Corporate Greed

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Companies are doing a great job rebranding corporate greed as “inflation”.  Take Starbucks for example that says they are forced to raise prices due to inflation and supply chain issues and yet profits went up 31% and they gave their CEO a 39% raise to $20.4 million.

A corporation’s sole purpose today is to make money. Never has that fact been more evident than in the grocery business.  I don’t have a problem with the Loblaw executive chairman Galen G. Weston making $4 million dollars a year, but I do have a problem with food going green on my counter and being forced to purchase multiple food items to get a sale price. The same Loblaws that has total assets amounting to $36 Billion and cancelled it’s $2-per-hour pandemic bonuses for frontline staff in stores and warehouses.

When I asked the local store owner about these nefarious “multi-sales” he says they are profitable but not popular. He could lose his franchise if he doesn’t follow the rules.  So now we have the executive board of shareholders sitting around a boardroom deciding that multi-sales are great for customers. If your customers are so ‘valuable’, why are you forcing us to clear expiring food off your shelves to get a sale price? What happened to your best price on one? What’s next self-check-out?  Loblaws website touts that it is ‘driven to constantly improve its products and to deliver feel-good moments to consumers.’ Did you tell the shareholders that a bag of apples costs $8?  That didn’t feel too good.  Did you tell them a head of lettuce is $3.49?  I guess I could put some ketchup on it.

Loblaws is owned by the Weston family whose net worth is $7 billion, making them the third richest family in Canada. They’ve clearly never had to put groceries back at the checkout because they can’t afford it or had to choose between filling up the tank or paying a bill.

The same Loblaws that the liberal government gave Loblaws $12 million in funding to install more energy efficient fridges. When the government helps a corporation, it’s called a subsidy. It’s a handout for everyone else. George Weston seeks to create economic value for investors through active management of its portfolio companies, utilizing its extraordinary people, culture of excellence and access to capital.  If your employees are so excellent why not give them a raise?

 

 

 

 

Comments

  1. Glenn Franco Simmons9/3/22 2:55 PM

    Good column and questions. Corporate executives have never had high salaries in comparison to the average worker.

    Expect prices to increase even more. This will make it difficult for many of us, especially the working class and families just starting out.

    And all of it is unnecessary and immoral.

    ReplyDelete
  2. Glenn Franco Simmons9/3/22 2:55 PM

    "higher."

    ReplyDelete

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