Latest News From The Free Enterprise Project

“We’ve Got to Organize” to Push Back at Woke Corporations

“We’ve Got to Organize” to Push Back at Woke Corporations /
On the Fox News Channel program “The Next Revolution,” host Steve Hilton called the problem of woke businesses “an ideological campaign that’s been in development.” ...
Debanking of Dinesh D’Souza Casts Doubt on Dimon’s Claim

Debanking of Dinesh D’Souza Casts Doubt on Dimon’s Claim /
In 2019, the National Center’s Free Enterprise Project asked JPMorgan Chase & Co. CEO Jamie Dimon to “pledge that JPMorgan Chase & Co. is not ...
Endless (Unrest) Summer

Endless (Unrest) Summer /
After a year of flattening the curve, declaring that black lives matter and having a bipolar fascination with election integrity, it’s time for the “first ...
Stakeholder Capitalism, Or “Everyone! Come Sue My Company”

Stakeholder Capitalism, Or “Everyone! Come Sue My Company”

The further stakeholder-capitalism theory gets from academia – where even the notion of free inquiry and dissent terrifies today’s permatoddlers and their rancorous minders, and ...

About The Free Enterprise Project

FEP Director Justin Danhof speaks to a national gathering of conservative and religious leaders in August 2017

Launched in 2007, the National Center for Public Policy Research’s Free Enterprise Project focuses on shareholder activism and the confluence of big government and big business. The Free Enterprise Project (FEP) is the conservative movement’s only full-service shareholder activism and education program: It files shareholder resolutions, engages corporate CEOs and board members at shareholder meetings, petitions the Securities and Exchange Commission (SEC) for interpretative guidance, and sponsors effective media campaigns to create the incentives for corporations to stay focused on their missions.

As the leading voice for conservative-minded investors, FEP annually files more than 90 percent of all right-of-center shareholder resolutions. Dozens of liberal organizations, however, annually file more than 95 percent of all policy-oriented shareholder resolutions and continue to exert undue influence over corporate America.

Topics Covered

Through the years, FEP has been a leading voice for the conservative investor on a divergent range of topics including: health care, immigration, gun rights, energy, taxes, subsidies, regulations, religious freedom, food policies, media bias, federalism, corporate free speech, ideological diversity, voter integrity, freedom of conscience, property rights, workers’ rights and other important public policy issues.

The Free Enterprise Project is also the nation’s leading program for confronting liberal shareholder activism.

Free Enterprise Project Leadership

Justin Danhof, Esq

Justin Danhof

Justin Danhof

In 2012, Justin Danhof, Esq,. was appointed as the Director of the Free Enterprise Project. Since that time, he has filed dozens of shareholder resolutions and attended over 100 shareholder meetings carrying a sharp spear for liberty. As Wall Street Journal columnist Kimberley Strassel notes in her 2016 political bestseller, The Intimidation Game: How the Left is Silencing Free Speech, “If you’ve never been to a corporate shareholder meeting, you’ve likely never heard of Justin Danhof. If you ever have been to one, you’ll likely never forget him.” Strassel spent a full chapter in her book detailing Danhof’s shareholder activism and fight for liberty.

Mr. Danhof’s legal expertise has come in handy during the filing of shareholder resolutions.  Corporations often hire outside attorneys from the nation’s leading law firms and petition the U.S. Securities and Exchange Commission seeking to vacate our proposals. Companies often accrue six-figure legal bills fighting FEP proposals. Danhof single-handedly takes on these white-shoe law firms and regularly defeats lawyers that singly-handedly earn 30-times more per year than FEP’s entire annual budget.

In some years, Danhof has had a 66 percent success rate – a ratio that is relatively unheard of in front of the corporate-friendly judges at the SEC.

Since 2012, Danhof has participated in over 100 shareholder meetings to advance free-market ideals in health care, energy, taxes, subsidies, regulations, religious freedom, food policies, media bias, gun rights, workers’ rights and other important public policy issues.

Danhof’s work has generated a tremendous amount of media coverage.

Scott Shepard

Scott Shepard

Scott Shepard

Scott Shepard is a fellow at the National Center as well as the deputy director of the National Center’s Free Enterprise Project, the conservative movement’s only full-service shareholder activism and education program.

Scott has taught at law schools including the Wake Forest School of Law in North Carolina and the Willamette University College of Law in Oregon. He is the author of the legal textbook Wills, Trusts and Estates in Context.

He previously served as a policy director with the Yankee Institute in Connecticut and the manager of the Water Law Project at the Pacific Legal Institute. He also has experience in government and private practice.

