WSJ Opinion, “WSJ Opinion: Business Backs Away From DEI,” WSJ Video, September 8, 2024, https://www.wsj.com/video/series/journal-editorial-report/wsj-opinion-business-backs-away-from-dei/40103517-41A3-4E60-A338-D8095A21957D?mod=investing_videos_pos1.
Yoko Kubota and Liza Lin, “Western Firms That Flocked to China Are Now Pulling Back,” Wall Street Journal, September 11, 2024, https://www.wsj.com/world/china/western-firms-that-flocked-to-china-are-now-pulling-back-ea2f3c27.
Kenza Bryan and Attracta Mooney, “How Companies Are Starting to Back Away from Green Targets,” Financial Times, June 21, 2024, https://www.ft.com/content/c9fee776-1471-442c-aae8-8d78fe60faeb.
Matteo Tonello, “ESG Performance Metrics in Executive Pay,” Harvard Law School Forum on Corporate Governance (blog), January 15, 2024, https://corpgov.law.harvard.edu/2024/01/15/esg-performance-metrics-in-executive-pay/.
Subodh Mishra, “Climate Shareholder Proposals: A More Sophisticated Discourse,” Harvard Law School Forum on Corporate Governance (blog), October 10, 2024, https://corpgov.law.harvard.edu/2024/10/10/climate-shareholder-proposals-a-more-sophisticated-discourse/.
New State Ice Co. v. Liebman, 285 U.S. 262 (1932), https://www.law.cornell.edu/supremecourt/text/285/262.
Milton Friedman, “A Friedman Doctrine‐- The Social Responsibility of Business Is to Increase Its Profits,” New York Times, September 13, 1970, https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html.
Business Roundtable, “Business Roundtable Redefines the Purpose of a Corporation to Promote ‘An Economy That Serves All Americans’,” August 19, 2019, https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans.
Business Roundtable, “Business Roundtable Redefines.”
Paul Rose, “Proxy Advisors And Market Power: A Review of Institutional Investor Robovoting,” Harvard Law School Forum on Corporate Governance (blog), May 27, 2021, https://corpgov.law.harvard.edu/2021/05/27/proxy-advisors-and-market-power-a-review-of-institutional-investor-robovoting/.
Strive, 2022-2023 Proxy Season Review (Dublin: Strive, December 5, 2023), https://strive.turtl.co/story/2023-proxy-season-review/.
See Strive, 2023-2024 Proxy Voting Guide (Dublin: Strive, January 2024), https://strive.com/documents/Strive_Voting_Guidelines.pdf.
To view Strive’s latest proxy votes, please visit: https://central-webd.proxydisclosure.com/WebDisclosure/wdFundSelection?token=984212e74d844c3ca263efd02061d746.
See Justin Danhof, “Strive Asset Management Engagement with Southwest Airlines,” letter to Robert E. Jordan and Gary C. Kelly, August 23, 2023, https://strive.com/our-letter-to-southwest.
See Justin Danhof, “Strive Asset Management Engagement with McDonald’s,” letter to Chris Kempczinski and Enrique Hernandez, Jr., July 18, 2023, https://strive.com/our-letter-to-mcdonalds.
Patrick Temple-West, “Companies Drop DEI Targets from Bonus Plans on Pressure from Conservatives,” Financial Times, July 21, 2024, https://www.ft.com/content/63ac21a5-9929-4bc3-9089-03299f023bcd.
Umesh Chandra Tiwan, “DEI Metrics in Executive Compensation,” Harvard Law School Forum on Corporate Governance (blog), June 26, 2024, https://corpgov.law.harvard.edu/2024/06/26/dei-metrics-in-executive-compensation/.
See Matt Cole and Justin Danhof, “COLE AND DANHOF: Chipotle Makes DEI Move Rife with Negative Consequences,” Daily Caller, July 8, 2024, https://dailycaller.com/2024/07/08/cole-danhof-chipotle-dei-diversity-equity-inclusion-minorities-turnover-civil-rights-act/.
Justin Danhof, “Strive Asset Management Engagement with the Boeing Company,” letter to Robert “Kelly” Ortberg, August 1, 2024, https://strive.com/documents/FG/strive_new/news/635533_Our_Letter_to_New_Boeing_CEO_Kelly_Ortberg.pdf, 5.
