By Amy Muecke

Pursuant to an agreement announced yesterday, Proxy Governance will no longer provide proxy advisory services and starting in January, Glass Lewis will provide its proxy analysis services to clients of Proxy Governance. By way of background, Proxy Governance was generally less influential than ISS or Glass Lewis, but generally more management-friendly and therefore clients often used Proxy Governance reports to sway institutions to vote with management despite negative recommendations from ISS and/or Glass Lewis.

While ISS will likely remain the most influential proxy advisory firm, this development could – depending on each client's particular stockholder base – result in Glass Lewis vote recommendations carrying more weight. We have access to and experience with ISS and Glass Lewis policies – please feel free to contact me or Thomas Welk if you'd like more information as we move into the next proxy season.

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