An Activision Blizzard investment group spoke out against the company’s response to the lawsuit over alleged sexual harassment.
In an exclusive letter from SOC executive director Dieter Waizenegger to Axios, the Activision Blizzard shareholder says that recent promises don’t go “nearly far enough to address the deep and widespread issues with equity, inclusion, and human capital management.”
“No changes have been announced with respect to executive pay,” the letter adds.
“Either with respect to clawing back compensation from executives who are found to have engaged in or enabled abusive practices, or to align executives with the equity goals [CEO Bobby] Kotick articulated.”
The SOC investment group mission statement says it “holds corporations and their leadership accountable for irresponsible and unethical corporate behaviour and excessive executive pay,” and that it reflects the interests of workers and their families.
The group also calls on Activision Blizzard to “increase board diversity and equity by adding a woman director” by the end of 2021 and to commit to gender balance on the board at the company by 2025. It adds that at least one board seat should be reserved “for a nominee selected by current employees as their representative.”
The letter calls the management response “inadequate”, and asks that steps be taken to protect “our investment from the financial, operational, and reputational risks that have come to the fore over the past week.”
During a second-quarter 2021 financial results call Activision Blizzard CEO Bobby Kotick said that “people will be held accountable for their actions,” and termination of employees and managers or leaders where appropriate is part of that commitment.
Blizzard Entertainment president J. Allen Brack then announced he would be leaving after being named in the lawsuit against Activision Blizzard.