Activist Starboard ends BMS proxy war after advisories back Celgene deal | FiercePharma

A classic example of blame the messenger — and another conclusive rebuttal to the claim that proxy advisors are not inclined to support management. Apparently, positive word from influential proxy advisory firms was enough to put the nail in the coffin on Starboard Value’s campaign to scuttle the mammoth Bristol-Myers Squibb-Celgene merger.Friday, the rebel investor said it would stop…

Lorraine Kelly: The Truth About Proxy Advisors

From ISS’s Lorraine Kelly: By any measure, the investment system that helps American workers grow their savings is strong, with $28 trillion in retirement assets now invested in public companies. But if you listen to what some are telling policymakers and others within the Beltway, you may be misled into believing that Main Street investors…

SEC Should Leave Proxy Advisory Firms Alone – Bloomberg

The biggest problem with the idea that the proxy advisers need to be reined turns on the fallacy that they are all powerful, something critics repeat a lot. They are not. Just one example, according to a stat in the Wall Street Journal, is that last year proxy advisory firms urged shareholders to vote against approving…

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…