Walt Disney Co., Form DEFC14A (filed February 1, 2024), https://www.sec.gov/Archives/edgar/data/1744489/000174448924000073/dis-20240201.htm, 46.
Walt Disney Co., Form DEFC14A, 46.
Walt Disney Co., Form DEFC14A, 49; Robbie Whelan, “Disney Stock Closes at Lowest Level Since 2015,” Wall Street Journal, September 7, 2023, https://www.wsj.com/livecoverage/stock-market-today-dow-jones-09-07-2023/card/disney-stock-hits-lowest-in-years-u4dzRwxRgVoQ7OvDh7A7.
Kraft Heinz Co., Form DEF 14A (filed March 22, 2024), https://www.sec.gov/Archives/edgar/data/1637459/000130817924000234/lkhc2024_def14a.htm, 57.
Kraft Heinz Co., Form DEF 14A, 63.
Kraft Heinz, Kraft Heinz 2023 ESG Report (Chicago: Kraft Heinz, October 16, 2023), https://www.kraftheinzcompany.com/esg/pdf/KraftHeinz-2023-ESG-Report.pdf, 19.
HEICO, “About Us,” accessed November 20, 2024, https://heico.com/about-us/.
HEICO Corp., Form DEF 14A (filed February 2, 2024), https://www.sec.gov/Archives/edgar/data/46619/000114036124005225/ny20016190x1_def14a.htm, 10.
HEICO Corp., Form DEF 14A, 26.
See Danhof, “Strive Asset Management Engagement with Southwest Airlines.”
Southwest Airlines Co., Form DEF 14A (filed April 6, 2023), https://www.sec.gov/Archives/edgar/data/92380/000119312523093040/d361430ddef14a.htm, 37.
Southwest Airlines Co., Form DEF 14A (filed April 5, 2024), https://www.sec.gov/Archives/edgar/data/92380/000119312524087857/d503384ddef14a.htm, 36.
Subodh Mishra, “Pro-ESG Shareholder Proposals Regaining Momentum in 2024,” Harvard Law School Forum on Corporate Governance (blog), June 3, 2024, https://corpgov.law.harvard.edu/2024/06/03/pro-esg-shareholder-proposals-regaining-momentum-in-2024/.
Lindsey Stewart, “Climate Action 100+ Departures Put Proxy Voting in the Spotlight,” Harvard Law School Forum on Corporate Governance (blog), April 28, 2024, https://corpgov.law.harvard.edu/2024/04/28/climate-action-100-departures-put-proxy-voting-in-the-spotlight/.
Net Zero Asset Managers Initiative, “Signatories,” accessed November 20, 2024, https://www.netzeroassetmanagers.org/signatories/.
For example, see Follow This, “For Investors,” accessed November 20, 2024, https://www.follow-this.org/for-investors/.
Amazon.com, Inc., Form DEF 14A (filed April 11, 2024), https://www.sec.gov/Archives/edgar/data/1018724/000110465924045910/tm2329302d4_def14a.htm, 65.
Amazon.com, Inc., Form DEF 14A, 65.
Amazon.com, Inc., Form DEF 14A, 66.
Collin Eaton and Paul Kiernan, “Exxon Sues Two ESG Investors,” Wall Street Journal, January 22, 2024, https://www.wsj.com/business/energy-oil/exxon-sues-two-esg-investors-2057e696.
Follow This, “For Investors.”
Follow This, “For Investors.”
Stephen Soukup, “CalPERS’ Convenient Excuse,” Woke Capital, Political Forum Institute, accessed November 20, 2024, https://wokecapital.org/calpers-convenient-excuse/.
Strive (@StriveFunds), “I worked at CalPERS for 16 years. I left in 2022 to reverse the shareholder damage caused by the ESG and DEI movements and restore shareholder primacy in America…”, X, May 28, 2024, https://x.com/StriveFunds/status/1795530109794869589; see also Matt Cole (@ColeMacro), “The USA's largest public pension is in meltdown mode, attempting to salvage their politicized bet the farm on climate change investment strategy…”, X, May 23, 2024, https://x.com/ColeMacro/status/1793805743139037476; see also Matt Cole (@ColeMacro), “CalPERS: Mixing Politics with Investments in Decision to Vote Against Entire Board of Exxon in Defense of Arjuna Capital (Long Post) This year, Arjuna Capital…”, X, May 21, 2024, https://x.com/ColeMacro/status/1792950983716470878.
