To better understand how businesses are navigating this toxic political environment, Business for America (BFA) surveyed more than 50 business leaders across the country and sectors, from Fortune 500 executives to small business owners. The report reveals widespread concern about escalating political backlash, highlighting the difficult balance companies face between stakeholder demands and risks like boycotts, speech restrictions, and regulatory threats.

This tracker provides an overview of federal and state investigations into corporate ESG practices, highlighting lawsuits over misleading ESG claims by firms like BlackRock, government probes requesting information from asset managers and climate organizations, and legislative efforts aimed at limiting ESG considerations in investing. It offers essential insight into the shifting legal and reputational risks companies face in ESG governance.

This paper warns that companies risk backlash when engaging in political debates beyond their core business. It argues for an explicit commitment to “non-posturing” —which requires focusing on transparency, stakeholder alignment, and voluntary initiatives instead of symbolic activism or reactive statements. 

This playbook sets out practical guidance for companies on how to optimise their indirect “policy footprint”. It covers how to assess and improve associations' alignment and impact, by clarifying their strategic policy priorities, evaluating where to invest in important trade association relationships, and engaging those associations constructively and effectively. 

Provides a framework for boards to manage the reputational, legal, and financial risks of political spending, including misalignment with public commitments, shareholder backlash, and regulatory scrutiny. Emphasizes the need for transparency and alignment with a company’s stated objectives and strategic goals.