Activision Blizzard shareholder criticizes company for "inadequate response"

One of Activision Blizzard shareholders, investment group SOC, criticized the gaming giant for “the inadequate response from management.”

As shared by Axios, on August 10, SOC executive director Dieter Waizeneggar, sent a letter to the Activision Blizzard executives saying that they failed to announce any changes in the company’s hiring process and pay gaps between executives and workers. Waizeneggar further claims that law firm Wilmer Hale, brought in to conduct a review of the company culture, does not have the experience to properly investigate workplace harassment.

“At this critical juncture in Activision Blizzard’s history, we urge you and the board to push beyond the inadequate response from management and take the steps necessary to protect our investment from the financial, operational, and reputational risks that have come to the fore over the past week,” the letter reads.

Waizeneggar calls on the Activision Blizzard management to increase board diversity by adding a woman director, “preferably one with a history of advocacy for marginalized people and communities” and a nominee selected by current employees as their representative. In other suggested measures, bonuses should be taken away from executives who have engaged in or enabled abusive behavior. Finally, a proper company-wide review should address issues connected with gender, gender-identity, sexuality, and race.

The statement from SOC came days after law firm Rosen Law filed a class-action lawsuit on behalf of investors who traded in Activision Blizzard securities between August 4th, 2016 and July 27th, 2021. The lawsuit alleges that Kotick, along other executives, intentionally failed to disclose the company’s ongoing problems with its workplace culture.