Lawrence E. Buterman et al., “Florida Law to Restrict the Use of Certain ESG Factors by Asset Managers and Financial Institutions,” Latham & Watkins LLP, June 8, 2023, https://www.lw.com/admin/upload/SiteAttachments/Florida-Law-to-Restrict-the-Use-of-Certain-ESG-Factors-by-Asset-Managers-and-Financial-Institutions.pdf.
Spencer Grubbs, “Fighting a Fossil Fuels Boycott,” Comtroller.texas.gov, Texas Comptroller of Public Accounts, May 2023, https://comptroller.texas.gov/economy/fiscal-notes/archive/2023/may/fossil-fuels/.
Capital One Financial Corp., Form DEF 14A (filed March 20, 2024), https://www.sec.gov/Archives/edgar/data/927628/000119312524072711/d643103ddef14a.htm, 131.
Capital One Financial Corp., Form DEF 14A, 133.
Morgan Stanley, Form DEF 14A (filed April 5, 2024), https://www.sec.gov/Archives/edgar/data/895421/000114036124018302/ny20020759x1_def14a.htm, 124.
Morgan Stanley, Form DEF 14A, 126.
Simon Jessop, “Morgan Stanley Lowers Climate Target, Warns on Sluggish Transition,” Reuters, October 25, 2024, https://www.reuters.com/sustainability/climate-energy/morgan-stanley-lowers-climate-target-warns-sluggish-transition-2024-10-25/.
Vivek Ramaswamy and Alex Acosta, “Biden’s ESG Tax on Your Retirement Fund,” Wall Street Journal, July 19, 2022, https://www.wsj.com/articles/bidens-esg-tax-on-your-retirement-fund-pension-planning-regulation-climate-change-investment-returns-portfolios-11658245467; Matt Cole, “You Count On Your Retirement Savings, but Activists Are Using It Now,” Washington Times, February 20, 2024, https://www.washingtontimes.com/news/2024/feb/20/you-count-on-your-retirement-savings-but-activists/.
Lauren Castle, “Texas Judge Hears ESG Lost American Airlines 401(k) $15 Million,” Bloomberg Law, June 27, 2024, https://news.bloomberglaw.com/employee-benefits/texas-judge-hears-esg-lost-american-airlines-401k-15-million.
Fedex Corp., Form DEF 14A (filed August 10, 2023), https://www.sec.gov/Archives/edgar/data/1048911/000130817923000961/fdx4194021-def14a.htm, 97.
Fedex Corp., Form DEF 14A, 97.
Austin Knudsen et al., letter to asset managers, August 29, 2024, https://content.govdelivery.com/attachments/MTAG/2024/08/29/file_attachments/2982180/Asset%20Managers%20-%20ISS%20Recs%20Letter%20Final.pdf, 6.
Bank of America Corp., Form DEF 14A (filed March 11, 2024), https://www.sec.gov/Archives/edgar/data/70858/000119312524064529/d529855ddef14a.htm, 100.
Bank of America Corp., Form DEF 14A, 100.
Meta Platforms, Inc., Form DEF 14A (filed April 19, 2024), https://www.sec.gov/Archives/edgar/data/1326801/000132680124000022/meta-20240329.htm, 103.
Meta Platforms, Inc., Form DEF 14A, 103; see also U.S. Chamber of Commerce, “U.S. Chamber Board of Directors,” accessed November 21, 2024, https://www.uschamber.com/about/governance/board-of-directors.
Meta Platforms, Inc., Form DEF 14A, 103; see also Freddy Brewster, “In-N-Out Burger, Meta Fight California Climate Change Bill,” KTVU FOX 2, June 11, 2023, https://www.ktvu.com/news/in-n-out-burger-and-facebook-parent-company-meta-are-fighting-a-climate-bill-in-sacramento.
Meta Platforms, Inc., Form DEF 14A, 103.
Meta Platforms, Inc., Form DEF 14A, 104-105.
