Citations and Disclosures

Citations1. Business Roundtable, Statement on the Purpose of a Corporation (Washington: Business Roundtable, August 2019), https://system.businessroundtable. org/app/uploads/sites/5/2023/02/WSJ_BRT_POC_Ad .pdf; “Ronald ‘Ron” P. O’Hanley,” Business Roundtable, accessed September 21, 2023, https://www.businessroundtable.org/about-us/members/ronald-ron-p-ohanley-chairman-and-chief-executive-officer-state-street-corporation.2. For example, see Justin Danhof, “How Leftist Activists Hijacked Corporate America,” Washington Examiner, April 24, 2023, https://www.washingtonexaminer .com/restoring-america/faith-freedom-self-reliance/how-leftist-activists-hijacked-corporate-america; ------, “Is Environmental, Social and Corporate Governance (ESG) illegal?”, Washington Times, October 24, 2022, https://www.washingtontimes.com/news/ 2022/oct/24/is-environmental-social-and-corporate-governance-e/; Anson Frericks, “While He’s Re-writing the Music, Larry Fink Won’t Change the Underlying ESG Tune,” RealClearMarkets, March 24, 2023, https://www.realclearmarkets.com/articles /2023/03/24/while_hes_re-writing_the_ music_larry_fink_wont_change_the_ underlying_esg_tune_889211.html.3. John Sullivan, “House Committee Advances Four Bills to Block ‘Woke’ ESG Investing,” National Association of Plan Advisors, September 14, 2023, https://www.napa-net.org/news-info/daily-news/house-committee-advances-four-bills-block-%E2%80%98woke%E2%80%99-esg-investing. 4. Ken Thomas, “Joe Biden Issues First Veto, Rejecting Attempt to Block ESG Effort,” Wall Street Journal, March 20, 2023, https://www.wsj.com/articles/biden-issues-first-veto-rejecting-attempt-to-block-esg-effort-63c2f969.5. Lananh Nguyen and Simon Jessop, “Davos 2023: BlackRock U.S. Inflows Dwarf $4 Bln Lost in ESG Backlash -CEO,” Reuters, January 17, 2023, https://www.reuters.com/business/finance /davos-2023-blackrock-us-inflows-dwarf-4-bln-lost-esg-backlash-ceo-2023-01-17/.6. Danielle Moran and Saijel Kishan, “Florida Will Pull $2 Billion of Assets From BlackRock Over ESG,” Bloomberg, December 1, 2022, https://www.bloomberg.com/news/articles/2022-12-01/florida-will-pull-2-billion-of-assets-from-blackrock-over-esg.7. Saijel Kishan, Danielle Moran, and Felipe Marques, “BlackRock Faces $2 Billion Hit as DeSantis Escalates ESG Fight,” Bloomberg, December 2, 2022, https://www.bloomberg.com/news/ articles/2022-12-02/blackrock-faces-2-billion-hit-as-desantis-escalates-esg-fight.8. Richard Vanderford, “Texas Blacklists BlackRock, UBS and Other Financial Firms Over Alleged Energy Boycotts,” Wall Street Journal, August 24, 2022, https://www.wsj.com/articles/texas-blacklists-blackrock-ubs-and-other-financial-firms-over-alleged-energy-boycotts-11661381425. 9. Dalia Blass to Attorneys General of the States, August 4, 2022, https://www.blackrock.com/us/individual/ literature/press-release/blackrock-response-attorneys-general.pdf.10. Saul Elbein, “House Democrats Launch Sustainable Investing Caucus,” The Hill, January 25, 2023, https://thehill.com/policy/equilibrium-sustainability/3830314-house-democrats-launch-sustainable-investing-caucus/; Emma Dumain, “The Democratic Battle Plan on ESG,” E&E News, September 8, 2023, https://www.eenews.net/articles/the-democratic-battle-plan-on-esg/. 11. Christine Mai-Duc, “California Legislature Passes Sweeping Emissions Bill,” Wall Street Journal, September 12, 2023, https://www.wsj.com/politics/policy/ california-legislature-passes-sweeping-emissions-bill-398b586c. 12. Lance C. Dial et al, “2023 ESG State Legislation Wrap Up,” K&L Gates, July 25, 2023, https://www.klgates.com/2023-ESG-State-Legislation-Wrap-Up-7-19-2023. 13. Steve Banker, “Trade Rules Are Increasingly ESG Rules,” Forbes, August 16, 2023, https://www.forbes.com/sites/ stevebanker/2023/08/16/trade-rules-are-increasingly-esg-rules/?sh=1fc2664057d0. 