Nov. 12 at 1:41 PM
The Trump administration is weighing executive actions to curb the influence of proxy advisory firms and major index fund managers, according to the Wall Street Journal, citing people familiar with the matter.
White House officials are discussing at least one executive order that would restrict proxy advisors such as Institutional Shareholder Services (ISS) and Glass Lewis, following concerns raised in recent months by high-profile CEOs including Elon Musk and Jamie Dimon.
Potential measures could include a broad ban on shareholder recommendations or limits on firms that provide both proxy advice and consulting services, the sources said.
The administration is also exploring ways to reduce the voting power of large index fund managers such as BlackRock, Vanguard Group, and State Street, which collectively control about 30% or more of many major U.S. public companies on behalf of clients.
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