In the world of corporate governance, proxy advisory firms like ISS (Institutional Shareholder Services) and Glass Lewis have become increasingly important. Their role advising large institutional investors on how to cast their shareholder votes on a broad spectrum of corporate governance issues has deep significance on major policies at most of America's publicly traded companies.
But despite this influence these firms remain largely unregulated, avoiding many of the transparency and disclosure requirements to which other major financial industries are subject.
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