According to a recent article in The Wall Street Journal, JPMorgan CEO Jamie Dimon had some harsh words regarding the proxy voting duopoly of Glass Lewis and Institutional Shareholder Services. These two organizations, with an estimated 90% market share, provide recommendations to asset managers on how to vote their shares on proxy ballots. Mr. Dimon’s criticisms include a lack of accountability, numerous conflicts of interest and a markedly leftist agenda.
We have previously blogged on the importance of proxies in regard to shareholder rights. See our blog posted on June 26, 2024, titled “Proxies, How Important?“
Proxies give shareholders a voice in how their investments are managed. Informed voting is important and should be taken seriously by individuals and institutions.
Here at Sigma, we vote all proxies in accordance with our policy guidelines, as established by the Investment Committee, that focus on the best interests of shareholders.
All comments and suggestions are welcome.
Walter J. Kirchberger, CFA
