What is a company for? This has been one of the most discussed questions in the world of listed firms over the last decade. Bit by bit, chief executives and fund managers have come around to the idea that companies are as much about stakeholders as shareholders. They don’t just have a responsibility to make money for their shareholders but a huge range of other responsibilities—mostly related to environmental, social and governance issues.
The view has taken hold so firmly that these days in the UK, more than 80% of CEOs need to hit ESG targets to get their full bonus. Matt Cole, CEO and chief investment officer of US-based Strive Asset Management, an anti-activism fund company co-founded by far-right Republican presidential hopeful Vivek Ramaswamy, considers this state of affairs absurd. He joins this week’sto discuss what he says is Strive’s mission— encouraging companies to “focus on excellence” rather than ESG mandates.
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