PDF Solutions - 1792 Exchange

Rating Overview

PDF Solutions is Medium Risk.

PDF Solutions is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. The company occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

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

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High 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:

Medium

Rationale:

PDF Solutions integrates ESG into its business practices. From the RBA Code of Conduct, which the company requires all its suppliers to adhere to (1): “Energy consumption and all Scopes 1, 2, and significant categories of Scope 3 greenhouse gas emissions shall be tracked, documented, and publicly reported. Participants shall look for methods to improve energy efficiency and to minimize their energy consumption and greenhouse gas emissions” (2). PDF Solutions promotes divisive sex and gender policies. Its supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (3). However, the company has not canceled customers, suppliers, or vendors based on political views or religious beliefs (4).

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:

PDF Solutions 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:

High

Rationale:

PDF Solutions offers diversity training to its employees (1). The company offers “inclusive leadership” training to its employees (2). However, in 2025, the company stopped publishing its ESG Report. To date, the company has not publicly addressed these changes, leaving shareholders without clarity regarding the company’s reasoning or future direction (3). The company appears to prioritize diversity over merit in its recruitment. From its 2023 Annual Report: “We are strengthening our diversity and inclusion programs with actions around…a revitalized recruitment strategy” (4). However, in 2025, the company removed DEI language and policies from its Annual Report in light of the January 2025 executive order (5). From its 2023 Environmental, Social, and Governance Report: “100% [of] New directors appointed in the last five years…are diverse (gender or ethnicity” (6). The company also stated “…we are committed to actively seeking highly qualified individuals from minority groups to include in the pool from which new Director candidates are selected. 38% of our Board is gender diverse, and 38% of our Board is racially diverse” (7). However, in 2025, the company stopped publishing its ESG Report. To date, the company has not publicly addressed these changes, leaving shareholders without clarity regarding the company’s reasoning or future direction (8). PDF Solutions appears to prioritize diversity over merit in its leadership composition. From its 2026 Proxy statement: “Our Board has adopted a diversity policy, pursuant to which we actively seek highly-qualified individuals from minority groups to include in the pool from which new candidates are selected.” (9). PDF Solutions protects its employees against viewpoint discrimination (10)(11).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

PDF Solutions supports DEI within its business practices. From its ESG webpage: “We embrace diversity, equity, and inclusion throughout our organization” (1). From its Diversity, Equity, and Inclusion Global Policy: “PDF Solutions will continue to strengthen our diversity and inclusion efforts in the areas of organizational awareness and HR practices.” (2). PDF Solutions supports ESG within its business practices. From its 2024 ESG Report: “We look forward to continuing to drive value for the Company, stockholders, and extended stakeholders through the development of our ESG program” (3). However, in 2025, the company stopped publishing its ESG Report. To date, the company has not publicly addressed these changes, leaving shareholders without clarity regarding the company’s reasoning or future direction (4).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

PDF Solutions has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

PDF Solutions does not operate a PAC or engage in lobbying at this time (1)(2)(3).