Glass Lewis Defends Proxy Advice as GOP Probes Concerns (1)

Glass Lewis CEO Bob Mann on Tuesday said the proxy adviser works in its clients’ best interests, without an ideological agenda, dismissing the latest round of Republican scrutiny over its shareholder voting guidance.

Mann’s remarks came in a letter to Senate Banking Committee Chairman Tim Scott of South Carolina and other Republican senators. The lawmakers asked Glass, Lewis & Co. and fellow proxy adviser Institutional Shareholder Services Inc. in May to explain how they develop recommendations, avoid conflicts of interest, and apply voting policies, raising concerns the firms improperly influence how companies are run.

Republicans and ...