US EditionSubcommittee discusses possible limits on proxy advisory companies
- A Congressional subcommittee led by Rep. Ann Wagner held a hearing on April 29, 2025, to examine proxy advisory firms Glass Lewis and ISS, which control 97% of the market.
- The hearing followed criticism and an investigation spurred by concerns over proxy firms' influence, conflicts of interest, and ESG and DEI policy enforcement, with competing views on the firms' roles.
- Rep. Brad Sherman argued the firms serve investor clients who seek varied investment goals beyond profit, while critics like Jamie Dimon called the firms incompetent and urged their elimination.
- Florida AG Uthmeier said proxy advisors have overwhelming power and must not impose partisan agendas, as his March investigation alleges violations of state antitrust and deceptive trade laws over ESG/DEI issues.
- The subcommittee aims to improve the proxy process to advance long-term investor value and may consider regulatory changes amid Glass Lewis discussing ending voting recommendations amid political backlash.
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Florida Attorney General Investigates Proxy Advisors
Attorney General James Uthmeier directed an investigation into proxy advisors Glass Lewis & Co. and Institutional Shareholder Services Inc. (ISS) for potential misrepresentations related to their Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) investing policies in violation of the Florida Deceptive and Unfair Trade Practices Act and possible unlawful collusion in adopting and enforcing these policies in vi…
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