The US Department of Labor has proposed new rules that could undermine the ability of proxy advisers to vote on non-financial issues such as ESG.
A war of words has broken out over the latest efforts to regulate proxy advisers and their ability to vote on ESG (environmental, social and governance) issues in the US.
The latest episode comes after the US Department of Labor (DoL) proposed new rules viewed by many as undermining the ability of proxy advisers to vote on any issue other than financials.
The increasing polarisation of positions sees proxy advisers including ISS on one side insisting they should be able to vote on a wide range of topics, while others argue voting should take place on “economics” only.
For many the debate brings into sharp focus divergence between
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