Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.
Mansueto Ventures, the company where I work, is giving employees a day off tomorrow to vote in the 2024 U.S. elections. This isn’t a partisan move—we want all our colleagues to cast their ballot no matter whom they support. But in recent years, voter rights and election integrity have become controversial.
When Delta CEO Ed Bastian (belatedly) spoke out in 2021 against a Georgia bill that he said would make it harder for underrepresented citizens to vote, conservative lawmakers sought to rescind a tax break on jet fuel. Corporate governance expert Charles Elson recently told the New York Times that among some executives, even the term democracy has become “kind of loaded.”
That’s madness. Fair elections and access to voting are foundational to a healthy democracy. And while some pundits believe bosses should remain mum on politics, business leaders have a vested interest in supporting the electoral process and, yes, democracy.
Companies need a solid foundation
“Reinforcing the legitimacy of elections rises above partisanship,” says Daniella Ballou-Aares, founder and CEO of the Leadership Now Project, a business membership organization. “It’s a commitment to uphold the rule of law, reinforcing trust in American institutions and strengthening the economy.”
Indeed, corporations depend on a consistent, enduring system of laws, even as many lament and even seek to skirt regulations. Government instability can lead to downgrades to the U.S. credit rating and market volatility, while uncertainty about the outcome of the upcoming election and possible changes in regulations and policy could delay decisions around capital expenditures and long-term planning.
At a time of deep distrust in institutions such as media and government, businesses have an opportunity to support voting and civic engagement in a neutral way. “Many CEOs I know and work with are encouraging their teams to exercise their right to vote while promoting civility and mutual support,” says Alan Fleischmann, founder of Laurel Strategies, a global CEO advisory firm.
The employer’s role in democracy
Ballou-Aares says business leaders can promote the legitimacy of elections by offering employees paid time off to vote and work the polls. They can also provide colleagues with unbiased, factual materials about voting to counteract misinformation and mistrust in the process. And they can speak out in support of peaceful and fair elections, as the Business Roundtable and other groups did in 2020. As some of the biggest spenders on lobbying in Washington, D.C., corporations’ words carry weight.
Corporate leaders who shy away from defending democracy, election integrity, and voter rights do so at their peril. Says Andrea Hailey, CEO of Vote.org, a nonpartisan voter engagement group: “I don’t know a whole lot of companies who fare well in dictatorships, which is one of many reasons I think we are seeing so many businesses step up and make sure that all of their employees have the tools they need to make their voices heard.”
Nominate a Modern CEO of the Year
By all accounts, 2024 has been a complicated year, but many CEOs have navigated the complexity with aplomb. Modern CEO would like to recognize those leaders, and I’m soliciting nominations for Modern CEO of the Year. I’m looking for examples of CEOs from companies of all sizes globally who have driven innovation, transformed culture, or future-proofed their businesses in 2024. You may submit your nominations via this form. The deadline for submissions is November 22.
Read more: get out the vote
- Can Gen Z save American democracy?
- Who’s talking politics at work, and why it matters
- Business leaders call on candidates to respect the election outcome
