Institutional Shareholder Services, the most powerful proxy vote adviser in North America and Europe, appears to be for sale, according to published reports.
The Rockville, Md.-based advisory firm did not respond to requests for comment, but the governance newsletter Global Proxy Watch, published by Stephen Davis—who also writes a monthly column for Compliance Week—reports that ISS is seeking a purchase price of $400 million to $500 million—more than 13 times projected operating cash flow. Credit Suisse First Boston is said to be managing the process.
