Hearing Report: “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets”

On Tuesday, April 29, 2025, the House Financial Services Committee’s Subcommittee on Capital Markets held a hearing entitled “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets.”  We attended the hearing, and we are sharing our hearing report and transcript.  Our assessment is that it was a rough day for Glass Lewis and ISS.  The proxy advisory firms, and the members of the House Financial Services Committee who appreciate the role these firms play in financial markets, supporting voting of holdings in listed entities through independent research and analysis, need to do a better job of explaining their important role.