1792 Insights
The 1792 Exchange is committed to delivering sharp, data-driven analysis of corporate America’s political entanglements. Discover what investors, executives, and concerned citizens should know regarding why businesses should return to neutral, mission-focused operations.
HRC Launches Educators for Equality Pledge
As a new school year rolls around, the Human Rights Campaign (HRC) launched a new pledge focused on recruiting educators to commit to “ensure every student feels safe, valued, and affirmed.” This Educators for Equality pledge, among other things, asks signatories to: This initiative fits squarely within HRC’s existing work in schools via its Welcoming Schools program, an “anti-bullying” curriculum that functions as a subversive way to discuss LGBTQ+ topics in the classroom. If that accusation feels like an assertion, consider the fact that the “key resources” HRC highlighted in the pledge sign-up are “pioneering LGBTQ+ and gender-inclusive professional development training, lesson plans, booklists and school advocacy resources specifically designed for educators and youth-serving professionals.” For example, an “Educator for Equality” might use the Welcoming Schools curriculum to teach 3rd graders about the “Gendersnow Person” as a way to “explore the concepts of gender identity and gender expression” and that there are “many ways to be a girl, boy, both or neither.” Even a cursory journey through the Welcoming Schools website will clarify HRC’s obsession with getting our schools to focus on modern gender ideology rather than academic excellence. Its School Board Guide is for parents, teachers, and “concerned community member[s]” to learn how to effectively advocate for LGBTQ+ policies, “organize and build power” in their local communities, and hold their school board members “to a higher standard.” Its Self-Care guide provides LGBTQ+ youth with resources to find community support, including TrevorSpace, an online chatroom that allows adults to communicate with minors about LGBTQ+ topics. Adults in …
Tale of Two Rebrands: Cracker Barrel Listened. Jaguar Did Not. The Results Speak Loudly
It was the best of times for customer loyalty. It was the worst of times for corporate rebranding. In a span of two years, two iconic brands ventured into the same storm and shipwrecked their reputations and their stock prices all in the name of “reinvention.” One heard the roar from loyal customers and adjusted course. The other remained willfully deaf. The results tell the story, even for those who still don’t want to hear it. In the dog days of August 2025, Cracker Barrel unveiled a stripped-down new logo and began remodeling its restaurants, scrubbing out the nostalgia-rich clutter for a more antiseptic, sure-to-be-dated-in-a-year look. Unsurprisingly, faithful customers noticed and responded immediately. The familiar barrel with Uncle Herschel seated nearby vanished. The warm, unpretentious and inviting character that had defined the chair for decades seemed to evaporate in a moment. Sales, which had already been slowing due to declining food quality complaints, suffered more. The stock price plummeted, wiping out tens of millions in market value in days. Investors following the company closely raised concerns, including investor Sardar Biglari who specifically outlined the downsides of the rebrand, calling the $700 million transformation plan “obvious folly” well before the company poured capital into the doomed project. High profile voices across media and online platforms joined in to amplify the disconnect. Even President Trump joined the conversation posting on Truth Social “Cracker Barrel should go back to the old logo, admit a …
As You Sow Misleads Readers about Anti-DEI Proposals
Earlier this summer, as the 2025-2026 proxy season came to a close, leading progressive shareholder group As You Sow intentionally misled readers about the success of anti-DEI proposals. As You Sow suggested that voting results on anti-DEI shareholder proposals at 43 companies this season, including Disney, Costco, Visa, and Apple, proved that 99% of investors are opposed to anti-DEI measures. As You Sow claimed that the universal failure of these proposals sends an “unmistakable message” to corporate boards that DEI is a “financial asset” that directors need to prioritize for the needs of the company, labelling anti-DEI efforts as a “political threat.” A 0-43 record for anti-DEI proposals does appear striking at first. However, no ESG proposals won majority support in the 2025-2026 proxy season, which includes pro-DEI proposals at 0-10 with an average support around 13%. According to Broadridge’s 2025 ProxyPulse report, voting by retail investors “declined to 28% of their shares owned in 2025,” which is the lowest level of participation in 9 years. Low retail investor participation is the historical norm, as proxy votes are disproportionately cast by large institutions on their behalf, not by individual investors. As You Sow knows this. Furthermore, for As You Sow to suggest that “[d]iversity is not a liability to be managed, it is a dividend to be captured” when companies like IBM and Nike have recently faced intense scrutiny for their DEI practices is absurd. To learn more about the Myth of Shareholder Democracy, consider reading Stefan Padfield’s piece titled: Proxy Voting and the Myth About Shareholder Democracy.
