The U.S. Department of Justice plans to rescind decades-old guidance on shareholder proxy advisors’ votes, an official said, adding to the Trump administration’s scrutiny of the industry. U.S. President Donald Trump has called for an antitrust probe of proxy advisers Institutional Shareholder Services and Glass, Lewis & Co, which help mutual fund companies and other big institutional investors decide how to vote at corporate elections.
Background
The DOJ is withdrawing a 1987 letter telling ISS that its business model of advising investors on corporate governance and shareholder votes did not raise antitrust concerns, a DOJ official said.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
