Boise, ID, April 16, 2025 – Following a shareholder resolution filed by Inspire Investing, Mastercard agrees to public statement affirming that its marketing decisions are made independently, with no involvement from third parties. After Mastercard’s previous ties with the now-defunct Global Alliance for Responsible Media (GARM), this represents a meaningful step toward ensuring Mastercard remains free from ideological biases that could harm free speech and religious expression.
The Global Alliance for Responsible Media (GARM) was launched in 2019 under the auspices of the World Federation of Advertisers (WFA). In this organization, Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, served as President. GARM’s stated mission was to “do more to address harmful and misleading media environments,” targeting what it deemed to be “hate speech, bullying, and disinformation.” However, its guidelines were often applied subjectively to pressure platforms to demonetize content based on vague standards such as “insensitive” or “irresponsible” treatment of “debated sensitive social issues.” This lack of clarity left companies and content creators vulnerable to being unfairly targeted based on political or religious views. The 2024 Viewpoint Diversity Business Index found that 76% of the largest tech and finance companies, including Mastercard, had similarly vague and subjective terms that empowered entities like GARM to promote censorship while avoiding accountability. GARM further promoted hyper-partisan groups like the Global Disinformation Index and NewsGuard, which smeared many mainstream outlets as “disinformation.”
GARM’s practices went beyond mere content moderation. Documents revealed that GARM’s partners actively targeted conservative media outlets such as The Daily Wire, Fox News, and Breitbart News. For example, GroupM, a prominent advertising agency and GARM member listed The Daily Wire on its Global High Risk exclusion list under the label 'Conspiracy Theories.'
In July 2024, The Daily Wire co-founder Ben Shapiro testified before the House Judiciary Committee, highlighting GARM's influence over advertising strategies that disproportionately harmed conservative media. He cited the demonetization of The Daily Wire host Matt Walsh on YouTube for 'misgendering' as a clear example of GARM's subjective standards resulting in punitive actions against content that diverged from mainstream ideological perspectives. Shapiro also condemned GARM’s practices as a direct assault on free speech, stating, “Perfectly obvious facts now run afoul of GARM's censorship standards.”
GARM leader Rob Rakowitz’s comments about the “extreme global interpretation of the U.S. Constitution” — particularly freedom of speech — further illustrated the organization’s dismissive attitude towards First Amendment principles. Rakowitz also stated that GARM’s members should “rise above individual commercial interest.” Public pressure and a lawsuit from Elon Musk's X (formerly Twitter) eventually led to GARM’s dissolution in August 2024.
Recognizing the reputational and legal risks posed by Mastercard’s involvement with GARM, Inspire Investing filed a shareholder resolution requesting the company to evaluate how it oversees risks related to discrimination against ad buyers and sellers based on their political or religious status or views. Inspire Investing highlighted the need for Mastercard to provide transparency and accountability in its marketing and advertising policies.
In response, Mastercard agreed to make a public statement affirming that it alone makes decisions about its brand and marketing activities, independent of third-party views. As a result, Inspire Investing withdrew its resolution. This commitment from Mastercard marks significant progress, demonstrating the company’s willingness to take meaningful steps toward transparency and unbiased marketing practices, effectively distancing itself from the problematic legacy of GARM.
“This is a meaningful step forward for Mastercard,” said Tim Schwarzenberger, Portfolio Manager and Director of Corporate Engagement at Inspire Investing. “We appreciate their willingness to engage with shareholders and commit to making decisions independent of third-party influences. It’s a positive step for free speech, religious freedom, and ultimately for all Mastercard stakeholders.”
The battle for free speech and religious freedom in the advertising industry is far from over. We invite all like-minded investors to join us in this movement to hold corporations accountable and promote principled, transparent, and unbiased business practices. Together, we can continue to make a difference.
Please read and share the press coverage below to show corporations that you support transparent and independent business decisions that uphold free speech and religious freedom in America.
We appreciate the support of Alliance Defending Freedom (ADF) in our engagement efforts with Mastercard, helping to ensure that free speech and religious freedom remain protected from ideological censorship.
Exclusive with Daily Wire
Press release from Alliance Defending Freedom
Stories from Reclaim The Net and the Federalist
Inspire Investing, LLC did not receive any form of compensation, direct or indirect, for being mentioned in any of the third-party articles, press releases, or media coverage referenced in this publication. Such references are provided solely for informational and illustrative purposes and do not constitute endorsements by Inspire Investing, nor should they be construed as endorsements of Inspire Investing by the entities or individuals referenced.
This is not investment advice. Investors should talk to their financial advisor prior to making any investment decision.
