The ESG proxy advisor game starts to crack

For many years “proxy advisory” services have been provided by a duopoly comprising two companies, Glass Lewis and Institutional Shareholder Services, with a combined market share of 97 percent engendered by blatant political favoritism.

“Proxy advice” means recommendations to investors, retirement funds and large asset managers holding major stakes in public companies on how to vote on shareholder motions and other such proposals.

Because of deeply perverse recent rulemaking both formal and informal...