Florida Investigates Proxy Advisors Over DEI and ESG Investing Policies

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  • Florida AG James Uthmeier announced an investigation into whether proxy advising companies Glass Lewis & Co. and Institutional Shareholder Services Inc. may have misrepresented their diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) investing policies in violation of the state’s consumer protection and antitrust laws.
  • According to the AG’s office, the companies—which control a large portion of the market of proxy advising companies—may have represented DEI and ESG policy-based recommendations as sound and apolitical investment strategies when those recommendations in reality may be designed to advance certain ideological views at the expense of maximizing shareholder value.
  • The AG’s office states that Civil Investigate Demands to the companies are forthcoming.
  • We have recently reported on letters sent by a group of 11 Republican AGs to multiple financial institutions, one sent by Republican AGs to a major retailer, and another issued by 13 Democratic AGs to another major retailer, expressing concern over DEI and ESG initiatives.
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