Proxy advisors turn NZ companies upside down and inside out

Vas Kolesnikoff, ISS’s Australasia managing director and head of research. (Image: ISS)

Tue, 19 Dec 2023

Mainfreight boss Don Braid says, “without wanting to aggravate them, they’re a pain in the arse”."They" are the global proxy advisers, dominated by two giants – Institutional Shareholder Services (ISS) and Glass Lewis. Listed companies say, mostly off the record, that the big two proxy advisers don’t have boots on the ground in New Zealand or engage with firms, and criticise directors for serving too long or being on too many boards. They also say the advisers' reports aren’t always right.&...

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