14. “Empowering Investors through BlackRock Voting Choice,” BlackRock, accessed August 23, 2023, https://www.blackrock.com/corporate/about-us/investment-stewardship/blackrock-voting-choice; “Extending Proxy Voting Choice to More Investors,” State Street Global Advisors, accessed August 23, 2023, https://www.ssga.com/us/en/intermediary/ etfs/about-us/what-we-do/asset-stewardship/proxy-voting-choice; Vanguard, Your money, your voice: How Vanguard is piloting proxy voting options for everyday investors (Valley Forge: Vanguard, February 2023), https://investor.vanguard.com/content/ dam/retail/publicsite/en/documents/vgd-proxy.pdf.15. Vanguard’s program also allows clients to defer to the board’s recommendations or abstain from voting altogether, but these additional options do nothing to allow investors to vote to maximize financial value; rather, they force investors who do not want ESG to be considered in their investment portfolio to choose between an ESG voting slate or decline to meaningfully exercise their voting rights at all.16. Jim Copland, “How Everyday Investors May Soon Vote Away ESG,” New York Post, September 16, 2023, https://nypost.com/2023/09/16/everyday-investors-may-soon-vote-away-esg/.17. Wayne Winegarden, “Empowering Shareholders Will Help Reduce The Undue Influence Of Proxy Advisory Firms,” Forbes, February 7, 2023, https://www.forbes.com /sites/waynewinegarden/2023/02/07/ empowering-shareholders-will-help-reduce-proxy-advisory-firms-undue-influence/?sh=4c94da815ac2.18. Andy Puzder, “BlackRock and Its ESG ‘Voting Choice’ Ruse,” RealClearPolitics, August 8, 2023, https://www.realclearpolitics.com/articles /2023/08/08/blackrock_and_its_esg_voting _choice_ruse_149593.html.19. Wall Street Journal Editorial Board, “BlackRock’s False Voting ‘Choice,’” Wall Street Journal, July 24, 2023, https://www.wsj.com/articles/blackrocks-false-voting-choice-proxy-esg-ballots-iss-glass-lewis-66652357.20. Ross Kerber, “Vanguard Joins BlackRock, Cuts Support for Shareholder Items on Climate, Social Issues,” Reuters, August 29, 2023, https://www.reuters.com/ sustainability/boards-policy-regulation/vanguard-joins-blackrock-cuts-support-shareholder-items-climate-social-issues-2023-08-28/.21. John Frank, “Larry Fink ‘Ashamed’ to Be Part of ESG Political Debate,” Axios, June 25, 2023, https://www.axios.com/ 2023/06/26/larry-fink-ashamed-esg-weaponized-desantis.22. Bloomberg, “McDonald’s Quietly Removes ‘ESG’ from Parts of Its Website,” Crain’s Chicago Business, August 11, 2023, https://www.chicagobusiness.com/ restaurants/mcdonalds-removes-esg-parts-website; Paolo Confino, “Walmart CSO Says the Trouble with ESG Is It’s ‘Become a Boogeyman’ but the Fortune 500 Giant Is ‘Addressing the Things That Matter,” Fortune, September 13, 2023, https://fortune.com/2023/09/13/esg-walmart-ge/.23. Lindsey Stewart, “Proxy-Voting Insights: How Differently Do The Big Three Vote on ESG Resolutions,” Harvard Law School Forum on Corporate Governance (blog), July 3, 2023, https://corpgov.law.harvard.edu/2023/07/ 03/proxy-voting-insights-how-differently-do-the-big-three-vote-on-esg-resolutions/; BlackRock Investment Stewardship, BlackRock Investment Stewardship: 2023 Policies Summary (New York: BlackRock, December 2022), https://www.blackrock.com/corporate /literature/fact-sheet/blk-responsible-investment-global-policies-summary-2023.pdf.24. See Suzanne McGee, “Anti-ESG Funds Face Obstacles to Broad Investor Acceptance,” Wall Street Journal, August 20, 2023, https://www.wsj.com/ finance/investing/anti-esg-fund-investor-acceptance-90a1e0f8.25. Jeff Benjamin, “Ramaswamy’s Strive: Not Just Another Anti-Woke Firm,” ETF.com, September 12, 2023, https://www.etf.com/sections/features/ ramaswamys-strive-not-just-another-anti-woke-firm.26. To access this resource, please visit https://central-webd.proxydisclosure. com/WebDisclosure/wdFundSelection?token=984212e74d844c3ca263efd02061d746.27. Ted Jarvis, Jamie McGough, and Donald Kalfen, “Incentives Linked to ESG Metrics Among S&P 500 Companies,” Harvard Law School Forum on Corporate Governance (blog), July 20, 2023, https://corpgov.law.harvard.edu/2023/07/ 20/incentives-linked-to-esg-metrics-among-sp-500-companies/.28. Jarvis, McGough, and Kalfen, “Incentives Linked to ESG Metrics.”29. Patrick J. Kiger, “Does It Pay to Link Executive Compensation to ESG Goals?”, Stanford Institute for Economic Policy Research, July 19, 2023, https://siepr.stanford.edu/news/does-it-pay-link-executive-compensation-esg-goals; Lucian A. Bebchuk and Roberto Tallarita, “The Perils and Questionable Promise of ESG-Based Compensation,” Journal of Corporation Law 48, no. 1 (2022): 74, https://dx.doi.org/10.2139/ssrn.4048003.30. Mary Schlangenstein, “Southwest CEO Bonus Rose Even as Airline Pledged to Cut Incentive Pay,” Bloomberg, April 6, 2023, https://www.bloomberg.com/news/articles/2023-04-06/southwest-ceo-s-bonus-rose-after-meltdown-prompted-cut-pledge.31. Southwest Airlines Co., Form DEF 14A (filed April 6, 2023), https://www.sec.gov/Archives /edgar/data/92380/000119312523093040/ d361430ddef14a.htm, 27.32. David Koenig, “‘We Messed Up’: Southwest COO Apologies in Senate Hearing About Holiday Travel Meltdown,” NBC DFW, February 9, 2023, https://www.nbcdfw.com/news/business /we-messed-up-southwest-coo-apologizes-in-senate-hearing-about-holiday-travel-meltdown/3190725/.33. NIKE, Inc., Form DEF 14A (filed July 20, 2023), https://www.sec.gov/Archives/edgar/ data/320187/000032018723000040/nke-20230720.htm, 30.34. “2025 Targets Summary,” Nike, February 19, 2021, https://about.nike.com /en/newsroom/resources/2025-targets-summary.35. Strive Asset Management, Racial and Gender Diversity’s Effect on Corporate Performance (Columbus: Strive Asset Management, August 28, 2023), https://www.strive.com/documents/FG/ strive/news/627521_Race_Gender_and_ Corporate_Performance.pdf, 1.36. Valero Energy Corporation, Form DEF 14A (filed March 22, 2023), https://www.sec.gov/Archives/edgar/data/ 1035002/000103500223000040/vlo-20230322.htm, 104.37. The Coca-Cola Company, Form DEF 14A (filed March 10, 2023), https://www.sec.gov/Archives/edgar/data /21344/000130817923000117/ko4104401-def14a.htm, 100.38. Apple Inc., Form DEF 14A (filed January 12, 2023), https://www.sec.gov/Archives /edgar/data/320193/000130817923000019 /laap2023_def14a.htm, 79.39. Justin Danhof to Chris Kempczinski and Enrique Hernandez, Jr., July 18, 2023, https://www.strive.com/our-letter-to-mcdonalds.40. Jeremiah Green and John R.M. Hand, “Diversity Matters/Delivers/Wins Revisited in S&P 500 Firms,” SSRN Electronic Journal (2021): 1, https://dx.doi.org/10.2139/ssrn.3849562.41. United Parcel Service, Inc., Form DEF 14A (filed March 20, 2023), https://www.sec.gov/Archives/edgar/data/ 1090727/000109072723000015/ups-20230320.htm, 90.42. The Kroger Co., Form DEF 14A (filed May 12, 2023), https://www.sec.gov/Archives/edgar /data/56873/000110465923059456/ tm233382d3_def14a.htm, 90.43. Mastercard Incorporated, Form DEF 14A (filed April 28, 2023), https://www.sec.gov/Archives/edgar/data/ 1141391/000114139123000070/ma-20230428.htm, 133.44. “Diversity, Inclusion, & Belonging,” Kraft Heinz, accessed September 21, 2023, https://www.kraftheinzcompany.com/esg/ diversity-inclusion.html.45. The Kraft Heinz Company, Form DEF 14A (filed March 24, 2023), https://www.sec.gov/Archives/edgar /data/1637459/000110465923036287/ tm2230899d2_def14a.htm, 118.46. Caterpillar Inc, Form DEF 14A (filed May 1, 2023), https://www.sec.gov/Archives/ edgar/data/18230/000130817923000830/ lcat2023_def14a.htm, 84.47. Caterpillar, 2022 Global Diversity & Inclusion Report: The Power of Everyone (Irving: Caterpillar, June 30, 2023), https://s7d2.scene7.com/is/content/ Caterpillar/CM20230428-352e1-76f62.48. Starbucks Corporation, Form DEF 14A (filed January 27, 2023), https://www.sec.gov/Archives/edgar/ data/829224/000082922423000007/ a2023proxystatementfinal.htm, 81.49. Starbucks Corporation, Form 8-K (filed March 29, 2023), https://www.sec.gov /Archives/edgar/data/829224/ 000082922423000027/sbux-20230323.htm; see also Leslie Patton, “Starbucks Investors Vote in Favor of Worker-Rights Assessment,” Bloomberg Law, March 29, 2023, https://news.bloomberglaw.com /esg/starbucks-investors-vote-in-favor-of-worker-rights-assessment.50. Starbucks Corporation, Form 8-K.51. Walmart Inc., Form DEF 14A (filed April 20, 2023), https://www.sec.gov/Archives /edgar/data/104169/000010416923000034/ wmt-20230420.htm, 103; Rivian Automotive, Inc., Form DEF 14A (filed May 1, 2023), https://www.sec.gov/Archives/ edgar/data/1874178/000187417823000019/ rivn-20230501.htm, 13.52. Lockheed Martin Corporation, Form DEF 14A (filed March 14, 2023), https://www.sec.gov/Archives/edgar/data/936468/000093646823000034/lmt-20230313.htm, 86.53. Justin Danhof, “It’s Time for ‘China Risk’ to Become a Major Concern for Investors,” The Hill, July 13, 2023, https://thehill.com/ opinion/finance/4094021-its-time-for-china-risk-to-become-a-major-concern-for-investors/.54. Vivek Ramaswamy and Mike Pompeo, “China’s Threat to Taiwan Semiconductors,” Strive Asset Management, October 10, 2022, https://www.strive.com/article/ chinas_threat_to_taiwan_semiconductors.55. Alex Stone and Luke Daigneault, “Has Boeing Turned a Blind Eye to Its Risky China Relationship?”, Daily Caller, April 17, 2023, https://dailycaller.com/2023 /04/17/opinion-has-boeing-turned-a-blind-eye-to-its-risky-china-relationship/.56. “The 100 Largest Companies in the World by Market Capitalization in 2023,” Statista, June 2023, https://www.statista.com /statistics/263264/top-companies-in-the-world-by-market-capitalization/.57. Steve Banker, “Apple’s Reliance on China Poses a Problem for the Company,“ Forbes, January 19, 2023, https://www.forbes.com/sites/stevebanker/ 2023/01/19/apples-china-problem/?sh=23dd1d45282f.58. Apple Inc., Form DEF 14A, 10.59. Apple Inc., Form DEF 14A, 82.60. Justin Danhof, “Disney Investors at Risk for One Big Reason and the Company Doesn’t Want to Admit It,” Fox News, March 31, 2023, https://www.foxnews.com /opinion/disney-investors-risk-one-big-reason-company-doesnt-want-admit.61. The Walt Disney Company, Form DEFR14A (filed February 13, 2023), https://www.sec.gov/Archives/edgar/data/ 1744489/000119312523033959/ d354565ddefr14a.htm, 79.62. Danielle Wiener-Bronner, “Starbucks’ Sales in China Come Roaring Back,” CNN, August 1, 2023, https://www.cnn.com/2023/ 08/01/business/starbucks-china-sales/; “Starbucks Committed to Reaching 9,000 Stores in China by 2025,” World Coffee Portal, May 30, 2023, https://www.world coffeeportal.com/Latest/News/2023/May/ Starbucks-committed-to-reaching-9,000-Chinese-outl.63. Trefor Moss, “China’s Covid-19 Lockdowns Hurt Sales of Starbucks Coffee, Adidas Sneakers,” Wall Street Journal, May 25, 2022, https://www.wsj.com/ articles/chinas-covid-19-lockdowns-hurt-sales-of-starbucks-coffee-adidas-sneakers-11653476495.64. Starbucks Corporation, Form DEF 14A, 79.65. Danhof, “It’s Time for ‘China Risk’.”66. Axon Enterprise, Inc., Form DEF 14A (filed April 21, 2023), https://www.sec.gov/Archives/edgar/data /1069183/000106918323000019/axon-20230531xdef14a.htm, 78.67. Microsoft Corporation, Form DEF 14A (filed October 27, 2022), https://www.sec.gov/Archives/edgar/data/ 789019/000119312522270484/ d318171ddef14a.htm, 