ISS Recommendations and Mutual Fund Voting on Proxy Proposals
Thomas, Randall S., 1955-
Cotter, James
Palmiter, Alan R.
Abstract
This article analyzes mutual fund voting data from 2003-2008, the first
five proxy seasons for which this data is available, and seeks to identify
the extent to which mutual funds vote consistently with the voting recommendations
of RiskMetrics' ISS Corporate Governance Services (ISS).
We compare voting by mutual funds to voting by all shareholders during
this time period and then focus on mutual fund voting on non-election
and non-routine proxy proposals-both those submitted by management
and by shareholders.
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