Proxy advisers have emerged as quasi-regulators with unchecked power, according to Timothy M Doyle, vice president of policy and general counsel at the American Council for Capital Formation.
In a new report, titled The Conflicted Role of Proxy Advisors, he says advisers such as Institutional Shareholder Services (ISS) and Glass, Lewis & Co have become shadow regulators forcing disclosure from public companies, without any actual statutory requirements.
