October 2022 Strive Letter of Intent Reveals Indiana as Client
Published on March 9, 2023On October 24, 2022 Strive Asset Management's Executive Vice President Rob Melton sent the Oklahoma Teachers Retirement System "an advisory proposal and presentation deck that [Strive] recently shared with another leading state pension system." Though the materials sent redacted the state pension system Melton refers to, a closer look at Strive's Letter of Intent reveals Strive met with the Indiana Retirement System and confirms Indiana is the client referred to in the letter.
Strive's Letter of Intent directly quotes the Indiana Attorney General's opinion letter on ESG considerations. The 'Background' section of Strive's letter states "the Attorney General's opinion expressly states that the [redacted] Board is prohibited from allocating funds to asset management firms 'the make investments, set investment strategies, engage with portfolio companies, or exercise voting rights appurtenant to investment based on ESG considerations." The same language is used in the 'Questions' section of the Indiana Attorney General Todd Rokita's September 1, 2022 official opinion on the Indiana Public Retirement System and ESG Investment.
Deputy Executive Director of the Indiana Public Retirement System Tony Green later confirmed the contract between Strive and the Indiana Public Retirement during a house financial institutions committee hearing in January 2023 on House Bill 1008.
Source
Public records. Obtained by Documented.
Indiana Attorney General's Office.
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