Southwest Gas - 1792 Exchange

Rating Overview

Southwest Gas is Medium Risk.

Southwest Gas Holdings, Inc. 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	Lower Risk

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:

The company integrates DEI into its supply chain. From its Supplier Diversity Report: “The Company remains committed to diligently working towards… demonstrating its ongoing dedication to supplier diversity initiatives” (1). Southwest Gas Holdings has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (2).

Criteria:

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

Risk Level:

Lower

Rationale:

Southwest Gas Holdings does not appear to discriminate against charitable organizations based on views or beliefs(1)(2).

Criteria:

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

Risk Level:

High

Rationale:

Southwest Gas Holdings requires its employees to take DE&I training (1). The company appears to prioritize diversity over merit in its supply chain. From its 2024 Sustainability Report: “Supplier diversity is a key strategic business initiative that supports our commitment to fostering inclusive and sustainable practices, strengthening the communities where we operate and driving long-term success. By embracing supplier diversity, we enhance our supply chain, promote economic growth, empower diverse business owners and comply with California utility regulations” (2). Southwest Gas Holdings does not provide viewpoint protections for its employees (3).

Corporate Governance and Public Policy

Criteria:

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

Risk Level:

High

Rationale:

Southwest Gas Holdings supports DEI within its business practices, employing a DEI Council (1). The company supports ESG within its business practices. From its 2024 Sustainability Report: “An ESG Working Group brings together representatives from Southwest Gas to identify ESG-related goals and activities and presents them to the ESG Committee, composed of Southwest Gas officers, for evaluation and inclusion into companywide strategies” (2). Otherwise, there are no publicly known cases of Southwest Gas Holdings using its reputation to advance ideological causes or policies (3).

Criteria:

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

Risk Level:

Lower

Rationale:

Southwest Gas Holdings 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:

Lower

Rationale:

Southwest Gas Holdings has not used its PAC donations for ideological purposes and does not engage in lobbying at this time (1)(2)(3).