubious. I point to the subjective nature of the survey, which does not look at financial results, but merely asks CEOs for their personal opinions.

According to KPMG, “When asked where CEOs see corporate purpose having the greatest impact over the next 3 years, driving financial performance is in the top spot with 73%. CEOs increasingly understand that businesses embracing ESG are best able to secure talent, strengthen employee value proposition (EVP), attract loyal customers and raise capital. ESG has gone from a nice-to-have to integral to long-term financial success.”

Clearly, many would agree with KPMG’s findings.

A week after Bud Light made the disastrous decision to partner with transgender influencer Dylan Mulvaney to promote the sale of a product that has appealed to working-class, ordinary Americans for generations, Rolling Stone published an article titled , “Companies That Get ‘Woke’ Aren’t Going Broke — They’re More Profitable Than Ever.”

The author predicted that sales of Bud Light, and the stock price of Anheuser-Busch, would quickly recover. But two months later, Bud Light sales are still down nearly 25% , and Anheuser-Busch stock is down 15%.

The article reminds readers of “the Keurig kerfuffle of 2017.” Remember it? Neither do I.

According to Rolling Stone, after several women accused Alabama Republican Senate candidate Roy Moore of sexual misconduct, Fox News host Sean Hannity asked viewers not to rush to judgment. In response, Keurig pulled its ads from his show. “Hannity’s fans called for a boycott and started smashing their Keurigs for social media.” And now, six years later, the company is doing better than ever.

Rolling Stone also cites the uproar following United Airlines’ 2021 announcement that 50% of their new pilot trainees would be “women and/or people of color.” Imagine prioritizing a person’s sex or skin color, rather than their skill, when hiring airline pilots. Crazy, huh?

At any rate, when it comes to beer brands, mass retailers, or passing on an overpriced vacation to a Disney theme park, customers have a lot of choices. And the boycotts are clearly having an effect on these companies’ bottom lines.

But if we know anything about the Left, it’s that they are thoroughly committed to advancing their agenda, regardless of how unpopular and unreasonable it might be. So it looks like woke capitalism is here to stay.

But corporate executives, while still unwilling to part ways with it, are at least acknowledging that it’s problematic. And rather than openly boasting about these initiatives, they are handling them far more discreetly.

Elizabeth Stauffer is a contributor to the Washington Examiner, Power Line, the Western Journal, and AFNN and is a past contributor to RedState, Newsmax, and Bongino.com . Her articles have appeared on many sites, including RealClearPolitics, MSN, and the Federalist. Please follow Elizabeth on  Twitter  or  LinkedIn .