Beadle: Proxy Advisory Firms must focus on fiduciary duty

Treasurer Thomas Beadle has joined with 17 state financial officers in pushing back at Proxy Advisory Firms who have been straying from their fiduciary duty.

“Glass Lewis and Institutional Shareholder Services (ISS) have an outsized share of the market when it comes to managing proxy votes for institutional investors like the State of North Dakota. While they are supposed to remain impartial and act in accordance with shareholder guidance, concerns have been raised that they have been voting in ways that favor left-leaning initiatives and have worked to freeze out conservative views.” Beadle said. “We want to ensure that these firms push back on initiatives to debank firms based on political beliefs and that they maintain a focus on their duty to shareholders and beneficiaries.”

Coverage of the letters:

https://www.washingtonexaminer.com/policy/economy/gop-officials-proxy-advisory-firms-esg-fight

Read the letter to Glass Lewis here:

https://sfof.com/wp-content/uploads/2023/10/Letter-from-SFOF-to-Glass-Lewis-Regarding-Debanking-1.pdf

Read the letter to ISS here:

https://sfof.com/wp-content/uploads/2023/10/Letter-from-SFOF-to-ISS-Regarding-Debanking-1.pdf