Gary Gensler has brought down the hammer on public companies that have allegedly misled investors. But when proxy advisors have done the same, the chairman of the Securities and Exchange Commission looks the other way, as a new report from the American Council on 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 help institutional investors who lack internal resources conduct due diligence before voting on thousands of ballot measures. Together they represent around 90% of the proxy advisory market and are a profitable business.
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