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Senators raise concerns over proxy advisers' influence and EU's CSDDD extraterritorial effects
Summary
Senators questioned SEC Chairman Paul Atkins about the influence of dominant proxy advisory firms ISS and Glass Lewis, and separately about the European Union's Corporate Sustainability Due Diligence Directive (CSDDD) and its potential extraterritorial impact on U.S. businesses.
Senators used the appropriations hearing to press Paul Atkins, chairman of the Securities and Exchange Commission, on two separate but related issues involving external regulatory and market influences: the operations of large proxy advisory firms and the extraterritorial reach of the European Union's Corporate Sustainability Due Diligence Directive (CSDDD).
On proxy advisers, a senator criticized Institutional Shareholder Services (ISS) and Glass Lewis as a duopoly that exerts outsized influence on corporate governance recommendations. The senator said both firms are foreign-owned and accused them of pushing policy agendas that can harm…
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