Senate Banking Members Call on ISS & Glass Lewis to Explain Business Practices

By Randi Morrison posted 05-21-2018 07:32 AM

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Several Republican members of the Senate Banking Committee called on ISS and Glass Lewis to explain particular business practices via a series of targeted questions directed to the firms' CEOs.

The questions (which seek responses by May 30th) address these three areas:

Compliance of the firms' client proxy voting systems (Proxy Exchange and Viewpoint, respectively) with Question 7 of SEC SLB 20
Proxy voting report inaccuracies, and related opportunities for companies to review and correct draft reports before issuance to institutional clients
Firm conflicts of interest

The letters reportedly were prompted by the findings of these GAO reports: "Corporate Shareholder Meetings - Issues Relating to Firms That Advise Institutional Investors on Proxy Voting" and "Corporate Shareholder Meetings: Proxy Advisory Firms' Role in Voting and Corporate Governance Practices" (reported on here: "GAO Report: Proxy Advisors"), along with academic research, Congressional hearings and regulatory oversight.

This development was first reported on in last week's Society Alert! Access numerous additional resources on our Proxy Advisors topical page.

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