{"id":1764317,"date":"2022-12-06T09:47:52","date_gmt":"2022-12-06T14:47:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1764317"},"modified":"2022-12-06T09:48:01","modified_gmt":"2022-12-06T14:48:01","slug":"vivek-ramaswamys-strive-asset-management-to-uproot-esg-moves-at-three-major-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vivek-ramaswamys-strive-asset-management-to-uproot-esg-moves-at-three-major-companies\/","title":{"rendered":"Vivek Ramaswamy\u2019s Strive Asset Management To Uproot ESG Moves At Three Major 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\">26<\/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%2Fvivek-ramaswamys-strive-asset-management-to-uproot-esg-moves-at-three-major-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=1764317&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--><p>Strive Asset Management revealed a plan Tuesday to spurn risks presented to the shareholders of ExxonMobil, Chevron, and Home Depot by the environmental, social, and governance movement, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>The series of actions, first shared with The Daily Wire, will be executed next year to prevent the companies from \u201cprioritizing ESG over excellence,\u201d according to a press release from Strive, which believes that its \u201cgreatest opportunity to influence positive outcomes for shareholders\u201d through resolutions exists at the three firms.<\/p>\n<p>Strive Executive Chairman Vivek Ramaswamy sent a letter to ExxonMobil CEO Darren Woods last month suggesting the addition of a \u201csuitable director to your board ahead of preparations for next spring\u2019s proxy voting season.\u201d After a meeting between Ramaswamy and Woods, ExxonMobil <a href=\"https:\/\/corporate.exxonmobil.com\/news\/newsroom\/news-releases\/2022\/1202_exxonmobil-elects-larry-kellner-and-john-harris-to-board-of-directors\" target=\"_blank\" rel=\"noopener\">appointed<\/a> two new board directors; Strive will now support the nomination of a third director to \u201cboost diversity of thought in its boardroom surrounding the \u2018energy transition\u2019 debate,\u201d according to the press release.<\/p>\n<p>Exxon enacted a shareholder resolution in January committing the oil company to pursue <a href=\"https:\/\/corporate.exxonmobil.com\/news\/newsroom\/news-releases\/2022\/0118_exxonmobil-announces-ambition-for-net-zero-greenhouse-gas-emissions-by-2050\" target=\"_blank\" rel=\"noopener\">net zero emissions<\/a> by the year 2050. Last year, a small ESG activist investment firm controlling 0.02% of shares in ExxonMobil <a href=\"https:\/\/www.dailywire.com\/news\/activist-investors-are-seizing-companies-to-push-social-justice-measures\" target=\"_blank\" rel=\"noopener\">won<\/a> three board seats with the help of asset managers BlackRock, Vanguard, and State Street.<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link\" tabindex=\"-1\" href=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" data-sk=\"tooltip_parent\" data-remove-tab-index=\"true\" aria-describedby=\"sk-tooltip-1077\">TIRED OF THE LEGACY MEDIA\u2019S BIAS CONTROLLING THE NARRATIVE AND OBSCURING THE TRUTH? JOIN US AND SAVE 30%.<\/a><\/p>\n<p>\u201cWhile climate change is one of many factors that may influence decision-making at Exxon, we are concerned that singularly focusing on this risk factor at the expense of other considerations creates new long-run risks,\u201d Ramaswamy wrote to Woods, \u201cincluding the very real risk of underinvesting in fossil fuels to match global demand.\u201d<\/p>\n<p>With respect to Chevron, Strive will introduce a proposal that would reverse Scope 3 <a href=\"https:\/\/www.chevron.com\/newsroom\/2021\/q4\/chevron-sets-net-zero-aspiration-and-new-ghg-intensity-target\" target=\"_blank\" rel=\"noopener\">emissions reduction benchmarks<\/a> enacted last year via shareholder resolution. The benchmarks, which were supported by BlackRock, Vanguard, and State Street, would <a href=\"https:\/\/www.epa.gov\/climateleadership\/scope-3-inventory-guidance\" target=\"_blank\" rel=\"noopener\">require<\/a> the company to reduce fossil fuel usage among entities in the Chevron value chain.<\/p>\n<p>Strive also co-authored a shareholder resolution for Home Depot that would undo an earlier proposal supported by BlackRock and Capital Group to conduct a \u201cracial equity audit.\u201d Strive contends that all hiring at the home improvement retailer \u201cshould be based exclusively on merit, without regard to social considerations which may raise legal liabilities for the company.\u201d<\/p>\n<p>The fund will launch proxy campaigns or additional shareholder resolutions in the spring if the latter two proposals do not \u201ceffectuate positive change.\u201d<\/p>\n<p>Strive was <a href=\"https:\/\/www.dailywire.com\/news\/americans-want-companies-to-stay-out-of-politics-ceo-launches-fund-to-take-on-woke-asset-managers\" target=\"_blank\" rel=\"noopener\">launched<\/a> earlier this year with the intention of pushing portfolio companies to maximize profits instead of advancing social and political causes favored by executives. PayPal co-founder Peter Thiel and Pershing Square Capital Management Chief Executive Bill Ackman were among the company\u2019s first financial backers.<\/p>\n<p>Critics of the ESG movement say that proponents blend activism with profitability in a manner that harms shareholders through lower returns. Though there are a considerable number of investors who support executives using financial power to achieve certain social objectives, a clear majority of investors would prefer political neutrality and the sole maximization of profits, according to an <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\" target=\"_blank\" rel=\"noopener\">exclusive poll<\/a> from The Daily Wire released earlier this year.<\/p>\n<p>Ramaswamy, a former biopharmaceutical entrepreneur, has <a href=\"https:\/\/www.dailywire.com\/news\/entrepreneur-behind-anti-woke-asset-management-fund-celebrates-blackrock-ending-support-for-certain-climate-change-proposals-that-micromanage-its-portfolio-companies\" target=\"_blank\" rel=\"noopener\">repeatedly criticized<\/a> BlackRock and other rival asset managers for compelling portfolio companies into adopting left-wing agendas unrelated or antithetical to their bottom lines. The founding of Strive occurred as multiple conservative-leaning states began implementing measures to <a href=\"https:\/\/www.dailywire.com\/news\/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars\" target=\"_blank\" rel=\"noopener\">divest<\/a> from BlackRock, Vanguard, and State Street.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strive Asset Management revealed a plan Tuesday to spurn risks presented to the shareholders of ExxonMobil, Chevron, and Home Depot by the environmental, social, and governance movement, also known as ESG. The series of actions, first shared with The Daily Wire, will be executed next year to prevent the companies from \u201cprioritizing ESG over excellence,\u201d &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1764320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1764317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1764317","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=1764317"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1764317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1764320"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1764317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1764317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1764317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}