6.5 C
Washington

Opinion | Proxy Advisers and Double Standards

Date:

Share:


Gary Gensler has brought down the hammer on public companies that have allegedly misled investors. But when proxy advisers have done the same, the Securities and Exchange Commission Chairman looks the other way, as a new report by the American Council for Capital Formation (ACCF) documents.

Glass Lewis and Institutional Shareholder Services provide asset managers, pension funds and university endowments with recommendations on how to vote on corporate proxy resolutions. They can assist institutional investors that lack in-house resources to conduct due diligence before voting on thousands of ballot measures. Together they make up about 90% of the proxy advisory market, and it’s a profitable business.

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Source link

Subscribe to our magazine

━ more like this

Call of Duty League team owner suing Activision Blizzard for $680 million

Rodriguez — whose company owned and operated the Call of Duty League’s OpTic Texas team — and now-retired OpTic player Seth “Scump” Abner...

One of the last small-ish Android phones looks like it’s going the way of the iPhone Mini

As phone sizes trended upward, one small device stood its ground year after year: the Asus Zenfone. That appears to be changing soon,...

Economist soothes UK legislators: No big fiscal crisis coming—except for in the U.S.

The U.S. is in danger of a fiscal crisis erupting after a ballooning in deficits in recent years, according to Olivier Blanchard, a...

Marriott Bonvoy Business Amex review: Don’t sleep on multiple free night awards and status

Our take: With perks meant to attract business owners who make Marriott Bonvoy hotels their home away from home, and with a relatively...

Tesla’s chief designer has a side hustle: Leading coworkers through workouts in the company’s parking lot

Tesla chief designer Franz von Holzhausen plays a starring role in the company’s workplace wellness offerings. Von Holzhausen, who works closely with CEO Elon...