Scott earned his Juris Doctorate from the University of Virginia, a master’s degree from Vanderbilt University and a Bachelor of Arts degree from the University of Richmond.

FEP’s Top 10 Victories of 2019

FEP 2019 Impact Report

FEP's questioning of Boeing's and General Electric's support for the Clinton Foundation helped trigger an FBI investigation into the Foundation's activities.

FEP's Employee Conscience Protection Project strengthened protections for the political beliefs and activities of over five million workers at 13 major U.S. corporations.

Just days after FEP's questioning of Disney CEO Bob Iger over biased commentary at Disney-owned ESPN generated significant media, including coverage by The Washington Post, the Los Angeles Times, Reuters, USA Today, and Fox Business, ESPN issued new guidelines for political commentary by its on-air talent.

After Danhof questioned Facebook CEO Mark Zuckerberg about the company's anti-conservative bias in its news feeds, the company changed its policy by removing humans in place of a more neutral algorithm.

Time Warner CEO Jeff Bewkes vowed to earn our trust after being chastised by FEP over CNN's proclivity for media bias and fake news. He promised to recommit to independence. Two weeks later, CNN fired three reporters involved in a false report about Anthony Scaramucci.


CNBC's Jim Cramer, Investor's Business Daily, and Motley Fool all questioned the wisdom of continued investment in Apple after CEO Tim Cook announced at an annual meeting that he didn't care about ``bloody ROI (return on investment).`` His statement came in response to questioning by our FEP over the company's support for regulation.

FEP personnel have been repeatedly ushered into private meetings with CEOs of some of the largest corporations in the world, such as PepsiCo.

After FEP appealed directly to then-CEO Alan Mulally to withdraw Ford from the U.S. Climate Action Partnership, a group that lobbies for stringent greenhouse gas regulations, Ford dropped its membership.


After FEP filed a shareholder proposal with General Electric over the company's foray into alternative energy programs, the company agreed to amend its corporate policies to only engage in green energy initiatives if the executives could identify a legitimate business purpose.

Under pressure from FEP, Google dropped its ``Renewable Energy Cheaper than Coal`` campaign and also eliminated its ``green czar`` position.

Broad Media Appeal

Since 2012, the Free Enterprise Project has generated more than 10,000 media citations.  FEP work has been cited or published by outlets such as the Wall Street Journal, the New York Times, Washington Post, the Boston Globe, the Los Angeles Times, the San Francisco, Chronicle, Dallas Morning News, USA Today, Variety, the Associated Press, Bloomberg, Drudge Report, Business Insider, Investor’s Business Daily, Time, Fortune, the Rush Limbaugh Show, National Public Radio, SiriusXM, CBS News, the Fox News Channel, the Fox Business Channel, NewsMaxTV, One America News Network and hundreds more.


Media Quotes

Investor’s Business Daily (April 2017)

“The National Center for Public Policy Research’s Justin Danhof once noted: ‘Corporations that cave to the left only place a bigger target on their backs.’ … Danhof has it right.”

-John Merline of Investor’s Business Daily detailing FEP’s work

Los Angeles Times (2013)

“Robert Iger faced tough questioning about alleged liberal bias at Disney-owned ABC News and ESPN… Iger conceded… “making mistakes.”

– Daniel Miller on Justin Danhof’s questioning of Disney CEO Robert Iger

Motley Fool (2013)

“I… suggest that investors refrain from buying shares of Walgreens until… [he] can provide a solid answer.

– Motley Fool’s Gene Kropowski pressing Walgreens’ CEO Greg Wasson to answer Free Enterprise Project Director Justin Danhof’s question on whether low prices or sustain- ability are the higher priority

San Francisco Chronicle (2016)

“[UC Davis professor Leticia] Saucedo thinks the Free Enterprise Project’s campaign is a good idea…”

-A labor law professor endorses our “Freedom of Conscience” shareholder proposal

[The Free Enterprise Project] is turning the shareholder resolution process into a tool for shaming companies for taking on climate change. It’s a turnabout of the tactic long used by environmental activists…think of it as Greenpeace standing on its head.”

Washington Times

“Led by the National Center for Public Policy Research, [conservatives] are starting to imitate the liberals’ tactics by sponsoring initiatives at corporate board meetings… to act as a counterweight… [and] push conservative causes such as lower taxes and smaller government.”