United Parcel Service, Inc., Form DEF 14A (filed March 18, 2024), https://www.sec.gov/Archives/edgar/data/1090727/000109072724000018/ups-20240318.htm, 71.
Will Hild, “ESG Commitments Are a Litigation Liability,” Washington Examiner, October 22, 2024, https://www.washingtonexaminer.com/restoring-america/fairness-justice/3197286/esg-commitments-litigation-liability/.
United Parcel Service, Inc., Form DEF 14A, 72.
United Parcel Service, Inc., Form DEF 14A, 71.
Amazon.com, Inc., Form DEF 14A, 57.
Dow Inc., Form DEF 14A (filed March 1, 2024), https://www.sec.gov/Archives/edgar/data/1751788/000119312524055895/d518047ddef14a.htm, 111.
See also “Voting Spotlight: Dow, Inc.,” Fiduciary Focus, April 16, 2024, https://strive.com/documents/FG/strive_new/news/632672_The_Fiduciary_Focus_2024.04.16.pdf.
Dow Inc., Form DEF 14A, 111-112; “Voting Spotlight: Dow, Inc.”.
lululemon athletica inc., Form DEF 14A (filed April 25, 2024), https://www.sec.gov/Archives/edgar/data/1397187/000139718724000013/lulu-20240424.htm, 79.
lululemon athletica inc., Form DEF 14A, 79.
lululemon athletica inc., Form DEF 14A, 80.
Papa John’s International, Inc., Form DEF 14A (filed March 29, 2024), https://www.sec.gov/Archives/edgar/data/901491/000155837024004324/pzza-20240502xdef14a.htm, 53.
Papa John’s International, Inc., Form DEF 14A, 54.
Papa John’s International, Inc., Form DEF 14A, 54.
See Mishra, “Pro-ESG Shareholder Proposals.”
PepsiCo, Inc., Form DEF 14A (filed March 22, 2024), https://www.sec.gov/Archives/edgar/data/77476/000130817924000258/pep4277421-def14a.htm, 106.
PepsiCo, Inc., Form DEF 14A, 106.
PepsiCo, Inc., Form DEF 14A, 106.
PepsiCo, Inc., Form DEF 14A, 106.
See Justin Danhof, “Strive Asset Management Engagement with Apple,” letter to Arthur D. Levinson and Tim Cook, September 19, 2022, https://strive.com/strive-asset-management-letter-to-apple.
Students for Fair Admissions, Inc. v. President & Fellows of Harvard College, 600 U.S. 181 (2023), https://www.supremecourt.gov/opinions/22pdf/600us1r53_4g15.pdf.
Eli Lilly & Co., Form DEF 14A (filed March 22, 2024), https://www.sec.gov/Archives/edgar/data/59478/000005947824000099/lly-20240322.htm, 89.
Eli Lilly & Co., Form DEF 14A, 89.
Coca-Cola Co., Form DEF 14A (filed March 18, 2024), https://www.sec.gov/Archives/edgar/data/21344/000155837024003468/ko-20240501xdef14a.htm, 114.
Coca-Cola Co., Form DEF 14A, 114.
Coca-Cola Co., Form DEF 14A, 115.
See Danhof, “Strive Asset Management Engagement with McDonald’s.”
Daniela Sirtori-Cortina, “McDonald’s Removes ESG Abbreviation from Parts of Its Website,” Bloomberg Law, August 11, 2023, https://news.bloomberglaw.com/esg/mcdonalds-removes-esg-abbreviation-from-parts-of-its-website.
Marriott International, Inc., Form DEF 14A (filed March 27, 2024), https://www.sec.gov/Archives/edgar/data/1048286/000114036124015465/ny20015439x1_def14a.htm, 17.
Delta Air Lines, Inc., Form DEF 14A (filed April 26, 2024), https://www.sec.gov/Archives/edgar/data/27904/000130817924000615/ldal2024_def14a.htm, 75.
Delta Air Lines, Inc., Form DEF 14A, 75.
Delta Air Lines, Inc., Form DEF 14A, 76.
Chevron Corp., Form DEF 14A (filed April 10, 2024), https://www.sec.gov/Archives/edgar/data/93410/000119312524091327/d557504ddef14a.htm, 116.
