It’s time for it to come to an end, and I intend to pursue it legislatively with any Republican or Democrat that is willing to work with me…
Pursue legislation to end the role of proxy advisors ISS and Glass Lewis.
Occurrences
Evidence
Hagerty said the dominant proxy advisory firms ISS and Glass Lewis control more than 90% of the market and urged DOJ and FTC to investigate them for antitrust violations. The release says this builds on his ongoing efforts on proxy advisors and notes he has sponsored the Putting Investors First Act to expand SEC authority over proxy advisory firms.
The Senate Banking Committee release says Chairman Tim Scott, Chairman Mike Rounds, and Bill Hagerty sent a letter to ISS and Glass Lewis raising concerns over their influence and lack of transparency, accountability, and oversight.
Assessments
Hagerty materially pursued the issue in federal office by sponsoring the Putting Investors First Act and joining oversight/pressure efforts targeting ISS and Glass Lewis. However, the cited actions did not enact legislation ending the role of those proxy advisors, and the bill appears to have remained a proposal rather than becoming law. Because there was a serious legislative and oversight effort but the promised substantive outcome was not delivered, this is best scored as never with an effort badge.