According to Axios, the state treasuries of six American states have joined the list of organizations that are unhappy with Activision Blizzard's current board actions. Their opinion is important because the treasuries hold a significant stake in the company.
The treasuries of California (where Activision Blizzard is headquartered), Massachusetts, Illinois, Oregon, Delaware and Nevada expressed displeasure. According to Axios, they are not afraid to demand change with "billions of dollars of investment, often in pension funds" and are going to vote against the re-election of the current directors of Activision Blizzard. The specific shareholdings held by the treasuries (and hence the number of votes), were not disclosed.
In a comment for Axios, Michael Frericks confirmed that the state of Illinois has an investment in Activision Blizzard, so the treasury is affected by the drop in the company's stock: its value has fallen by around 40% in the last six months. However, Frericks believes that it's not just about the stock, but that the treasury is able to stand up to the public and become additional leverage for Activision Blizzard.
Treasurers want to meet with Activision Blizzard by 20 December. According to Axios, this does not usually happen in the games industry, but in other industries treasuries have used investor leverage before. In Massachusetts, for example, investments are being used to push companies to be more environmentally friendly.
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