Wells Fargo, America’s fourth largest bank, followed JPMorgan in cutting ties with third-party proxy agents, who advise fund managers how to vote at corporate shareholder meetings.
This proxy advisory business has been largely controlled by two companies—Institutional Shareholder Services (ISS) and Glass Lewis—which together comprise more than 90 percent of the market. These firms have come under criticism in recent years from conservatives who allege that the advisers have been leveraging their dominant role in shareholder voting to push a left-wing agenda on issues including climate and social justice.
