{"id":25357,"date":"2021-12-03T08:49:04","date_gmt":"2021-12-03T08:49:04","guid":{"rendered":"https:\/\/www.ginx.tv\/us-treasuries-threaten-to-hit-activision-blizzard-where-it-hurts-their-pockets"},"modified":"2021-12-03T10:26:09","modified_gmt":"2021-12-03T10:26:09","slug":"us-treasuries-threaten-to-hit-activision-blizzard-where-it-hurts-their-pockets","status":"publish","type":"post","link":"https:\/\/www.ginx.tv\/en\/video-games\/us-treasuries-threaten-to-hit-activision-blizzard-where-it-hurts-their-pockets","title":{"rendered":"US Treasurers threaten to hit Activision Blizzard where it hurts, their pockets"},"content":{"rendered":"<p>According to a report by <a href=\"https:\/\/www.axios.com\/state-treasurers-pressure-activision-over-misconduct-352fe2e6-64d4-4f30-ba7e-39e0e13419de.html\" target=\"_blank\" rel=\"noopener nofollow\">Axios<\/a>, video game behemoth Activision Blizzard is under pressure to make &#8220;meaningful changes&#8221; after finding itself embroiled in <a href=\"https:\/\/www.ginx.tv\/en\/video-games\/activision-blizzard-sued-by-california-over-frat-boy-culture\">several lawsuits<\/a> and investigations into allegations of harassment, gender discrimination and pay disparity at the company.<\/p>\n<p>The report noted that a letter sent on 23rd November by US Treasurers from California, Massachusetts, Illinois, Oregon, Delaware, and Nevada requested a meeting with Activision Blizzard board members to discuss their response to &#8220;the challenges and investment risk exposures&#8221; plaguing the company.<\/p>\n<p>Axios further noted that US State Treasurers would &#8220;weigh&#8221; a &#8220;call to vote against the re-election of incumbent directors&#8221; and were not afraid to &#8220;utilize billions of dollars [&#8230;] as a way to trigger corporate change.&#8221; The company has until 20th December to respond.<\/p>\n<h2>US Treasurers threaten to hit Activision Blizzard where it hurts, their pockets<\/h2>\n<p>This response came after calls by employees and investors for <a href=\"https:\/\/www.ginx.tv\/en\/video-games\/activision-ceo-bobby-kotick-doesn-t-realize-he-s-part-of-the-problem\">CEO Bobby Kotick to resign<\/a>, which seemingly fell on deaf ears after the Activision Blizzard board of directors expressed confidence in Kotick&#8217;s &#8220;leadership, commitment and ability&#8221; to lead the company.<\/p>\n<figure class=\"img-figure\" contenteditable=\"false\"><img decoding=\"async\" style=\"width: 100%;\" contenteditable=\"false\" src=\"https:\/\/cdn-cf.ginx.tv\/imgcdn\/w9-RarRhYoVkOpZtPgmtzm8aGTp03ki42EXYq5Q5AvM\/rs:fill:0:0:1\/g:ce\/aHR0cHM6Ly93d3cuZ2lueC50di91cGxvYWRzMi9WR19JbmR1c3RyeS9BY3RpdmlzaW9uX3N1ZWQvb3JjLXN0YXR1ZS5qcGc\" alt=\"Activision Blizzard has come under fire over allegations of harassment and discrimination at the company\" width=\"1000\" height=\"750\" loading=\"lazy\"><figcaption contenteditable=\"false\">Activision Blizzard has come under fire over allegations of harassment and discrimination at the company. (Picture: Blizzard)<\/figcaption><\/figure>\n<p>Illinois State Treasurer Michael Frerichs told Axios that they think &#8220;there need to be sweeping changes made in the company,&#8221; referencing the <a href=\"https:\/\/www.ginx.tv\/en\/video-games\/activision-s-ceo-knew-about-sexual-misconduct-allegations-for-years-sources-report\">bombshell article<\/a> by the Wall Street Journal &#8220;that said Kotick downplayed sexual misconduct allegations at the company.&#8221;&nbsp;<\/p>\n<ul>\n<li><strong>Read more:&nbsp;<a href=\"https:\/\/www.ginx.tv\/en\/video-games\/activision-blizzard-ceo-slashes-own-pay-as-he-clings-to-job\">Activision Blizzard CEO slashes own pay as he clings to job<\/a><\/strong><\/li>\n<\/ul>\n<p>Frerichs continued to express their concern, saying that Kotick and the current board of directors &#8220;don&#8217;t have the skillset, nor the conviction to institute these sweeping changes needed to transform their culture, to restore trust with employees and shareholders and their partners.