Across corporate America, the war in Ukraine is revealing the shortcomings of a social media post or corporate statement that doesn’t quickly outline concrete action,
Then on Monday, it became the last of the Big Four accounting firms to announce it would no longer operate in Russia and Belarus and separate its practice there from its global network of member firms. “While we know this is the right decision, it will have an impact on Deloitte’s ~3,000 professionals located in Russia and Belarus,” Renjen said in a new
. (The firm did not provide comment on the remarks to Renjen’s initial statement after an inquiry from, the war in Ukraine is revealing the shortcomings of a social media post or corporate statement that doesn’t quickly outline concrete action, as the moral expectations consumers, employees and clients have for the private sector grow amid the brutality of war.
“As I’ve looked at some of these statements in draft form, which say ‘we care about Ukraine, we’re making donations,’ my question is ‘are you or are you not continuing to do business in Russia?’ ” says Anthony Johndrow, who leads a . “You have to answer the question. If you can’t answer it publicly—if you’re not ready to answer it yet … be prepared you’re not going to be allowed to be quiet for very long.”, says the rise of the ESG movement in corporate governance, cancel culture and corporate activism in recent years means businesses are “more subject to the emotional and moral aspects of their stakeholders’ views than ever before.
Jeffrey Sonnenfeld, a senior associate dean at Yale who is compiling the list, says some consumer goods companies are concerned Russian consumers may resent their companies if they leave. “Once BP, Chevron and Exxon pulled out — and that was early on — it was really hard for anyone to talk about the impact on shareholders,” he says.
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