Biglari Holdings - 1792 Exchange

Rating Overview

Biglari Holdings is Lower Risk.

Biglari Holdings is Lower Risk. The company does not yield to political activism in shaping corporate governance, preventing initiatives that potentially alienate consumers, divide employees, and harm shareholders. The company elevates merit, excellence, and integrity ahead of race and identity-based policies. Biglari Holdings does not embrace corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach protects free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Lower Risk
Discriminatory Philanthropy	No Data
Employment Protection	Medium Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	Lower Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Lower

Rationale:

Biglari Holdings has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (1).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

N/A

Rationale:

Biglari Holdings does not publish charitable giving guidelines (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

Medium

Rationale:

Biglari Holdings considers merit over characteristics when hiring employees. From its 2023 Annual Report: “The Company does not have a policy regarding the consideration of diversity, however defined, in identifying nominees for director. Instead, in identifying director nominees, the Board looks for individuals who possess integrity, ownership mentality, business expertise, and enterprise qualities that support an entrepreneurial culture” (1). The company considers merit over characteristics when hiring employees. From its 2023 Annual Report: “When hiring personnel, we do not consider circumstances of birth, race, gender, ethnicity, religion, or any other factor unrelated to talent” (2). Biglari Holdings does not publish a nondiscrimination policy (3).