78.68. Mastercard Incorporated, Form DEF 14A, 124.69. “AAF Report Shows ESG Proponents Plan to Choke Off Dissent,” American Accountability Foundation, August 17, 2023, https://americanaccountability foundation.com/blog/2023/08/17/aaf-report-shows-esg-proponents-plan-to-choke-off-dissent/70. Comcast Corporation, Form DEF 14A (filed April 28, 2023), https://www.sec.gov/ Archives/edgar/data/1166691/000130817923 000809/cmcsa4130111-def14a.htm, 79.71. The Coca-Cola Company, Form DEF 14A, 114.72. Justin Danhof, “Strive Coca Cola Proxy Ballot 2023,” Strive, May 1, 2023, video, 3:22, https://youtu.be/FNfCzLD1pgg?si=Qzg4MsEWqitZQQmp.73. Kate Gibson, “Eli Lilly Pushes Back against Indiana’s New Abortion Law,” CBS News, August 8, 2022, https://www.cbsnews.com/news/abortion-indiana-eli-lilly-cummins-roche/.74. Eli Lilly and Company, Form DEF 14A (filed March 17, 2023), https://www.sec.gov/Archives/edgar/data/ 59478/000005947823000120/lly-20230317.htm, 98.75. “Climate Action 100+ Announces Its Second Phase,” Climate Action 100+, June 8, 2023, https://www.climateaction100. org/news/climate-action-100-announces-its-second-phase/.76. Strive Asset Management, Shareholder Proposals Targeting Net Zero Emissions (Columbus: Strive Asset Management, accessed September 22, 2023), https://www.strive.com/ article/shareholder_proposals_targeting _net_zero_emissions__white_paper.77. Chris Nicholson, “Net-Zero Burns Down the Village to Save It,” The Hill, April 13, 2023, https://thehill.com/opinion/energy-environment/3949374-net-zero-burns-down-the-village-to-save-it/.78. Vivek Ramaswamy to Michael K. Wirth, September 6, 2022, https://www.strive.com/strive-asset-management-letter-to-chevron; see also Chevon Corporation, Form DEF 14A (filed April 8, 2021), https://www.sec.gov/Archives/edgar/data /93410/000119312521109793/ d74377ddef14a.htm, 81.79. Valero Energy Corporation, Form DEF 14A, 101-102.80. Martin Marietta Materials, Inc., Form DEF 14A (filed April 14, 2023), https://www.sec.gov/Archives/edgar/data /916076/000119312523100957/ d390557ddef14a.htm, 96.81. Amazon.com, Inc., Form DEF 14A (filed April 13, 2023), https://www.sec.gov /Archives/edgar/data/ 1018724/000110465923044708/ tm233694d2_def14a.htm, 85.82. Justin S. Coddington et al., “ESG Factors Remain Relevant to ERISA Fiduciaries after Biden Vetoes Resolution Targeting ERISA Investing Rule,” Norton Rose Fulbright, March 2023, https://www.nortonrosefulbright.com/en-pl/knowledge/publications/86c565e6/esg-factors-remain-relevant-to-erisa-fiduciaries-after-biden-vetoes-resolution.83. Microsoft Corporation, Form DEF 14A, 74.84. Rachel Koning Beals, “Jamie Dimon Says Stopping Oil and Gas Funding Would Be ‘Road to Hell for America’,” MarketWatch, September 24, 2022, https://www.marketwatch.com/story/jamie-dimon-says-stopping-oil-and-gas-funding-would-be-road-to-hell-for-america-11663851347.85. For example, see Vanderford, “Texas Blacklists BlackRock.”86. Bank of America Corporation, Form DEFR14A (filed March 8, 2023), https://www.sec.gov/Archives/edgar/data /70858/000119312523064593/ d294559ddefr14a.htm, 98.87. Berkshire Hathaway Inc., Form DEF 14A (filed March 17, 2023), https://www.sec.gov/ Archives/edgar/data/1067983/0001193125 23073948/ d362436ddef14a.htm, 15.88. Yum! Brands, Inc., Form DEF 14A (filed April 7, 2023), https://www.sec.gov/ Archives/edgar/data/1041061/0001193125230 95276/d535046ddef14a.htm, 30.89. Dollar General Corporation, Form DEF 14A (filed April 11, 2023), https://www.sec.gov/Archives/edgar/data/ 29534/000110465923044057/ tm2228297d2_def14a.htm, 59.90. Hormel Foods Corporation, Form DEF 14A (filed December 21, 2022), https://www.sec.gov/Archives/edgar/ data/48465/000110465922128851/ tm2230866d2_def14a.htm, 39.91. Alliance for Fair Board Recruitment