The Power of Proxy Advisors : Myth or Reality ?

  title={The Power of Proxy Advisors : Myth or Reality ?},
  author={Stephen Choi and Jill L Fisch and Marcel Kahan},
Recent regulatory changes increasing shareholder voting authority have focused attention on the role of proxy advisors. In particular, greater shareholder empowerment raises the question of how much proxy advisors influence voting outcomes. This Article analyzes the significance of voting recommendations issued by four proxy advisory firms in connection with uncontested director elections. We find, consistent with press reports, that Institutional Shareholder Services (ISS) is the most powerful… CONTINUE READING