Woke culture watchdog to target Chevron, Home Depot 2023 proxy votes
Strive Asset Management Executive Chairman Vivek Ramaswamy discusses concerns over energy and racial workplace policies at Chevron and Home Depot.
After influencing key changes in corporate America brands like Disney and Exxon, Vivek Ramaswamy’s newly-founded firm is now targeting Chevron and Home Depot for their questionable shareholder impacts.
"I'm actually optimistic about this new excellence-first movement," the "Woke Inc." author said on "Varney & Co." Tuesday. "But it isn't going to happen automatically. It's going to take shareholders and really everyone speaking up to drive that cultural change."
Strive plans to work with key shareholders to influence positive change within Chevron and Home Depot in 2023, targeting energy and racial workplace behaviors, respectively. In a press release, Strive stated it’s aiming to roll back the Scope 3 emission reduction mandate at Chevron, and a racial equity audit at Home Depot.
"In both cases, if Strive is unable to effectuate positive change with management and board support, Strive will evaluate proxy campaigns and/or additional shareholder resolutions for the Spring 2023 voting season," the firm noted in a statement.
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Pressure put on by the firm has already proved successful this year, Ramaswamy claimed, noting previous letters from Strive resulted in direct action with an expansion of Exxon’s executive board, and pushing Disney to fire CEO Bob Chapek.
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"Exxon, to whom I sent a letter calling for greater diversity of thought in the boardroom, guess what? Exxon recently announced two directors they were adding," Ramaswamy detailed. "Same thing with Disney. I'm happy to see the CEO was booted after Strive sent a shareholder letter to Disney some number of months ago."
Strive’s executive chairman spoke further on Chevron’s Scope 3 emission mandate, saying it "gained majority support" from some of its biggest shareholders like BlackRock, State Street and Vanguard. But Ramaswamy argues the emission reduction targets go further than just Chevron.
"That's to say not only their own emissions, but emissions of anyone in their supply chain, including even customers," Ramaswamy said. "I don't think that makes business sense for companies like Chevron. So I'm proud to say that we've worked with another shareholder to craft a shareholder resolution that would roll back the toxic effect of that 2021 shareholder resolution they were forced to adopt."