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A proxy firm (also a proxy advisor, proxy adviser, proxy voting agency, vote service provider or shareholder voting research provider or proxy voting advisory businesses (PVABs)) provides services to shareholders (in most cases an institutional investor of some type) to vote their shares at shareholder meetings of, usually, listed companies.
Glass, Lewis & Co. (Glass Lewis) [2] is a major American proxy advisory services company. As of spring 2019, Glass Lewis controlled 28% of the proxy advisory market for mutual funds; this makes it the second-largest company in the market behind Institutional Shareholder Services.
Ethix SRI Advisors was purchased by ISS to help ISS expand into Europe. Ethix was renamed with the acquisition to ISS-Ethix and would lead ISS's sustainable and responsible investment activities. [11] In 2017, ownership of ISS switched to Genstar Capital. [12] In March 2018, ISS also acquired the German ESG rating agency oekom research AG. [13]
Proxy voting was also used in South Carolina; the proprietors in September 1683 complained to the governor about this system. Proxy voting was used in Long Island, New York as well, at that time. Phraseology was sometimes designed to hide the fact that a proxy system was in use and that the majority of voters did not actually attend the elections.
Non-promoter shareholders in Ambuja Cements raised concerns regarding the deal, [19] and following the outcry, Holcim decided to do a call with the Indian proxy advisory firms to explain the transaction. This was, arguably, the first time that an MNC directly engaged with Indian proxy advisory services. [20]
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Due to their out-sized influence with many institutional investors, proxy advisors play a key role in many proxy fights. In many cases, the proxy firms end up determining the result of the contest. [7] The Securities Exchange Act of 1934 also gave the Securities and Exchange Commission (SEC) the power to regulate the solicitation of proxies.