v. Securities & Exchange Commission (5th Cir. 2021), https://fingfx.thomsonreuters.com/gfx /legaldocs/byprjygnope/SECURITIES%20 EXPLAINER%20NASDAQ%20NCPPR% 20brief.pdf.92. Strive Asset Management, Racial and Gender Diversity’s Effect, 1.93. Green and Hand, “Diversity Matters,” 1.94. Katherine Klein, “Does Gender Diversity on Boards Really Boost Company Performance?”, Knowledge at Wharton, May 18, 2017, https://knowledge.wharton. upenn.edu/article/will-gender-diversity-boards-really-boost-company-performance/.95. Jesse M. Fried, Will Nasdaq‘s Diversity Rules Harm Investors? (Brussels: European Corporate Governance Institute, March 26, 2021), https://dx.doi.org/10.2139/ssrn.3812642, 2.96. The Home Depot, Inc., Form DEF 14A (filed April 4, 2022), https://www.sec.gov/Archives/edgar/data/ 354950/000035495022000116/hd-2022proxystatement.htm, 42.97. The Home Depot, Inc., Form DEF 14A (filed April 3, 2023), https://www.sec.gov/Archives/edgar/data/ 354950/000035495023000101/hd-20230330.htm, 37.98. Abbott Laboratories, Form DEF 14A (filed March 17, 2023), https://www.sec.gov/Archives/edgar/data /1800/000130817923000247/abt4116441-def14a.htm, 75.99. The Wendy’s Company, Form DEF 14A (filed March 30, 2023), https://www.sec.gov/Archives/edgar/data/ 30697/000119312523085615/ d379950ddef14a.htm, 98.100. The Kraft Heinz Company, Form DEF 14A, 110.101. United Rentals, Inc., Form DEF 14A (filed March 22, 2023), https://www.sec.gov/Archives/edgar/ data/1067701/000095017023009176/uri-20230316.htm, 101.102. Lynne Bennington, “Review of the Corporate and Healthcare Governance Literature,” Journal of Management and Organization 16, no. 2 (2010): 314, doi:10.5172/jmo.16.2.314 (finding “no statistical relationship between independence and firm performance … or relationships so small to be almost meaningless”); Dan R. Dalton, Michael A. Hitt, S. Trevis Certo, and Catherine M. Dalton, “The Fundamental Agency Problem and Its Mitigation: Independence, Equity, and the Market for Corporate Control,” The Academy of Management Annals 1, no. 1 (2007): 13 (finding “no evidence of substantive, systemic relationships between corporate financial performance and board leadership structure”); Robert Pozen, “Before you go split that CEO/Chair,” Harvard Business Review, April 2006, https://hbr.org/2006/04/before-you-split-that-ceochair.103. Rick Fleming, “Mandatory Arbitration: An Illusory Remedy for Public Company Shareholders,” U.S. Securities and Exchange Commission, February 24, 2018, https://www.sec.gov/news/speech/ fleming-sec-speaks-mandatory-arbitration. 104. Mohsen Manesh and Joseph Grundfest, “The Corporate Contract and Shareholder Arbitration,” Harvard Law School Forum on Corporate Governance (blog), November 10, 2022, https://corpgov.law.harvard.edu/2022/11/10/ the-corporate-contract-and-shareholder-arbitration/.105. Johnson & Johnson, Form DEF 14A (filed March 15, 2023), https://www.sec.gov/Archives/edgar/data /200406/000020040623000023/jnj-20230313.htm, 128.106. Maia Gez, Thomas W. Christopher, and Danielle Herrick, “Amending Charters to Address Univeral Proxy, Shareholder Activism and Officer Exculpation,” Harvard Law School Forum on Corporate Governance (blog), July 10, 2023, https://corpgov.law.harvard.edu/2023/07/10 /amending-charters-to-address-universal-proxy-shareholder-activism-and-officer-exculpation/.107. David Harding, Dale Stafford, and Suzanne Kumar, “M&A Midyear Repot 2023: It Takes Two to Make a Market,” Bain & Company, July 11, 2023, https://www.bain.com/insights/m-and-a-midyear-report-2023-it-takes-two-to-make-a-market/.108. See Antero Resources Corporation, Form DEF 14A (filed April 27, 2023), https://www.sec.gov/Archives/edgar/data/ 1433270/000130817923000795/ar-20221231.htm, 28; Smith & Wesson Brands, Inc., Form DEF 14A (filed