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Team ESG gets SEC bye


November 27, 2023, 11:15 a.m. ET

Your editorial “Proxy Advisers and Double Standards” (November 16) rebukes the chairman of the Securities and Exchange Commission Gary Gensler for ignoring a report documenting significant errors in voting recommendations to investment managers by two dominant proxy advisory firms. These two companies, Glass Lewis and Institutional Shareholder Services, are reliable supporters of environmental, social, and governance (ESG) initiatives and are likely to get the nod from the progressive head of the SEC.

Not surprisingly, the proxy advisory duopoly also faces little enforcement by the asset managers who purchase their services. Investment professionals who are Chartered Financial Analysts are inundated with materials from the CFA Institute that promote the “principles of responsible investing” (as opposed to irresponsible investing).

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