Published Commentaries

Stakeholder Capitalism, Or “Everyone! Come Sue My Company”

Stakeholder Capitalism, Or “Everyone! Come Sue My Company”

The further stakeholder-capitalism theory gets from academia – where even the notion of free inquiry and dissent terrifies today’s permatoddlers and their rancorous minders, and so where its flaws lay unexplored – the clearer becomes its incoherence, and its unexpected risks for those who so recently adopted it as their ...
As Lockdowns End, Either Woke Recedes Or Freedom Does

As Lockdowns End, Either Woke Recedes Or Freedom Does

The woke model of governance and society is about to face its first open-world test. Last fall I wrote a piece identifying the current woke furor as a moral panic, particularly its uber-racist “anti-racism” and transparently mendacious “equity” strands. We’ve had lots of these moral panics throughout American history. Some were ...
Government-Worker Unions: A Conspiracy Against Free Society

Government-Worker Unions: A Conspiracy Against Free Society

Government-worker unions strive to fleece the public while maximizing government control of people’s lives. They are a cancer. Private-industry unions are industry- and community-destroying machines. Since I made this case in this space a few weeks back, more evidence has arisen with the news that UAW demands have sent Ohio car production ...
Upset About Disney Cancel Culture? Buy Disney Stock!

Upset About Disney Cancel Culture? Buy Disney Stock!

If you’re reading this, Disney probably hates you and wishes you either silenced or destroyed. That’s not hyperbole. It’s the only coherent way to interpret the comments of Bob Chapek, the new CEO of the Walt Disney Company, at its virtual annual shareholder meeting on March 9. A little background: ...
BoA Moynihan’s “Shareholder Capitalism” Metrics Reveal The Ruse

BoA Moynihan’s “Shareholder Capitalism” Metrics Reveal The Ruse

There has been considerable discussion in this space about the fundamental incoherence and fraudulence of the “stakeholder capitalism” theory. Today I offer some additional proof arising from the very metrics touted as the way to measure the theory in action. The theory itself, long pushed hard by academics either naïve ...

Published Commentaries by
Justin Danhof, Esq. & Scott Shepard

Justin Danhof

Justin Danhof, Esq.

Scott Shepard

Scott Shepard

Free Enterprise Project April 2021 Newsletter

“Disney CEO Bob Chapek was quick to throw around words like ‘respect’ and ‘inclusion’ with shareholders, but he couldn’t explain how two actors on the same show said similar things but were treated substantially differently,” David Almasi commented after the Disney shareholder meeting. “It’s because he can’t. It’s obviously because Gina Carano is labeled a conservative, Pedro Pascal is a leftist, and Disney is part of the Hollywood blacklist.” Learn More


At the Starbucks shareholder meeting, CEO Kevin Johnson dodged our question about the coffee giant’s financial losses due to protests and riots over the past year, while the company continues to give large amounts of money to organizations that contributed to that rioting and looting. “Johnson’s failure to address our question is hardly a surprise, but his silence carries dark portents for shareholders, indicating anew that the company has placed politics far above good business practices,” said FEP Deputy Director Scott Shepard. “Careful investors must wonder if Starbucks remains a responsible business that can be trusted with their assets.” Learn More
The Wokesters pretend that their movement is about racial equity, but it’s really about hard-left politics — dressed up in racially divisive language.  The proof comes in its theory of “multiracial whiteness.”  Which makes Coke’s demand that its employees “try to be less white” even more racist and obscene.  Learn More
Organized labor leaders might not want to become a ubiquity in the workplace lest their governmental nature forces them to become more accountable.  Scott Shepard notes that organized labor crippled the small town where he grew up because strikes drove out two major employers. In hurting the American economy at large, “lax union-driven work rules” lower quality while increasing the cost of doing business. “Unions benefit from hobbling performance,” he adds. “It’s the slow and slothful who benefit from union insistence on slower production and protection against dismissal for incompetence.” Learn More
Brian Moynihan, the CEO of welfare-queen Bank of America (BoA) has established a set of metrics by which, he boasts, investors and the public would be able to gauge, and companies should be required to report, the efficacy of the conversion to stakeholder capitalism. However, there are no metrics that ensure that corporations – which are rhetorically entreated by Moynihan, Fink, and others to act in the interests of “all stakeholders” – are taking the steps necessary to ensure that they objectively determine and genuinely act in accordance with the real concerns and wishes of all stakeholders. Learn More
FEP Director Justin Danhof recently spoke to a group of nearly 500 notable Christian conservatives, including nonprofit leaders, investment professionals, and politicians. Justin shared about the need for conservative interest groups to engage with the corporations that are corrupting American culture.

Investor Value Voter Guide

Open Letter To Blackrock CEO Larry Fink

FEP in the Media

FEP at Shareholder Meetings

The National Center for Public Policy Research is a communications and research foundation supportive of a strong national defense and dedicated to providing free market solutions to today’s public policy problems. We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century.