Proxy Advisory Firm Survey Results
Nasdaq, in partnership with the U.S. Chamber of Commerce, conducted a survey of public companies regarding their interaction with the two dominant proxy advisory firms, ISS and Glass-Lewis, leading up to and during the 2015 proxy season.
The purpose of the survey is to help stakeholders better understand the interaction between public companies and proxy advisory firms leading up to and during the 2015 proxy season.
Over 155 companies of all sizes and industries responded, including many Nasdaq-listed companies. Here is what they had to say:
- Communication between companies and advisory firms remains an issue with only 38% of respondents reaching out to proxy advisory firms to pursue opportunities to meet and discuss issues subject to shareholder votes.
- Companies are not reporting issues to the SEC, including instances of inaccurate or stale data and apparent conflicts of interest.
- Companies have little input into or impact on advisory firm recommendations, and even when they do have a say, only 38% of companies believe that input had any impact on the final recommendation.