Chevron Corp., Form DEF 14A, 116.
Chevron Corp., Form DEF 14A, 117.
See also “Voting Spotlight: Chevron,” Fiduciary Focus, June 4, 2024, https://strive.com/documents/FG/strive_new/news/633972_The_Fiduciary_Focus_2024.06.04.pdf.
JPMorgan Chase & Co., Form DEF 14A (filed April 8, 2024), https://www.sec.gov/Archives/edgar/data/19617/000001961724000273/jpm-20240406.htm, 96.
JPMorgan Chase & Co., Form DEF 14A, 96.
JPMorgan Chase & Co., Form DEF 14A, 97.
JPMorgan Chase & Co., Form DEF 14A, 97.
See also “Voting Spotlight: JP Morgan,” Fiduciary Focus, May 21, 2024, https://strive.com/documents/FG/strive_new/news/633481_The_Fiduciary_Focus_2024.05.21.pdf.
Pfizer Inc., Form DEF 14A (filed March 14, 2024), https://www.sec.gov/Archives/edgar/data/78003/000007800324000068/pfe-20240313.htm, 98.
Pfizer Inc., Form DEF 14A, 98.
Charter Communications, Inc., Form DEF 14A (filed March 14, 2024), https://www.sec.gov/Archives/edgar/data/1091667/000119312524067965/d534477ddef14a.htm, 74.
Charter Communications, Inc., Form DEF 14A, 75; see also “Voting Spotlight: Charter Communications,” Fiduciary Focus, April 24, 2024, https://strive.com/documents/FG/strive_new/news/632941_The_Fiduciary_Focus_2024.04.24.pdf.
Alphabet Inc., Form DEF 14A (filed April 26, 2024), https://www.sec.gov/Archives/edgar/data/1652044/000130817924000612/lgoog2024_def14a.htm, 90; see also “Voting Spotlight: Alphabet,” Fiduciary Focus, June 25, 2024, https://strive.com/documents/FG/strive_new/news/634533_The_Fiduciary_Focus_2024.06.25.pdf.
Alphabet Inc., Form DEF 14A, 90.
Alphabet Inc., Form DEF 14A, 91.
Walgreens Boots Alliance, Inc., Form DEF 14A (filed December 8, 2023), https://www.sec.gov/Archives/edgar/data/1618921/000130817923001069/wba4243631-def14a.htm, 120.
Walgreens Boots Alliance, Inc., Form DEF 14A, 121.
Andrew R. Chow and Billy Perrigo, “The AI Arms Race Is Changing Everything,” TIME, February 17, 2023, https://time.com/6255952/ai-impact-chatgpt-microsoft-google/.
Apple Inc., Form DEF 14A (filed January 11, 2024), https://www.sec.gov/Archives/edgar/data/320193/000130817924000010/laapl2024_def14a.htm, 93.
Apple Inc., Form DEF 14A, 93.
See also “Voting Spotlight: Apple,” Fiduciary Focus, March 12, 2024, https://strive.com/documents/FG/strive_new/news/631464_The_Fiduciary_Focus_2024.03.12.pdf.
Meta Platforms, Inc., Form DEF 14A, 82.
Meta Platforms, Inc., Form DEF 14A, 83.
Meta Platforms, Inc., Form DEF 14A, 83-84.
See Strive, China Risk as Investment Risk: Business Risk for U.S. Companies (Dublin: Strive, October 25, 2023), https://strive.com/documents/FG/strive_new/news/628805_China_Risk_-_US_Companies_final.pdf.
See Strive, China Risk as Investment Risk; see also Justin Danhof, “Strive Asset Management Engagement with Starbucks,” letter to Laxman Narasimhan and Mellody Hobson, November 15, 2023, https://strive.com/our-letter-to-starbucks.
McDonald’s Corp., Form DEF 14A (filed April 8, 2024), https://www.sec.gov/Archives/edgar/data/63908/000155837024004818/mcd-20240522xdef14a.htm, 99.
McDonald’s Corp., Form DEF 14A, 99.
McDonald's Corp., Form DEF 14A, 99.
