Forum Home Page [see Broadridge note below]

 The Shareholder ForumTM`

Fair Investor Access

This public program was initiated in collaboration with The Conference Board Task Force on Corporate/Investor Engagement and with Thomson Reuters support of communication technologies. The Forum is providing continuing reports of the issues that concern this program's participants, as summarized  in the January 5, 2015 Forum Report of Conclusions.

"Fair Access" Home Page

"Fair Access" Program Reference


Related Projects 2012-2019

For graphed analyses of company and related industry returns, see

Returns on Corporate Capital

See also analyses of

Shareholder Support Rankings


Forum distribution:

Analysis shows diminished influence of proxy advisors on voting by larger fund managers


For the original report on which the article below was based, see:

Note: Proxy Insight provides the research data for the Shareholder Forum's "Shareholder Support Rankings" graphs of individual company votes for their executive compensation.


Source: The Harvard Law School Forum on Corporate Governance and Financial Regulation, February 2, 2017 posting

Are Top Investors Listening to Proxy Advisors on Pay?

Posted by Seth Duppstadt, Proxy Insight, on Thursday, February 2, 2017

Editor’s Note: Seth Duppstadt is Senior Vice President at Proxy Insight. This post is based on a Proxy Insight publication authored by Mr. Duppstadt.

Large investors are not following the recommendations on executive compensation set out by Proxy Voting Advisers (“PVA”), a study by data company Proxy Insight has found.

Proxy Insight analyzed voting on Advisory Say on Pay (“SoP”) resolutions in the US and UK in 2015 and 2016 for 10 of the largest institutional investors and compared each vote to the recommendations from ISS and Glass Lewis. While voting by top investors correlated with ISS 90% of the time and Glass Lewis 83% of the time for all SoP resolutions, the link is drastically reduced for votes where ISS and/or Glass Lewis recommend against a SoP proposal.

In aggregate, the 10 investors matched ISS on only 51.4% of recommendations to vote against management on SoP in 2016, and 29.5% of Glass Lewis’. In each case, the level of opposition was sharply reduced compared to the year before.

The picture is even more noteworthy when both ISS and Glass Lewis recommended voting Against management. Since 2015, the top investors only voted Against 61.8% of SoP resolutions where both ISS and Glass Lewis recommended against.

Commenting on the analysis, Proxy Insight Managing Director, Nick Dawson remarked: “Not only does the data provide a more realistic measure of the influence of Proxy Advisors, which is often overblown, but it also suggests increasing reluctance from investors to oppose management on the perennial issue of compensation.”

The breakdown for the 10 investors is as follows:



Harvard Law School Forum on Corporate Governance and Financial Regulation
All copyright and trademarks in content on this site are owned by their respective owners. Other content © 2017 The President and Fellows of Harvard College.


This Forum program was open, free of charge, to anyone concerned with investor interests in the development of marketplace standards for expanded access to information for securities valuation and shareholder voting decisions. As stated in the posted Conditions of Participation, the purpose of this public Forum's program was to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant was expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

This Forum program was initiated in 2012 in collaboration with The Conference Board and with Thomson Reuters support of communication technologies to address issues and objectives defined by participants in the 2010 "E-Meetings" program relevant to broad public interests in marketplace practices. The website is being maintained to provide continuing reports of the issues addressed in the program, as summarized in the January 5, 2015 Forum Report of Conclusions.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.