August 10, 2023), https://www.sec.gov/Archives/edgar /data/1092796/000095017023035573/swbi-20230728.htm, 12.109. See Nasdaq, Inc., Form DEF 14A (filed April 28, 2023), https://www.sec.gov/Archives/edgar /data/1120193/000119312522127870/ d280627ddef14a.htm, 36; Kohl’s Corporation, Form DEF 14A (filed March 23, 2023), https://www.sec.gov/Archives/ edgar/data/885639/000130817922000076/ lkss2022_defc14a.htm, 42; Albertsons Companies, Inc., Form DEF 14A (filed June 21, 2023), https://www.sec.gov/Archives /edgar/data/1646972/000114036122023648/ ny20003207x1_def14a.htm, 32.110. American Eagle Outfitters, Inc., “AEO Inc. Releases Inaugural ‘Building a Better World’ ESG Report Prepared in Alignment with the Sustainability Accounting Standards Board (SASB),” September 15, 2022, https://investors.ae.com/press-releases/news-details/2022/AEO-Inc.-Releases-Inaugural-Building-a-Better-World-ESG-Report-Prepared-in-Alignment-with-the-Sustainability-Accounting-Standards-Board-SASB/default.aspx.111. See Host Hotels & Resorts, Inc., Form DEF 14A (filed April 5, 2023), https://www.sec.gov/Archives/edgar/ data/1070750/000119312523091642/ d456607ddef14a.htm, 32; The J.M. Smucker Company, Form DEF 14A (filed June 30, 2023), https://www.sec.gov /Archives/edgar/data/91419/000119312523179 232/d462924ddef14a.htm, 30-31.112. Best Buy Co., Inc., Form DEF 14A (filed May 2, 2023), https://www.sec.gov/Archives/ edgar/data/764478/000114036123022482/ ny20006533x1_def14a.htm, 56.113. Harley-Davidson, Inc., Form DEF 14A (filed April 6, 2023), https://www.sec.gov/ Archives/edgar/data/793952/000079395223 000062/hog-20230406.htm, 40.114. BJ’s Wholesale Club Holdings, Inc., Form DEF 14A (filed May 4, 2023), https://www.sec.gov/Archives/edgar/data /1531152/000114036123022842/ ny20006552x1_def14a.htm, 3, 7.Disclosures and Terms of UsePast performance is no indication of future results. All investing is subject to risk, including the possible loss of investment capital. There is no guarantee that any particular investment or engagement strategy, asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Diversification, avoidance or mitigation of risk associated with a particular sector or geographic region does not ensure a profit or protect against a loss. This information is for educational purposes only and does not take into consideration your personal circumstances or other factors that may be important in making investment decisions. We recommend that you consult a financial or tax advisor about your individual situation before investing.All investments are subject to risk, which may include interest rate risks, inflation risk, credit risk, geopolitical risks and business risks.Nothing contained in this report constitutes tax, accounting, regulatory, legal, insurance or investment advice. Decisions based on information contained in this report are the sole responsibility of the reader. In exchange for viewing this report, the reader agrees to indemnify and hold Strive, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from your use of this report, from the reader's violation of these Terms or from any decisions that the reader makes based on such information.Strive is a registered investment advisor. This report is for educational purposes only and should not be construed as or relied upon for investment advice. Past performance is not a guarantee of future results. More information about Strive, its investment strategies, and investment objectives is available on Strive.com.The content contained in this report is owned or licensed by Strive and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, republish modify, post, frame or deep link this report in whole or in part, without Strive's written permission.Full disclosures and terms of use here.