COLUMBUS, Ohio--(BUSINESS WIRE)--Strive Asset Management (“Strive”) sent a shareholder letter to Chevron, Inc. today - marking the company’s first shareholder engagement letter on behalf of its clients.
Strive calls on Chevron to liberate itself from constraints imposed by its ESG-promoting "shareholders" and to focus exclusively on maximizing long run value for the company's ultimate owners.
The letter - addressed to Chevron’s Chairman & CEO, Michael Wirth - delivers a post-ESG mandate. An excerpt can be found below. The full letter can be viewed through the link here.
Dear Mr. Wirth,
Strive Asset Management recently became a shareholder of Chevron. We write to you and your board of directors on behalf of our clients to deliver what we term a “post-ESG” shareholder mandate.
We believe that Chevron has the potential to become one of the world’s most valuable companies, both in terms of market capitalization and impact on human flourishing. As recently as 2013, Chevron was among the top 10 most valuable public companies in the world by market capitalization. At the beginning of 2022, Chevron did not make the top 50 and is still outside the top 20, but we believe that can change: the growing supply-demand imbalance for energy around the world creates a unique opportunity for a great American oil company like Chevron to meet that need.
To seize this opportunity, Chevron must produce and distribute more fuel to customers around the world – proudly, publicly, and without apology. We are concerned that Chevron faces immense pressure from its large institutional “shareholders” including BlackRock, State Street, and Vanguard to adopt value-destroying limitations on its business that do not align with Chevron’s best interests...
To continue reading the full letter to Chevron, click here.
About Strive Asset Management
Strive is an Ohio-based asset management firm whose mission is to restore the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics. Strive will compete directly with the world’s largest asset managers by launching funds that advance excellence capitalism in boardrooms across corporate America. The company was co-founded by Vivek Ramaswamy and Anson Frericks in 2022 and expects to launch its first product in the third quarter. Learn more at strive.com.