DOJ Changes Guidance on Corporate Proxy Advisers
美國司法部更改關於企業代理顧問的指導方針
更新於: 2026年8月8日 上午04:00
Department of Justice (DOJ) recently rescinded a 1987 letter that granted antitrust 'safe harbor' protection to Institutional Shareholder Services (ISS).
這份一九八七年的指引表示，只要該公司嚴格專注於股東投票權，司法部就不會對其提起反壟斷訴訟。
This 1987 guidance suggested the DOJ would not pursue antitrust action against the firm, provided it focused strictly on shareholder voting rights.
然而，司法部現在認為，市場環境已經發生了劇烈的變化。
However, the DOJ now argues that the landscape has evolved drastically.
如今，ISS 與葛拉斯路易（Glass Lewis）佔據了超過九十％的委託書顧問市場，且許多公司在為股東提供投票建議的同時，也向企業提供諮詢服務——這種模式被司法部視為利益衝突。
Today, ISS and Glass Lewis dominate over 90% of the proxy advisory market, and many firms now offer consulting services to corporations while simultaneously advising shareholders on how to vote—a model the DOJ considers a conflict of interest.
此項監管舉措源自二○二五年發布的行政命令，該命令要求對委託書顧問公司進行更嚴格的審查，批評者指責這些公司將 ESG 等意識形態議程置於投資者回報之上。
This regulatory move follows a 2025 executive order demanding closer scrutiny of proxy firms, which critics accuse of prioritizing ideological agendas like ESG over investor returns.
雖然撤銷該信函並非正式訴訟，但它終結了一段法律保障期，使得該產業極易受到未來反壟斷調查的影響。
While the withdrawal of the 1987 letter is not a formal lawsuit, it ends a period of legal security, leaving the industry vulnerable to future antitrust investigations.
作為回應，摩根大通（JPMorgan）和富國銀行（Wells Fargo）等主要金融機構正越來越傾向於內部處理投票流程，以減少對這些強大顧問公司的依賴。
In response, major financial institutions like JPMorgan and Wells Fargo are increasingly opting to handle their voting processes internally to reduce dependence on these powerful advisory firms.
