As part of its contribution to the SEC Staff Roundtable on the Proxy Process, on November 14 Glass Lewis submitted a statement to the record. You can read the statement here.
The statement sets out Glass Lewis’ perspective regarding the role and regulation of proxy advisors, along with other important topics relating to the proxy process, such as vote confirmations, advanced disclosure of meeting agendas, universal ballots and the shareholder proposal process.
In addition, the statement provides context regarding Glass Lewis’ research methodologies, approach to conflicts of interest, and general business practices. It also includes hard data illustrating that the notion of investors “robo-voting” in lockstep with proxy advisor recommendations is a fiction: the market is clearly working, as shareholders are voting independently of both proxy advisors and company management.
We strongly encourage Roundtable participants, institutional investors and corporate issuers to review the statement. If you would like to provide feedback or have any additional questions regarding Glass Lewis’ statement, please email compliance@glasslewis.com.
Glass Lewis’ participation in the Roundtable follows earlier contributions to the U.S. Senate Banking Committee. You can read the letter Glass Lewis received from members of the U.S. Senate Banking Committee, and our response.
We also encourage interested parties to explore the following resources: