How Funds View and Vote on Shareholder Proposals – Briefing: Governance

Ning Chiu of Davis Polk has some useful data on proxy advisors and fund votes, supporting the conclusion that clients appreciate the analysis of proxy advisory firms but make their own decisions about shareholder proposals: Funds must vote their proxies on behalf of 100 million shareholders in the aggregate and vote based on a range…

ProxyInsight Repudiates Report Claiming Undue Influence of Proxy Advisors

The CEOs behind the fake dark money front groups Main Street Investor Coalition and American Council on Capital Formation have produced a bogus study purporting to show “robo-votes” by professional money managers, alleging they blindly follow the recommendations of proxy advisory firms. Now, in an extraordinary statement, the provider of the data used for the…

Minerva Analytics: Comment on SEC Proxy Roundtable

From Minerva Analytics’ comment to the SEC for the Proxy Roundtable (link to the full comment below): We note the activities of the immensely vocal, but narrow, anti-ESG and governance lobby which continues to ignore and disrespect the beliefs and preferences of capital providers. Investors use governance research and vote execution services to legitimately help…

Morningstar slams hidden backers behind anti-ESG campaign | Portfolio Adviser

Jackie Cook speaks to Portfolio Advisor about the CEO funded fake dark money front group, Main Street Investors Coalition. Their claim to “represent” individual investors is, as we’ve pointed out many times, completely bogus as not one single actual advocate for investors has endorsed or joined them. Morningstar has slammed an anti-environmental, social and governance…

ISS Comment Letter to the SEC on the Proxy Process

ISS has filed its comment letter for the Proxy Roundtable with the SEC. Some highlights: They respond to those who claim that proxy advisors are not regulated and those who claim they control the proxy voting decisions of their clients: “As a registered investment adviser, we have a fiduciary obligation to our clients to provide…

ISS and CII Join Forces for Protect the Shareholders

Institutional Shareholders Services (ISS) and the Council of Institutional Investors (CII) have launched a new educational website to respond to the CEO-funded fake dark money front groups, including the Main Street Investors Coalition, who are trying to suppress shareholder votes and limit access to independent research. Unlike ratings agencies and audit firms, which are mandatory…