Liz Hoffman, “Strive to Starbucks: ‘Bet-It-All’ Strategy in China Is Too Risky,” Semafor, November 15, 2023, https://www.semafor.com/article/11/15/2023/strive-to-starbucks-bet-it-all-strategy-in-china-is-too-risky.
Bank of America Corp., Form DEF 14A, 98.
Bank of America Corp., Form DEF 14A, 98.
AbbVie Inc., Form DEF 14A (filed March 18, 2024), https://www.sec.gov/Archives/edgar/data/1551152/000155837024003496/abbv-20240503xdef14a.htm, 85.
AbbVie Inc., Form DEF 14A, 85.
AbbVie Inc., Form DEF 14A, 86.
Caesars Entertainment, Inc., Form DEF 14A (filed April 29, 2024), https://www.sec.gov/Archives/edgar/data/1590895/000119312524122698/d719036ddef14a.htm, 78.
Caesars Entertainment, Inc., Form DEF 14A, 79.
See also “Voting Spotlight: Caesars Entertainment,” Fiduciary Focus, June 18, 2024, https://strive.com/documents/FG/strive_new/news/634447_The_Fiduciary_Focus_2024.06.18.pdf.
Netflix, Inc., Form DEF 14A (filed April 18, 2024), https://www.sec.gov/Archives/edgar/data/1065280/000119312524100913/d521836ddef14a.htm, 88.
Netflix, Inc., Form DEF 14A, 88.
Netflix, Inc., Form DEF 14A, 88.
Netflix, Inc., Form DEF 14A, 89.
See also “Voting Spotlight: Netflix,” Fiduciary Focus, June 11, 2024, https://strive.com/documents/FG/strive_new/news/634179_The_Fiduciary_Focus_2024.06.11.pdf.
Julie Daum, Ann Yerger, and Spencer Stuart, “2023 S&P 500 New Director and Diversity Snapshot,” Harvard Law School Forum on Corporate Governance (blog), August 22, 2023, https://corpgov.law.harvard.edu/2023/08/22/2023-sp-500-new-director-and-diversity-snapshot/.
NextEra Energy, Inc., Form DEF 14A (filed April 1, 2024), https://www.sec.gov/Archives/edgar/data/753308/000110465924041966/tm247418-2_def14a.htm, 21.
NextEra Energy, Inc., Form DEF 14A, 21.
NextEra Energy, Inc., Form DEF 14A, 21.
NetApp, Inc., Form DEF 14A (filed July 28, 2023), https://www.sec.gov/Archives/edgar/data/1002047/000130817923000928/ntap4201481-def14a.htm, 84.
NetApp, Inc., Form DEF 14A, 84.
NetApp, Inc., Form DEF 14A, 84.
NetApp, Inc., Form DEF 14A, 85.
Emerson Electric Co., Form DEF 14A (filed December 8, 2023), https://www.sec.gov/Archives/edgar/data/32604/000119312523291718/d552762ddef14a.htm, 73.
Emerson Electric Co., Form DEF 14A, 73.
Emerson Electric Co., Form DEF 14A, 73-74.
See 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.
Salesforce, Inc., Form DEF 14A (filed May 16, 2024), https://www.sec.gov/Archives/edgar/data/1108524/000119312524140549/d26900ddef14a.htm, 98.
Salesforce, Inc., Form DEF 14A, 98.
Salesforce, Inc., Form DEF 14A, 99.
Expand Energy, “Chesapeake Energy Corporation and Southwestern Energy Company Combination Expected to Close in the First Week of October,” September 26, 2024, https://investors.expandenergy.com/news-releases/news-release-details/chesapeake-energy-corporation-and-southwestern-energy-company; Daniel Jones, “Chesapeake Energy and Southwestern Energy: A Big Bet on Big Savings,” Seeking Alpha, January 14, 2024, https://seekingalpha.com/article/4662815-chesapeake-energy-southwestern-energy-big-bet-on-big-savings.
Michael Del Monte, “Southwestern Energy Remains on Track for the Merger with Chesapeake,” Seeking Alpha, May 23, 2024, https://seekingalpha.com/article/4695167-southwestern-energy-stock-remains-on-track-for-merger-with-chesapeake.
Jones, “Chesapeake Energy and Southwestern Energy.”
Jones, “Chesapeake Energy and Southwestern Energy.”
