Proxy advisers ISS, Glass Lewis face antitrust investigations - WSJ

[United States Federal Trade Commission Building]
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The Federal Trade Commission is probing whether proxy advisory firms Institutional Shareholder Services and Glass Lewis violated antitrust laws in their practice of guiding shareholder votes on controversial topics.

The investigation is centered on the firms' competitive practices and how the firms steer clients on issues such as climate and social-related shareholder proposals, according to a WSJ report [https://www.wsj.com/finance/regulation/proxy-advisers-iss-and-glass-lewis-are-facing-antitrust-probes-22f0ff38?gaa_at=eafs&gaa_n=AWEtsqc0okyagspvLObAGx1P6IC6cRbVJOUvr571mj28uPJmM-O6S4Zp-Fmkzbp8ETA%3D&gaa_ts=6914e83f&gaa_sig=JZNLFkh9unD0C7iae6pkdwMLfJsTtX_qXUuS6ABFxKLcpFGjpRk_6hhzd_o8TCi6D9eqs8l7PYow5pMM4-jRmA%3D%3D], which cited people familiar with the matter.

The FTC told Glass Lewis it was investigating whether it and others may have engaged in "unfair methods of competition," according to a letter sent in late September that was reviewed by the WSJ.

Glass Lewis acknowledged to the WSJ that it received the letter, though it declined to comment further. ISS declined to comment.