JP Morgan Chase chair and CEO Jamie Dimon has taken aim at proxy advisers in his annual letter to investors, arguing they have “undue influence” on shareholder voting.
The CEO noted proxy advisers started out as data providers to help institutional investors vote on proxy matters but have since evolved their services and began offering advice on how shareholders should vote. He pointed to Institutional Shareholder Services (ISS) and Glass Lewis as the two main proxy advisers, noting most institutional investors cast their votes on either company's platform, "which often includes a clear statement of the advisory service's position", Dimon noted. He questioned whether American corporate governance should be determined by for-profit international inst...
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