Jones, “Chesapeake Energy and Southwestern Energy.”
Elizabeth Elkin, “Potential Chesapeake-Southwestern Merger Gains Support from Top Investor Kimmeridge,” Bloomberg, November 20, 2023, https://www.bloomberg.com/news/articles/2023-11-20/activist-investor-kimmeridge-sees-chesapeake-buy-of-southwestern-as-logical.
See Joe Myers, “8 Quotes on the Future of Capitalism from Davos 2020,” World Economic Forum, January 24, 2020, https://www.weforum.org/stories/2020/01/quotes-on-the-future-of-capitalism-davos-2020/.
Maya Kosoff, “This Tech Billionaire Is Going to War for Gay Rights,” Vanity Fair, March 18, 2016, https://www.vanityfair.com/news/2016/03/this-tech-billionaire-is-going-to-war-for-gay-rights; Valentina Zarya, “Salesforce CEO Threatens to Take Business Out of Georgia If ‘Anti-gay Bill’ Is Signed,” Fortune, March 17, 2016, https://fortune.com/2016/03/17/marc-benioff-anti-gay-bill/.
Lauren Feiner, “Salesforce Bans Companies That Sell Certain Types of Guns from Using Its Software,” CNBC, May 30, 2019, https://www.cnbc.com/2019/05/30/salesforce-bans-some-gun-sellers-from-using-its-software.html; Kathleen Joyce, “Salesforce Says Some Firearms Can No Longer Be Sold Using Company Software: Report,” Fox Business, May 31, 2019, https://www.foxbusiness.com/retail/salesforce-bars-retailers-sell-certain-firearms-using-software.
Salesforce, FY24 Stakeholder Impact Report (San Francisco: Salesforce, April 29, 2024), https://a.sfdcstatic.com/assets/prod/documents/white-papers/salesforce-fy24-stakeholder-impact-report.pdf, 9.
Salesforce, FY24 Stakeholder Impact Report, 27.
Albert Bourla, “Equity and Action,” LinkedIn, June 22, 2020, https://www.linkedin.com/pulse/equity-action-albert-bourla/.
Pfizer, “Pfizer Announces Commitment to Accelerate Climate Action and Achieve Net-Zero Standard by 2040,” June 30, 2022, https://www.pfizer.com/news/announcements/pfizer-announces-commitment-accelerate-climate-action-and-achieve-net-zero.
Trian Fund Management, “Trian Nominates Two Candidates to The Walt Disney Company Board,” GlobeNewswire, December 14, 2023, https://www.globenewswire.com/news-release/2023/12/14/2796424/0/en/Trian-Nominates-Two-Candidates-to-The-Walt-Disney-Company-Board.html.
Marco Quiroz-Gutierrez, “Investor Nelson Peltz Blasts CEO Bob Iger in 133-Page Activist Memo: To ‘Restore the Magic,’ Disney Needs to Scrap Sequels and Reclaim the Lead on Animated Films,” Fortune, March 5, 2024, https://fortune.com/2024/03/05/nelson-peltz-blasts-disney-ceo-bob-iger-seeks-board-seek-in-proxy-fight/.
See Matt Cole and Justin Danhof, “Strive's Support of Trian Fund Management's Board Nominees,” letter to Disney shareholders, March 22, 2024, https://strive.com/disney-trian-shareholder-letter; Justin Danhof, “DANHOF: Disney Did Everything They Could to Prevent Meaningful Change in the Company,” Daily Caller, April 8, 2024, https://dailycaller.com/2024/04/08/danhof-disney-prevent-change-bob-iger-trian-fund-nelson-peltz-board/.
Cole and Danhof, “Strive’s Support of Trian.”
Danhof, “Disney Did Everything”; see also Walt Disney Co., Form DEFC14A, 46.
Danhof, “Disney Did Everything.”
Danhof, “Disney Did Everything”; Cole and Danhof, “Strive’s Support of Trian.”
Svea Herbst-Bayliss, “Peltz Loses at Disney but His Investors Win; Changes May Still Be Ahead,” Reuters, April 4, 2024, https://www.reuters.com/business/media-telecom/peltz-loses-disney-his-investors-win-changes-may-still-be-ahead-2024-04-03/.
