Washington Examiner: Senate Banking leaders disagree on measures curbing stockholder influence
Alongside changes to the shareholder proposal process, organizations like the U.S. Chamber of Commerce are also seeking regulatory or legislative action to rein in the influence of so-called proxy advisory firms, which provide voting recommendations to shareholders.
They say investors like pensions funds — which typically hold a large number of shares in a business and can have sizable influence over the outcome of a vote — rely too heavily on the research of firms like Glass Lewis and Institutional Shareholder Services.
“The conflict-ridden proxy advisory process should be reformed in a way that recognizes the rights of Main Street investors,” Chris Iacovella, chief executive officer of the American Securities Association, said in a statement.
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