Lawmakers argue ISS sale could threaten national security (2024)
| Environmental, social, and corporate governance |
|---|
|
| •What is ESG? • Arguments for and against ESG • Opposition to ESG • Economy and Society: Ballotpedia's weekly ESG newsletter |
Congressmen Andy Barr (R, Ky.) and Brian Snell (R, Wis.) wrote a letter last week concerning the sale of Institutional Shareholder Services (ISS), the world’s largest proxy advisory service, to a German financial services firm four years ago. They argued ISS proxy votes supporting ESG have a significant impact on corporate decisions that reduce American energy independence and harm national security:
| “ |
'We write to draw your attention to national security concerns arising from the Deutsche Börse Group’s ('Deutsche Börse') acquisition of Institutional Shareholder Services Inc,' Rep. Andy Barr, R-Ky., and House Administration Committee Chair Bryan Steil, R-Wis., wrote to Treasury Secretary Janet Yellen. … ISS is the largest proxy advisory firm both in the U.S. and abroad, according to a 2018 Harvard Law School report. Along with another company, Glass Lewis, they make up over 90% of the proxy advisory market, the lawmakers’ letter said. Consumers’ Research Executive Director Will Hild explained, 'Glass Lewis and ISS's advice weighs heavily on the makeup of boards of directors, C-suite hiring, and even capital investments within public companies. To give just one example, their push for absurd targets like Net Zero increases the cost of gasoline and shuts down critical electrical grid capacity in our nation.'[1] |
” |
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||||||||||||||||||||
