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November 13, 2018

Proxy Advisors Push Politics in Boardrooms

Proxy Advisors Push Politics in Boardrooms

An alliance of fund managers and proxy advisors are doing their best to inject partisan politics into corporate decision-making, according to an op-ed in The Hill.

The op-ed cited U.S. Chamber research that showed nearly one-third of all failed shareholder proposals launched from 2001-2018 were so-called “zombie proposals”—proposals that have already failed three times or more—which are often politically motivated. In 2018, 95 percent of all “zombie proposals” were supported by Institutional Shareholder Services, the largest proxy advisory firm, which according to the op-ed is increasingly aligned with fund managers who are attempting to convince shareholders that engaging in politics is good business.

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