{"id":1473142,"date":"2022-05-12T13:14:40","date_gmt":"2022-05-12T17:14:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1473142"},"modified":"2022-05-12T13:14:42","modified_gmt":"2022-05-12T17:14:42","slug":"entrepreneur-behind-anti-woke-asset-management-fund-celebrates-blackrock-ending-support-for-certain-climate-change-proposals-that-micromanage-its-portfolio-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/entrepreneur-behind-anti-woke-asset-management-fund-celebrates-blackrock-ending-support-for-certain-climate-change-proposals-that-micromanage-its-portfolio-companies\/","title":{"rendered":"Entrepreneur Behind Anti-Woke Asset Management Fund Celebrates BlackRock Ending Support For Certain Climate Change Proposals That \u2018Micromanage\u2019 Its Portfolio Companies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">40<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fentrepreneur-behind-anti-woke-asset-management-fund-celebrates-blackrock-ending-support-for-certain-climate-change-proposals-that-micromanage-its-portfolio-companies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1473142&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/04\/F0B243B8-57A3-4E8F-9066-5C32F2F1AB6E.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Strive founder Vivek Ramaswamy celebrated BlackRock backing down on Tuesday from supporting certain climate change proposals that \u201cmicromanage\u201d companies, calling it an \u201cearly impact\u201d of his new firm.<\/span><\/p>\n<p><span>The new asset management company \u2014 which will <\/span><a href=\"https:\/\/www.dailywire.com\/news\/entrepreneur-who-launched-anti-woke-asset-management-fund-reports-flood-of-job-applicants\"><span>prioritize<\/span><\/a><span> \u201cexcellence capitalism\u201d over the progressive \u201cstakeholder capitalism\u201d model favored by large competitors like BlackRock, Vanguard, and State Street \u2014 encourages portfolio companies to pursue maximizing profits for shareholders.\u00a0<\/span><\/p>\n<p><span>\u201cLast night: we launch Strive to compete with BlackRock by focusing companies on excellence over politics. Tonight: BlackRock announces it won\u2019t support climate change shareholder proposals that \u2018micromanage companies,\u2019\u201d Ramaswamy, a former pharmaceutical CEO, tweeted on Tuesday. \u201cGlad to see the early impact.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Last night: we launch Strive to compete with BlackRock by focusing companies on excellence over politics.<\/p>\n<p>Tonight: BlackRock announces it won\u2019t support climate change shareholder proposals that \u201cmicromanage companies.\u201d<\/p>\n<p>Glad to see the early impact.<a href=\"https:\/\/t.co\/AnFZv7xjSl\">https:\/\/t.co\/AnFZv7xjSl<\/a><\/p>\n<p>\u2014 Vivek Ramaswamy (@VivekGRamaswamy) <a href=\"https:\/\/twitter.com\/VivekGRamaswamy\/status\/1524183636811161600?ref_src=twsrc%5Etfw\">May 11, 2022<\/a><\/p>\n<\/blockquote>\n<p><span>Indeed, BlackRock \u2014 the world\u2019s largest asset manager \u2014 is \u201clikely to support proportionately fewer\u201d environmental and social shareholder proposals \u201cthis proxy season than in 2021, as we do not consider them to be consistent with our clients\u2019 long-term financial interests,\u201d according to a note from BlackRock\u2019s Investment Stewardship team, <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/05\/11\/blackrock-to-vote-for-fewer-climate-provisions-in-2022-than-2021.html\"><span>CNBC<\/span><\/a><span> reported.<\/span><\/p>\n<p><span>\u201cThis includes those that are unduly prescriptive and constraining on the decision-making of the board or management, call for changes to a company\u2019s strategy or business model, or address matters that are not material to how a company delivers long-term shareholder value,\u201d the note explained.<\/span><\/p>\n<p><span>\u201cIt\u2019s going to be hard for BlackRock to put the toothpaste back in the tube,\u201d Ramaswamy commented on Twitter.\u00a0<\/span><\/p>\n<p><span>In an interview with <\/span><a href=\"https:\/\/www.wsj.com\/articles\/upstart-money-manager-gets-billionaires-to-back-the-anti-blackrock-11652134919?mod=mhp\"><span>The Wall Street Journal<\/span><\/a><span> earlier this week, Ramaswamy explained Strive\u2019s approach by saying, \u201cWe will tell oil companies to be excellent oil companies and coal companies to be excellent coal companies and solar companies to be excellent solar companies.\u201d<\/span><\/p>\n<p><span>Ramaswamy said that he has secured $20 million in financial backing. The Journal reported that PayPal co-founder Peter Thiel and Pershing Square Capital Management CEO Bill Ackman are among the financiers.<\/span><\/p>\n<p><span>\u201cA majority of Americans want companies to stay out of politics,\u201d Ramaswamy continued. \u201cThey want to have a separate space for where they shop, where they work, and where they invest from the places where they cast their ballots or engage in their political debates.\u201d<\/span><\/p>\n<p><span>BlackRock, State Street, and Vanguard \u2014 which handle a combined $21 trillion in assets and hold, on average, a 20% stake in every Fortune 500 company \u2014 run on the model of <\/span><a href=\"https:\/\/www.dailywire.com\/news\/entrepreneur-who-launched-anti-woke-asset-management-fund-reports-flood-of-job-applicants\"><span>stakeholder capitalism<\/span><\/a><span>, which claims that everyone in the \u201ccommunity\u201d has a say in how a company\u2019s activities impact issues such as climate change and minority board seats. The approach argues that for the sake of a greater social good, corporations must be involved in causes that may have nothing to do with their businesses \u2014 whether it benefits their shareholders or not.\u00a0<\/span><\/p>\n<p><span>However, Ramaswamy said in a recent CNBC <\/span><a href=\"https:\/\/twitter.com\/VivekGRamaswamy\/status\/1524188070475673603?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1524188070475673603%7Ctwgr%5E%7Ctwcon%5Es1_&#038;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Fentrepreneur-who-launched-anti-woke-asset-management-fund-reports-flood-of-job-applicants\"><span>interview<\/span><\/a><span> that ESG \u2014 one of the progressive investment philosophies that pushes \u201csocial responsibility\u201d in addition to profits \u2014 has no track record of success. \u201cThere\u2019s no evidence that ESG outperforms, despite the claims made by some of the world\u2019s largest asset managers and their CEOs,\u201d he argued.<\/span><\/p>\n<p><span>Ramaswamy, the author of \u201cWoke, Inc: Inside Corporate America\u2019s Social Justice Scam,\u201d <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-losers-of-this-game-are-the-american-people-young-medical-entrepreneur-is-defecting-from-leftist-corporate-america\"><span>explained<\/span><\/a><span> in an op-ed last year that both liberals and conservatives are duped by large firms\u2019 tactics \u2014 the former by their \u201clove of woke causes,\u201d and the latter by their belief that \u201cthe market can do no wrong.\u201d<\/span><\/p>\n<p><span>\u201cThis new woke-industrial Leviathan gains its power by dividing us as a people. When corporations tell us what social values we\u2019re supposed to adopt, they take America as a whole and divide us into tribes,\u201d Ramaswamy wrote. \u201cThat makes it easier for them to make a buck, but it also coaxes us into adopting new identities based on skin-deep characteristics and flimsy social causes that supplant our deeper shared identity as Americans.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strive founder Vivek Ramaswamy celebrated BlackRock backing down on Tuesday from supporting certain climate change proposals that \u201cmicromanage\u201d companies, calling it an \u201cearly impact\u201d of his new firm.The new asset<\/p>\n","protected":false},"author":99,"featured_media":1482399,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1473142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1473142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1473142"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1473142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1482399"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1473142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1473142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1473142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}