Reported 3 days ago
Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis face growing criticism from lawmakers and industry leaders, including JPMorgan's Jamie Dimon, who labeled them a 'cancer.' Recent hearings revealed concerns over their influence on shareholder voting and accusations of promoting progressive agendas. Despite their significant market control, proponents argue that these firms primarily align with corporate boards’ recommendations. In response, major asset managers are now offering investors options to guide their voting preferences, reflecting a broader debate about the role of proxy advisors in today's investment landscape.
Source: YAHOO