DEI by Another Name
In response to legal, political, consumer, or shareholder pressures, companies are increasingly replacing “DEI” terminology with broader terms such as “Inclusion,” “Culture,” or “Belonging,” while providing little explanation as to whether the changes are substantive or primarily cosmetic. For example, CVS Health renamed its public-facing DEI page to ”Inclusion & Belonging” without issuing a public statement explaining the change. The company also stopped referencing a diversity pay metric for leadership in their annual 10-K filing. Similarly, Home Depot quietly removed its DEI webpage and replaced it with a ”Living Our Values“ section. While these changes alter the public branding, they do not necessarily clarify whether the companies’ underlying policies or priorities have materially changed. From a shareholder perspective, this lack of transparency can create uncertainty about a company’s strategic direction and how it intends to approach politically and socially contentious issues going forward. It is in companies’ best fiduciary interest to clearly communicate whether they are maintaining, modifying, or discontinuing DEI-related initiatives rather than simply changing terminology. Providing that clarity allows shareholders and other stakeholders to better understand the company’s priorities and evaluate whether its policies remain focused on advancing its core business objectives and long-term fiduciary responsibilities. Home Depot’s Previous DEI Page vs Its “Rebranded” Page
How Companies Have Responded to the SPLC
Growing scrutiny of the Southern Poverty Law Center has sparked a broader conversation about how its “hate group” list is being used to blacklist mainstream Christian and conservative nonprofits from corporate charitable giving programs, most notably through Benevity, one of the largest employee-match platforms, used by hundreds of the Fortune 500. Below, we track how companies are responding to the public call to distance themselves from the SPLC and to stop using its designations to discriminate in corporate giving. 8 Publicly removed the SPLC filter 5 Confirmed no politicized filters 5 Distanced themselves from the SPLC 2 Dodged or downplayed the filter 8 Publicly removed the SPLC filter Salesforce Bowyer Research (Substack) Mastercard Bowyer Research (Substack) Texas Instruments Bowyer Research (Substack) AT&T Bowyer Research (Substack) NVIDIA Daily Signal Microsoft Daily Signal Philip Morris Inspire Investing DoorDash Daily Signal 5 Confirmed they do not use politicized hate-group filters for charitable eligibility Meta Bowyer Research (Substack) Morgan Stanley Bowyer Research (Substack) Citi Citi Foundation statement McDonald’s Inspire Investing American Express Inspire Investing 5 Publicly distanced themselves from the SPLC Reported together in a single account of tech companies stepping back from the SPLC. Source: Daily Signal → Alphabet Mastercard Meta PayPal Salesforce …
Minecraft’s “Hive of Harmony” Targets Kids with Activist Messaging
1792 Exchange Executive Vice President Greg Scott spoke with the Daily Caller News Foundation about “Hive of Harmony,” a free Minecraft Marketplace add-on released to coincide with Stockholm Pride. The download gives players rainbow-themed hives that grow twice as fast, an “Ally Queen” bee, and multiple pride flag variants, including the transgender flag. Ideological propaganda has no place in games targeted at children. Unfortunately, many companies have not gotten the message that Americans are fed up with corporate activism on behalf of radical and dangerous causes. What’s even worse than the messaging itself is that online gaming is the new playground for predators, and with this new feature, Minecraft is making it easier to identify and target the most vulnerable children. As a company infamous for its viruses, Microsoft should be more sensitive to what it is purposely infecting its products with. Every parent should know just what these companies are up to and be vigilant about what their children are doing with their screen time. Read the full story at the Daily Caller