House Committee Launches Antitrust Probe of Proxy Advisers (1)

The House Judiciary Committee is pushing an investigation into Institutional Shareholder Services Inc. and Glass, Lewis & Co. over the market power they wield in the proxy advisory industry.

The Republican-led panel on Monday demanded the firms provide records dating back to 2021 to help it “evaluate the sufficiency of US antitrust laws to address competition concerns in the proxy advisory market,” according to letters sent separately to each firm and obtained by Bloomberg Law.

The panel is seeking records including documents and communications between Glass Lewis and ISS linked to proxy votes, shareholder proposals, or proxy voting guidelines.

The ...