Mutual funds, pensions and other large shareholders that rely on two large proxy advisory firms,
In particular,
“I am uncomfortable with and deeply disturbed by the conduct, background and activities of Glass Lewis’s new parent, its senior management and its directors,” said Jonathan Weil, the former director of research at Glass Lewis.
“The Chinese government is a very powerful and opinionated piece of machinery,” agreed John Bogle, founder of
However, Dan Connell, chief operating officer at Xinhua Finance, said the Chinese government only owns 1% of Glass Lewis and that its proxy advisory business is kept distinct from its investor relations service.
The concerns at ISS, which
“The question is, will the short-term needs of shareholders for value influence the voting policies of ISS?” said Richard Ferlauto, director of pensions and benefits at the