&#8221;<\/p>\n<figure class=\"img-figure\" contenteditable=\"false\"><img decoding=\"async\" style=\"width: 100%;\" contenteditable=\"false\" src=\"https:\/\/cdn-cf.ginx.tv\/imgcdn\/RtrFVweVZ4OW2wAaduUteDfZepLNjkd3Vg-bbcNUA9s\/rs:fill:0:0:1\/g:ce\/aHR0cHM6Ly93d3cuZ2lueC50di91cGxvYWRzMi9WR19JbmR1c3RyeS9BY3RpdmlzaW9uX3N1ZWQvTVAtQk9CQlktS09USUNLLU9GRi1QTEFURk9STS0xLmpwZw\" alt=\"US Treasures are concerned about Bobby Kotick's downplaying of sexual misconduct allegations at Activision Blizzard.\" width=\"1024\" height=\"683\" loading=\"lazy\"><figcaption contenteditable=\"false\">US Treasurers are concerned about Bobby Kotick&#8217;s downplaying of sexual misconduct allegations at Activision Blizzard. (Picture: Scott Olson \/ Getty Images)<\/figcaption><\/figure>\n<p>Axios noted that Frerichs confirmed that the state of Illinois has investments in Activision Blizzard, which explains why US Treasurers are pressuring Activision Blizzard to get a grip since plummeting stock prices affect state pension funds, and thus, the state as a whole and its citizens.<\/p>\n<p>Since the US Treasurers own Activision Blizzard stock, they also have some voting power; however, it is not known how much influence they possess.<\/p>\n<figure class=\"img-figure\" contenteditable=\"false\"><img decoding=\"async\" style=\"width: 100%;\" contenteditable=\"false\" src=\"https:\/\/cdn-cf.ginx.tv\/imgcdn\/hXt0E0qt1oi4PnnVZpx-KhGbNkEJUf60tB-sEmElb5o\/rs:fill:0:0:1\/g:ce\/aHR0cHM6Ly93d3cuZ2lueC50di91cGxvYWRzMi9WR19JbmR1c3RyeS9BY3RpdmlzaW9uX3N1ZWQvYWN0aXZpc29uLXN0b2NrLkpQRw\" alt=\"activision blizzard stock prices fall plummet\" width=\"694\" height=\"520\" loading=\"lazy\"><figcaption contenteditable=\"false\">Activision Blizzard stock prices have fallen by nearly 30% over the past year. (Picture: Google Finance)<\/figcaption><\/figure>\n<p>Axios further noted that &#8220;the company&#8217;s board could point to its proposed settlement with the Equal Employment Opportunity Commission as a sign it is serious,&#8221; which Axios reports &#8220;includes an &#36;18 million victims fund and a commitment to EEOC oversight for the next three years.&#8221;<\/p>\n<p>Frerichs told Axios that they &#8220;look at that as a penalty [and] perhaps an admission of wrongs in the past&#8221; but went on to say that they are investors and &#8220;want to see those risks that caused that penalty addressed, so they don&#8217;t happen again.&#8221;<\/p>\n<p>Likewise, Fredrichs conceded that &#8220;it&#8217;s not all just about the number of dollars and number of shares&#8221; that the state has, noting that &#8220;one thing the Treasurers bring is also a bit of spotlight [&#8230;] and public pressure.&#8221;<\/p>\n<p>We will endeavour to continue to update you regarding all matters pertaining to this developing story.<\/p>\n<ul>\n<li><strong>Read more: <a href=\"https:\/\/www.ginx.tv\/en\/video-games\/respawn-are-removing-titanfall-from-sale-amid-persistent-ddos-attacks\">Respawn is removing Titanfall from sale amid persistent DDoS attacks<\/a><\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><em>Don&#8217;t forget to check out our <a href=\"https:\/\/www.ginx.tv\/en\/videogames\">dedicated video games section for news, guides<\/a>, and more.<\/em><\/p>\n<p><em>Featured image courtesy of Activision Blizzard.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a report by Axios, video game behemoth Activision Blizzard is under pressure to make &#8220;meaningful changes&#8221; after finding itself embroiled in several lawsuits&#8230;<\/p>\n","protected":false},"author":5335,"featured_media":25358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-25357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-video-games","genre-lifestyle","content_type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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