Musk tweets proxy voting firms have ‘far too much power’

Published by
Reuters UK

By Simon Jessop and Ross Kerber (Reuters) – Billionaire Elon Musk said in a tweet that advisers that make recommendations to shareholders on how to cast their votes at company meetings had too much power because of their influence on passive investment funds. Musk’s comments add to a long-running debate over whether such advisers have too much sway over corporate decision-making. In a tweet late on Monday Musk said: “Far too much power is concentrated in the hands of ‘shareholder services’ companies like ISS and Glass Lewis, because so much of the market is passive/index funds, which outsource…

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