We have more news about Activision Blizzard’s actions and unfortunately these also do not herald anything good for the Californian company. Service Axios reports on the six state treasurers who, in the letter of November 23, expressed their willingness to meet with representatives of the corporate board to discuss the investment risk hanging over her (most likely related to the recent drastic decline in its share prices). The treasurers would assess the management board’s conduct, and thus give their opinion on the demands of the SOC investment group, about which we wrote two weeks ago.
We believe that fundamental changes should be made in the company. We are concerned that the current CEO and directors of the board of directors do not have sufficient skills and attitude to implement them. Are they required to improve the work culture and rebuild the trust of employees, as well as investors and their partners? comment by Michael Frerichs, Illinois Treasurer for Axios.
Activision has not yet commented on this issue. However, the SOC representative said that the company responded to the letter yesterday. The aforementioned treasuries manage trillions of dollars in assets, but it is not known how many Activision shares they currently own, and the same how big is the power of their vote in the board. Frerichs has further confirmed that the state of Illinois has an investment in Activision Blizzard and is therefore suffering from the drastic decline in the company’s share price:
One of the things the treasury brings is also that they are in the spotlight and exert little public pressure. So it’s not just about the number of dollars and the number of shares we have. But at the same time, we are long-term investors and we want the risk that caused this decline to be averted? so that it doesn’t happen again. You might say, “Hey, we paid the victims,” but if you continue a culture that creates new victims in the future, you are putting your business at greater risk.
This case was awaiting the supervisory board to take appropriate measures and investigate. Real investigation, that is outside. I mean, what was it that two weeks ago they said they were supporting the CEO? ?? Said Deborah Goldberg, Massachusetts Treasurer, for Axios.
Treasurers are counting on a meeting with Activision management board representatives on December 20. Their sudden interest in the gaming market may stem from New York State’s announcement last year to phase out its $ 226 billion retirement fund from fossil fuel companies. This is obviously due to the growing popularity of ecological transport. Thus, treasury probably increased investment in new, promising industries ?? including concerns related to video games.