Semtech - 1792 Exchange

Rating Overview

Semtech is Medium Risk.

Semtech Corporation 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	Lower Risk
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:

Semtech integrates ESG into its business practices. From its Corporate Citizenship webpage: “This focus on the Environmental, Social and Governance (ESG) factors influences everything we do” (1). The company 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 (2)(3). However, Semtech has not publicly 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:

Lower

Rationale:

Semtech does not appear to discriminate against charitable organizations based on views or beliefs (1).

Criteria:

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

Risk Level:

High

Rationale:

Semtech appears to prioritize diversity over merit in its leadership composition. From its 2026 proxy statement: ” Although we do not have a formal diversity policy, when considering diversity in evaluating candidates, the Nominating and Governance Committee focuses on whether candidates can contribute varied perspectives, skills, experiences and expertise to the Board. The Nominating and Governance Committee will seek to promote an appropriate diversity on the Board of professional background, experience, expertise, perspective and age” (1). The company does not provide viewpoint protections for its employees (2).

Corporate Governance and Public Policy

Criteria:

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

Risk Level:

High

Rationale:

Semtech supports DEI within its business practices. From its CEO Interview: “I’ve always felt that there was value when a team – a set of individuals – comes from diverse backgrounds and, therefore, thinks differently. It also results in the highest level of innovation. When I came to Semtech and started hiring a new management team, I just hired the best – and those people just happened to be from Nigeria, Israel, Korea, from all over the world. It was never about trying to tick a box, but there’s no doubt that diversity has yielded tremendous results for us” (1)(2). The company supports ESG within its business practices. From its 2025 Corporate Responsibility Report: “Building on last year’s progress, we continued to strengthen our commitment to quality, compliance,
safety, environment, people and culture and governance in line with the latest ESG frameworks.” (3).

Criteria:

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

Risk Level:

Lower

Rationale:

Semtech 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:

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