Proxy adviser ISS has reduced its support for activist investors by almost half since the beginning of the year, according to research.
Reuters reports that the change in approach has come since January and the arrival of Cristiano Guerra as the new head of ISS’s special situations research team.
According to Reuters figures from Factset and Proxy Insight, ISS’s support for activists in proxy fights has dropped by 50%.
The figures suggest that ISS’s position in relation to activists is evolving. Reuters writes that ISS is facing a challenge to maintain its position as the lead proxy adviser as asset managers like BlackRock and Vanguard strengthen their own in-house proxy teams.