Latest News From The Free Enterprise Project

Minimum Wage Shows Failure of Stakeholder Politics

Minimum Wage Shows Failure of Stakeholder Politics /
In the business world, “stakeholder primacy” is a “dishonest theory.” After all, it puts those without real skin in the game up against those with ...
Apple Won’t Reverse Parler Purge

Apple Won’t Reverse Parler Purge

Press Release /
CEO Tim Cook Refuses to Allow Social Media Platform to Be Restored to App Store Washington, D.C. – Apple CEO Tim Cook dodged a question ...
As Big Businesses Get Woke, Americans Trust Them Less

As Big Businesses Get Woke, Americans Trust Them Less /
After acting as a muscle for left-wing political interests, corporate America is finally getting its comeuppance. The results of an annual Gallup poll show a ...
Fink Fails Fellow CEOs, Customers

Fink Fails Fellow CEOs, Customers /
Larry Fink, the CEO of the BlackRock asset management company, is powerful because of other people’s money. They invest it with him, but he is ...

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 the program coordinator for the Free Enterprise Project.

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

The Minimum Wage Is An Impossible Conundrum For Honest “Stakeholder Capitalism”

The Minimum Wage Is An Impossible Conundrum For Honest “Stakeholder Capitalism”

Any business-governance theory that, if honestly applied, collapses into neurotic indecision paralysis at the fundamental question of setting wages is a failed theory. Well then, RIP “stakeholder primacy,” 2019-2021 – at least as an honest theory. Of course, as has been discussed here before, stakeholder primacy is not an honest theory ...
Occupy Twitter?

Occupy Twitter?

Many of the country’s largest corporations have abandoned their traditional roles as, you know, businesses to jump hard into politics – always, it seems, on the side of the woke performative left. The partisan flavor of the companies’ metamorphoses is no accident. The moves were triggered partly by overt threats ...
How To Save A Republic

How To Save A Republic

Suppose that you’d been a sentient adult on December 7, 1941, when Pearl Harbor was bombed. Now posit a friend, a self-proclaimed advocate for freedom – which, in the United States, means a conservative or libertarian, a person of the right. Finally, imagine that on the morning of the 8th, ...
Nasdaq Adopts Mob-Style Tactics To Push Woke Agenda

Nasdaq Adopts Mob-Style Tactics To Push Woke Agenda

The directors of the Nasdaq, once an entirely innocuous governing board for a stock exchange, have waded deep into public policy, seeking to force corporations to establish board-member quotas for women and for certain preferred minority groups. Because the effort requires U.S. Securities & Exchange Commission (SEC) approval and is ...
Socialized Medicine: Karen Locking You In Your House, Forever

Socialized Medicine: Karen Locking You In Your House, Forever

Now that a “Biden”-Harris administration looks inevitable, we can rest assured that a new fight for socialized medicine will heat up again under whatever initially anodyne label gets used this time (likely it will be “single payer,” at least at first). With the experience of 2020 behind us, it should ...

Published Commentaries by
Justin Danhof, Esq. & Scott Shepard

Justin Danhof

Justin Danhof, Esq.

Scott Shepard

Scott Shepard

Free Enterprise Project February Newsletter

Twitter’s permanent ban of President Trump led to a dramatic loss of share value for the company, putting investors at risk. “Lawsuits should abound from shareholders,” declared FEP Director Justin Danhof on “Just the News AM.” 
“I think we’re going to see a similar pattern to what we saw under the Obama Administration, where Big Business teams up with Big Government to grow,” Danhof said on CBN News. “And in this day and age, that growth is going to be to continually suppress conservative thought, conservative groups, and conservative individuals.”
“Costco investors and customers have reason to be suspicious about the lack of conclusive evidence given by the company in reference to allegations of slave labor in its supply chain,” said Davis Soderbergwho questioned Costco CEO Craig Jelinek at the company’s annual shareholder meeting.

Nasdaq, the company overseeing the nation’s second-largest stock market, is trying to get government approval for an unconstitutional, discriminatory scheme. As Justin recently wrote at The Federalist, Nasdaq “plans to delist any company from its exchange that won’t appoint board members based on how they look, whether they have sex with the ‘right’ people, or identify as a letter in the LGBT lexicon.”

At Townhall Finance, FEP Deputy Director Scott Shepard added that Nasdaq is proposing mob-like tactics: “Nice business you have here. You don’t have to kiss our ring and institute our quotas. What a shame, though, what happened to that last company that said no. Hate to see that happening to you.”


Have you been surprised, over the last year, about how many of your neighbors and fellow Americans have turned into petty tyrant at the first opportunity, shouting at you via Twitter or even in more conventional ways to stay home, wear a mask, ignore your obligation to make a living, do what you’re told, and to adhere strictly to the most current version of the ever-changing, politically driven “expert” commandments?  Well, socialized medicine would mean that all the time, about every conceivable activity, forever.  In this piece, Scott explains why.
Stephen Soukup — one of the nation’s leading experts on the intersection of politics and business, and author of the new book The Dictatorship of Woke Capital — recently appeared on Newsmax to discuss corporate America’s march to the left on an ever-expanding array of environment, social, and governance (ESG) issues.

“Danhof directs the National Center for Public Policy Research’s Free Enterprise Project, which was designed to combat liberal dominance in shareholder influence. He introduced an Investor Value Voter Guide to counter the ESG movement and educate investors who seek to vote in line with conservative or religious values.”

Source: Daily Signal


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.