the staff of the Riderwood blog
Wall Street NY, JPMorgan Chase CEO Jamie Dimon has taken a strong stance against proxy advisory giants ISS and Glass Lewis, calling them “incompetent” and blaming them for pushing progressive ESG (Environmental, Social, and Governance) and DEI (Diversity, Equity, and Inclusion) resolutions that violate fiduciary duty to investors.
The Growing Influence of Proxy Advisors
Institutional Shareholder Services (ISS) and Glass Lewis dominate the proxy advisory market, controlling 97% of the industry. Their recommendations often favor activist-driven ESG proposals, influencing how major investment firms vote on shareholder resolutions.
A recent Pension Politics report exposed how many large investment firms blindly follow ISS and Glass Lewis, approving ESG policies that may not align with shareholder interests.
Jamie Dimon’s Criticism at BlackRock Summit
Speaking at BlackRock’s Retirement Investment Summit in Washington, Dimon criticized companies that rely on ISS and Glass Lewis, saying:
🗣️ “Shame on you for giving them money.”
🗣️ “They are driving companies out of the public market.”
Dimon’s remarks reflect growing frustration among business leaders who believe that ESG-driven regulation is making the U.S. market less competitive.
Companies Moving Away from ISS & Glass Lewis
JPMorgan and BlackRock have both stopped using ISS and Glass Lewis, signaling a shift away from outsourced proxy voting recommendations. More firms may follow their lead as businesses push back against ESG activism that could hurt investor returns.
What’s Next for Proxy Voting?
As scrutiny over ESG policies and fiduciary responsibility grows, more investment firms may reconsider their reliance on proxy advisors. The debate over ESG is far from over, but Dimon’s bold statements could accelerate changes in corporate governance.
Will other major investment firms follow JPMorgan’s lead? Let us know your thoughts!
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