ISS, Glass Lewis Broke Florida Antitrust Law, State AG Charges

ISS and Glass Lewis used their position as the top providers of investor voting advice to advance an ESG agenda in violation of Florida antitrust and consumer protection laws, the state alleges in a lawsuit filed Thursday.

Institutional Shareholder Services Inc. and Glass, Lewis & Co. control up to 97% of proxy advice market, letting them push “highly controversial” environmental, social, and governance policies on companies through guidance pension funds and other big investors use when voting their shares at annual meetings, Florida Attorney General James Uthmeier (R) said in a complaint filed in state court.

The lawsuit came after ...