Am I the Only One: Corporate greed

corporate greed
Photo credit: Stock Image
Posted on: March 23, 2022

Companies are doing a great job rebranding corporate greed as inflation. Take Starbucks for example, which says they are forced to raise prices due to inflation and supply chain issues and yet profits went up 31% and they gave their CEO a 39% raise to $20.4 million. 

A corporation’s sole purpose today is to make money. Never has that fact been more evident than in the grocery business.  I don’t have a problem with the Loblaw executive chairman Galen G. Weston making $4 million dollars a year, but I do have a problem with food going green on my counter and being forced to purchase multiple food items to get a sale price. The same Loblaws that has total assets amounting to $36 billion and cancelled its $2-per-hour pandemic bonuses for frontline staff in stores and warehouses.

When I asked the local store owner about these nefarious “multi-sales” he said they are profitable but not popular. He could lose his franchise if he doesn’t follow the rules.  So now we have the executive board of shareholders sitting around a boardroom deciding that multi-sales are great for customers. If your customers are so valuable, why are you forcing us to clear expiring food off your shelves to get a sale price? What happened to your best price on one? What’s next, self-check-out?  Loblaws’ website touts that it is ‘driven to constantly improve its products and to deliver feel-good moments to consumers.’ Did you tell the shareholders that a bag of apples costs $8?  That didn’t feel too good.  Did you tell them a head of lettuce is $3.49?  I guess I could put some ketchup on it.

Loblaws is owned by the Weston family whose net worth is $7 billion, making them the third richest family in Canada. They’ve clearly never had to put groceries back at the checkout because they can’t afford them, nor had to choose between filling up the tank or paying a bill. The same Loblaws that the liberal government gave $12 million in funding to install more energy-efficient fridges. When the government helps a corporation, it’s called a subsidy. It’s a handout for everyone else. George Weston seeks to create economic value for investors through active management of its portfolio companies, utilizing its extraordinary people, culture of excellence and access to capital.  If your employees are so excellent, why not give them a raise?

The opinions stated in this article are those of the author and do not necessarily reflect the opinions of Hometown News’ management, staff or writers.

Column by Carrie Wynne

Hometown News
Author: Hometown News