Tim Schwarzenberger, CFA is a Portfolio Manager with Inspire Investing and has over 20 years of industry experience. He previously served as Managing Director at Christian Brothers Investment Services (CBIS), where he was an integral member of the Investment Team responsible for implementing the firm’s strategy development, portfolio construction, and Catholic investing initiatives.
Boise, ID, April 16, 2025 – Following a shareholder resolution filed by Inspire Investing, Mastercard agrees to public statement affirming that its marketing decisions are made independently, with no involvement from third parties. After Mastercard’s previous ties with the now-defunct Global Alliance for Responsible Media (GARM), this represents a meaningful step toward ensuring Mastercard remains free from ideological biases that could harm free speech and religious expression.
The Global Alliance for Responsible Media (GARM) was launched in 2019 under the auspices of the World Federation of Advertisers (WFA). In this organization, Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, served as President. GARM’s stated mission was to “do more to address harmful and misleading media environments,” targeting what it deemed to be “hate speech, bullying, and disinformation.” However, its guidelines were often applied subjectively to pressure platforms to demonetize content based on vague standards such as “insensitive” or “irresponsible” treatment of “debated sensitive social issues.” This lack of clarity left companies and content creators vulnerable to being unfairly targeted based on political or religious views. The 2024 Viewpoint Diversity Business Index found that 76% of the largest tech and finance companies, including Mastercard, had similarly vague and subjective terms that empowered entities like GARM to promote censorship while avoiding accountability. GARM further promoted hyper-partisan groups like the Global Disinformation Index and NewsGuard, which smeared many mainstream outlets as “disinformation.”
GARM’s practices went beyond mere content moderation. Documents revealed that GARM’s partners actively targeted conservative media outlets such as The Daily Wire, Fox News, and Breitbart News. For example, GroupM, a prominent advertising agency and GARM member listed The Daily Wire on its Global High Risk exclusion list under the label 'Conspiracy Theories.'
In July 2024, The Daily Wire co-founder Ben Shapiro testified before the House Judiciary Committee, highlighting GARM's influence over advertising strategies that disproportionately harmed conservative media. He cited the demonetization of The Daily Wire host Matt Walsh on YouTube for 'misgendering' as a clear example of GARM's subjective standards resulting in punitive actions against content that diverged from mainstream ideological perspectives. Shapiro also condemned GARM’s practices as a direct assault on free speech, stating, “Perfectly obvious facts now run afoul of GARM's censorship standards.”
GARM leader Rob Rakowitz’s comments about the “extreme global interpretation of the U.S. Constitution” — particularly freedom of speech — further illustrated the organization’s dismissive attitude towards First Amendment principles. Rakowitz also stated that GARM’s members should “rise above individual commercial interest.” Public pressure and a lawsuit from Elon Musk's X (formerly Twitter) eventually led to GARM’s dissolution in August 2024.
Recognizing the reputational and legal risks posed by Mastercard’s involvement with GARM, Inspire Investing filed a shareholder resolution requesting the company to evaluate how it oversees risks related to discrimination against ad buyers and sellers based on their political or religious status or views. Inspire Investing highlighted the need for Mastercard to provide transparency and accountability in its marketing and advertising policies.
In response, Mastercard agreed to make a public statement affirming that it alone makes decisions about its brand and marketing activities, independent of third-party views. As a result, Inspire Investing withdrew its resolution. This commitment from Mastercard marks significant progress, demonstrating the company’s willingness to take meaningful steps toward transparency and unbiased marketing practices, effectively distancing itself from the problematic legacy of GARM.
“This is a meaningful step forward for Mastercard,” said Tim Schwarzenberger, Portfolio Manager and Director of Corporate Engagement at Inspire Investing. “We appreciate their willingness to engage with shareholders and commit to making decisions independent of third-party influences. It’s a positive step for free speech, religious freedom, and ultimately for all Mastercard stakeholders.”
The battle for free speech and religious freedom in the advertising industry is far from over. We invite all like-minded investors to join us in this movement to hold corporations accountable and promote principled, transparent, and unbiased business practices. Together, we can continue to make a difference.
Please read and share the press coverage below to show corporations that you support transparent and independent business decisions that uphold free speech and religious freedom in America.
We appreciate the support of Alliance Defending Freedom (ADF) in our engagement efforts with Mastercard, helping to ensure that free speech and religious freedom remain protected from ideological censorship.
Exclusive with Daily Wire
Press release from Alliance Defending Freedom
Stories from Reclaim The Net and the Federalist
Inspire Investing, LLC did not receive any form of compensation, direct or indirect, for being mentioned in any of the third-party articles, press releases, or media coverage referenced in this publication. Such references are provided solely for informational and illustrative purposes and do not constitute endorsements by Inspire Investing, nor should they be construed as endorsements of Inspire Investing by the entities or individuals referenced.
This is not investment advice. Investors should talk to their financial advisor prior to making any investment decision.
