Glass Lewis Halting Pro-ESG Shareholder Recommendations After Bull Moose Project Calls Them Out
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WASHINGTON, D.C.—Proxy advisory firm Glass Lewis is stopping its practice of providing recommendations to institutions on how to vote their shares in corporations, according to a new report by The Wall Street Journal.
Many of these "shareholder recommendations," which are still issued by other proxy advisory firms, serve as creative ways to inject ESG (environmental, social, and governance) beliefs into investments and corporate behavior.
The news comes several months after Bull Moose Project President Aiden Buzzetti called out Glass Lewis and Institutional Shareholder Services (ISS), another major proxy advisory firm, in an article for RealClearMarkets:
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According to a recent Competitive Enterprise Institute (CEI) report, proxy advisory companies supported climate disclosures the most. The two biggest proxy firms, both foreign owned and controlled, Glass Lewis and Institutional Shareholder Services (ISS), account for 94% of the market and both firms consistently issue recommendations in favor of ESG shareholder proposals.
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Here at Bull Moose Project, we are pushing Republican leaders to prioritize holding all of those who are responsible—not just asset managers—in spreading anti-competitive, anti-American ESG policies.
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About Bull Moose Project
We are a 501(c)(4) nonprofit organization that is dedicated to advocating for a dominant American future. Inspired by the legacy of President Theodore Roosevelt, the Bull Moose Project advocates for public policy that will put America First, invest in our communities, and protect American workers.
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