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A Turning Point in the Standoff With Proxy Advisers?

Stephen Davis and Jon Lukomnik | November 4, 2014

It’s fairly easy to get a CEO’s blood pressure spiking: just mention the two leading proxy advisers Institutional Shareholder Services and Glass Lewis. Some chief executives have accused these firms of fueling shareholder campaigns against them on a variety of topics, including pay practices, board independence, and how they should use their excess cash.  

In a recent informal poll at a meeting of the Business Council, U.S. chief executives singled out the two firms as most responsible, after shareholder activists, for short-term behavior in capital markets. Whether that is true or not is irrelevant; much of corporate America believes it. But there is reason...

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