Proxy firm

Proxy firm

A proxy firm is a company hired by corporate shareholders to cast votes on their behalf. The top three proxy firms are Proxy Governance, Inc., Glass, Lewis & Co. and RiskMetrics/Institutional Shareholder Services. [cite web|url=http://www.cfo.com/article.cfm/9253594?f=related|title=Proxy Firms Fire Back at Critics|author=Harris, Roy|publisher=CFO.com|date=2007-05-30] Some proxy firms play the role of proxy advisor, in which they simply advise their clients on how to vote. [cite web|url=http://www.marketwatch.com/news/story/controversy-ignites-competition-among-proxy/story.aspx?guid=BD711286-71DE-4D3B-939F-9C6B9F1BC100|title=Controversy ignites competition among proxy firms|author=Alistair Barr & Jonathan Burton|publisher=Marketwatch|date=2007-06-11] A potential conflict of interest identified by the Government Accountability Office is that some owners of proxy firms do business with both issuers and investors. [cite web|url=http://www.guerdonassociates.com/News-Detail.asp?cid=&navID=&NewsID=198|title=The influence of proxy advisory firms on executive remuneration|date=2007-01-10|publisher=Guerdon Associates] In many cases, proxy firms have attempted to limit executive compensation. [cite web|url=http://www.bloggingstocks.com/2008/01/15/proxy-firm-questions-tyson-chiefs-pay/|title=Proxy firm questions Tyson chief's pay|author=Zac Bissonnette|date=2008-01-15]

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