These firms have an outsize influence on Corporate America. The SEC needs to regulate them | By Radhakrishnan Gopalan, Todd Gormley and Todd Milbourn for CNNBusiness Perspectives
These firms have an outsize influence on Corporate America. The SEC needs to regulate themBy Radhakrishnan Gopalan, Todd Gormley and Todd Milbourn for CNN Business PerspectivesChat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.
Radhakrishnan Gopalan is a professor of finance at Olin Business School at Washington University in St. Louis. Todd Gormley is an associate professor of finance there, and Todd Milbourn is the Hubert C. & Dorothy R. Moog professor of finance. The opinions expressed in this commentary are their own. .leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Increasingly, investors are relying on proxy advisory firms to help them decide how to vote their shares during shareholder meetings.
But the proxy advisory industry's rapidly growing popularity poses a problem. The industry is currently dominated by two key players — Institutional Shareholder Services and Glass Lewis — giving these firms immense power over some crucial votes in Corporate America. The growing reliance on this industry and the concentration of power within it has increased calls for greater regulation.
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