Frederick D. DiSanto and James Chadwick, letter to Norfolk Southern shareholders, March 26, 2024, https://ancora.s3.us-west-1.amazonaws.com/Ancora-NSC+Shareholder+Letter+%231.pdf.
Justin Danhof, “Strive’s Support of Ancora’s Board Nominees at Norfolk Southern,” letter to Norfolk Southern shareholders, May 7, 2024, https://strive.com/norfolk-southern-shareholder-letter; see also Strive, “Strive's Letter to Norfolk Southern Shareholders,” YouTube, May 8, 2024, https://youtu.be/X5khJ--eOwE?si=OeFmULQUi5H2sEyM.
Danhof, “Strive’s Support of Ancora’s Board Nominees.”
Ancora Holdings Group, “Ancora Secures Meaningful Change at Norfolk Southern,” Business Wire, May 9, 2024, https://www.businesswire.com/news/home/20240509439546/en/Ancora-Secures-Meaningful-Change-at-Norfolk-Southern.
European Union, “Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 Amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as Regards Corporate Sustainability Reporting,” Directive (EU) 2022/2464, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464; European Union, “Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on Sustainability‐Related Disclosures in the Financial Services Sector,” Regulation (EU) 2019/2088, https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
“What US Companies Need to Know About the EU’s CSRD,” PricewaterhouseCoopers, accessed November 22, 2024, https://www.pwc.com/us/en/services/esg/library/eu-corporate-sustainability-reporting-directive.html; see also Strive, Hostile Takeover: Europe and California Impose ESG on Corporate America (Dublin: Strive, December 18, 2023), https://strive.com/documents/FG/strive_new/news/629659_Hostile_Takeover_White_Paper.pdf.
European Union, “Directive (EU) 2022/2381 of the European Parliament and of the Council of 23 November 2022 on Improving the Gender Balance Among Directors of Listed Companies and Related Measures,” Directive (EU) 2022/2381, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2381.
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Tokyo Stock Exchange, Revisions to Listing Rules in Relation to the Intensive Policy for Gender Equality and the Empowerment of Women 2023 and the Desired Investment Unit Level (Tokyo: Japan Exchange Group, July 28, 2023), https://www.jpx.co.jp/english/rules-participants/public-comment/detail/d01/p6b22i00000032f2-att/p6b22i00000032h6.pdf.
B3, Novo Regulamento de Emissores (São Paulo: B3, July 20, 2023), https://www.b3.com.br/data/files/5D/E5/58/76/0C3798101DBF7498AC094EA8/OC%20002-2023-VPE%20%20Divulga%C3%A7%C3%A3o%20do%20Regulamento%20de%20Emissores%20e%20Anexo%20ASG_PT.pdf, 31 (for English translation [of the original draft language], see https://www.b3.com.br/data/files/C8/35/DB/AC/88EF28101E311E28AC094EA8/20220902_B3%20ESG_Public%20Hearing_EN.pdf); see also B3, “CVM aprova medidas propostas pela B3 para aumentar diversidade em diretoria e conselhos de administração de empresas listadas,” July 20, 2023, https://www.b3.com.br/pt_br/noticias/cvm-aprova-medidas-propostas-pela-b3-para-aumentar-diversidade-em-diretoria-e-conselhos-de-administracao-de-empresas-listadas.htm.
B3, Novo Regulamento de Emissores, 32.
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Gold Fields, Governance and Remuneration Report 2023 (Johannesburg: Gold Fields, March 28, 2024), https://www.goldfields.com/pdf/investors/integrated-annual-reports/2023/governance-and-remuneration-report-2023-interactive.pdf, 47.
Gold Fields, Governance and Remuneration Report 2023, 53.
See Johannesburg Stock Exchange, JSE Limited Listings Requirements (Johannesburg: Johannesburg Stock Exchange), accessed November 22, 2024, https://www.jse.co.za/sites/default/files/media/documents/jse-listings-requirements-service-issue-31/JSE%20Listings%20Requirements%20Service%20Issue%2031%20%28Jan%202024%29%20LexisNexis.pdf.
Gold Fields, “Our 2030 ESG Targets,” accessed November 22, 2024, https://www.goldfields.com/gold-fields-2030-esg-targets.php.
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