The document discusses a study on CEO activism which found that Millennials have higher awareness of and support for CEOs speaking out on controversial issues compared to older generations. Millennials are more likely to believe CEOs have an obligation to take stands, more favorable toward CEOs who do, and more likely to engage in actions that support companies whose CEOs agree with. The expectations of Millennials as the next generation of leaders mean CEO activism is an important dynamic for companies to navigate.

2. Increasingly, CEOs are speaking out publicly and taking stands
on controversial issues. For example, CEOs have spoken up
about social, political and environmental issues, such as climate
change, income fairness, same-sex marriage, immigration, gun
control and discrimination.
2
CEO Activism in 2017: High Noon in the C-Suite is the second
annual nationwide poll conducted by Weber Shandwick in
partnership with KRC Research about CEO activism, an
evolving dynamic in which some chief executive officers have
spoken out publicly on controversial issues. We surveyed Americans to provide companies with insights
into how the public expects business leaders to respond to hot-button issues of the day. This study
follows The Dawn of CEO Activism, a 2016 study that identified the risks and rewards for companies
when their chief executives speak out on contentious issues.

3. 3
Over the past 12 months, the climate in the
United States has changed dramatically as
business and policy have intersected more
deeply than ever before. Navigating how to
communicate a company’s point of view in this
environment is becoming increasingly complex
and important. Future generations will only pay
closer attention to how companies
communicate around their values when it comes
to deciding where to work or who to purchase
from.
Andy Polansky, CEO,
Weber Shandwick

4. 4
Weber Shandwick partnered with KRC Research in March and April 2017 to
conduct an online survey of 1,021 U.S. adults 18 years of age and older,
representing the general population of America. It is the second annual wave
of our CEO Activism research.
For analysis purposes, and to gain critical insights for
this report, we segmented this general population
sample by generation, defined as follows:
• Millennials: ages 18–36 (n=349)
• Gen Xers: ages 37–52 (n=263)
• Boomers: ages 53–71 (n=341)

5. 5
Looking at the American public overall, perspectives on CEO activism have not changed dramatically since
2016. That, however, is a surface finding: We found unmistakable signs generationally that cannot be
ignored by business leaders.
Compared to older generations, Millennial Americans are:
• More aware of and favorable toward CEO activism
• More likely to believe that CEOs should speak up on hot-button issues and think CEOs are more
responsible to do so today than they used to be. They also recognize that there is a cost to CEOs
remaining silent
• More likely to take action when CEOs speak up on controversial issues and to buy from companies if they
agree with the CEO’s stance
• More likely to increase allegiance to own company if their CEO speaks up
• More likely to see value in developing government relations in order to make their opinions known on hot
button issues
This report focuses on the impact Millennials will continue to make on the rising tide of CEO activism.

6. 48% of Millennials are aware of CEO activism, a higher level of awareness than one year ago and significantly higher
than that of older generations.
6
Total Americans
Millennials
2016
2017
2016
2017
Significantly higher than other generations

7. 35% of Americans believe CEOs have a responsibility to speak up about issues that are important to society.
This support surges among Millennials to nearly half (47%).
7
Total Americans
Millennials
Not Sure No Yes Significantly higher than other generations

8. 56% of Millennials, significantly more so than older generations, believe CEOs have a greater obligation to speak out
on issues than ever before.
8
Significantly higher than other generations

9. 42% of Millennials have a more favorable than unfavorable opinion (20%) of CEOs who take public positions.
This positive sentiment has risen over the past year.
9
Don’t know Does not make a difference Less favorable More favorable
Total Americans
Millennials
2016
2017
2016
2017

10. Millennials perceive risks to companies when CEOs DO NOT speak out on hotly debated current issues.
10
47%
30%
26%
21%
21%
21%
14%
14%
12%
9%
39%
55%
33%
30%
25%
23%
24%
23%
18%
19%
13%
25%
Criticism (net)
Criticism from the media
Criticism from customers
Criticism from employees
Decline in company sales
Boycotts
Company could be hurt financially
Potential job candidates not applying to work at the company
Employees quitting
Criticism from the government
Don’t know
Total Americans Millennials Significantly higher than other generations

11. 51% of Millennials would be more likely to buy from a company led by a CEO who speaks out on an issue they
agree with. This rate has increased since 2016 (46%).
11
Total Americans
Millennials
2016
2017
2016
2017
Don’t know Would not make a difference Less likely More likely

12. 74% of Millennials who are aware of CEO activism have taken some action based on a CEO’s stance on an
issue. They are most likely to have discussed the stance with others.
12
Any action (net) 66% 74%
Decided not to buy from or boycotted the company 28% 17%
Talked about the CEO's stance with friends/family 25% 26% (#1)
Decided to buy more from the company 18% 21% (#3)
Talked about the CEO's stance with coworkers 13% 23% (#2)
Signed a petition addressed to the CEO or company 13% 17%
Posted negatively about the CEO or company on social media 12% 17%
Posted positively about the company on social media 9% 13%
Joined a protest against the CEO or company 9% 14%
Contacted the company to share opinion 9% 15%
Made a decision to buy that company's stock 8% 14%
Significantly higher than other generations

13. Nearly twice as many Millennials as average Americans express increased loyalty to their organization if their
CEO took a public position on a hotly debated current issue.
13
Total Americans
Millennials
Don’t know Would not make
a difference
Would decrease
loyalty to
organization
Would increase
loyalty to organization
Significantly higher than other generations

14. Half of Millennials (49%) agree that CEOs have a responsibility to meet with government officials to share
their opinions on issues that are important to society.
14
Total Americans
Millennials
Not Sure Disagree Agree

15. Like Americans overall, Millennials feel most strongly that CEOs should voice opinions on jobs/skills training and
equal pay. However, they are more likely than older generations to think CEOs should also speak up about societal
issues, particularly LBGT rights and gun control.
15
70%
67%
62% 61%
48%
37%
34% 32%
29%
26% 26%
68%
63%
56%
61%
52%
43%
38% 38% 37%
34%
30%
Total Americans Millennials
Job/skills
training
Equal pay in
the workplace
Healthcare
coverage
Maternity/
paternity leave
Gender
equality
Race
relations
Climate
change
Immigration LGBT
rights
Gun Control Refugees
Significantly higher than other generations
SOCIAL ISSUESWORKPLACE ISSUES

16. 16
Recognize the growing prevalence of CEO
activism and Millennials’ expectations of
this evolving dynamic.
Firmly establish a link between the issue
and the company’s values and business.
Acknowledge the slippery generational
slope. Millennials are the next generation
of leadership.
Strongly consider employees who may
disagree.
Discuss the pros and cons with the board.
Estimate the price of silence. Millennials
are watching closely.

17. 17
Fully commit time and resources. Price tag
of CEO activism is high.
Look in the mirror. Make sure there are no
skeletons in the closet related to the issue
that the CEO is speaking up about.
Find partners to gather momentum.
Strength in numbers.
Consider the channels, messages and
tone of voice used.
Have a crisis preparedness plan for a
potential social media firestorm.
Develop a thick skin. Expect the pitchforks
to come out.

18. For more information about CEO Activism in 2017: High Noon in the C-Suite, please contact:
18
Micho Spring
Global Corporate Practice Chair
Weber Shandwick
mspring@webershandwick.com
Leslie Gaines-Ross
Chief Reputation Strategist
Weber Shandwick
lgaines-ross@webershandwick.com