Glass Lewis
Encyclopedia
Glass, Lewis & Co. is one of three prominent independent proxy advisory
services in the United States
, the other two being Proxy Governance, Inc.
and RiskMetrics/Institutional Shareholder Services.
Since being founded in 2003 by Kevin Cameron, Glass Lewis has grown in size to over 100 employees in six offices on three continents. Its head office is in San Francisco, California
. In September 2006, Glass Lewis acquired Sydney
-based proxy advisory firm Corporate Governance International.
Glass Lewis is currently owned by the Ontario Teachers' Pension Plan
, who acquired Glass Lewis from Xinhua Finance
in October 2007 for US$46 million after Xinhua Finance had itself acquired Glass Lewis in January of that year. Xinhua's ownership of Glass Lewis was a controversial period in the company's history, with two senior employees leaving the company in May, one of them citing concerns that he was "uncomfortable with and deeply disturbed by the conduct, background, and activities of Glass Lewis's new parent, Xinhua Finance Ltd., its senior management, and its directors".
Proxy firm
A proxy firm is a company hired by corporate shareholders to cast proxy statement votes on their behalf. The top two proxy firms are Glass, Lewis & Co. and RiskMetrics/Institutional Shareholder Services. By some accounts, RiskMetrics ISS advised half of the common stock in the world as of 2010...
services in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, the other two being Proxy Governance, Inc.
Proxy Governance, Inc.
Proxy Governance, Inc., is one of three prominent independent proxy advisory services in the United States. As such, it provides proxy voting recommendations on U.S. and non-U.S. publicly reporting companies...
and RiskMetrics/Institutional Shareholder Services.
Since being founded in 2003 by Kevin Cameron, Glass Lewis has grown in size to over 100 employees in six offices on three continents. Its head office is in San Francisco, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. In September 2006, Glass Lewis acquired Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
-based proxy advisory firm Corporate Governance International.
Glass Lewis is currently owned by the Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan , commonly referred to as Teachers, is the organization responsible for administering pensions for public school teachers of the Canadian province of Ontario. The OTPP also invests the plan's pension fund, making it one of the largest and most powerful investment...
, who acquired Glass Lewis from Xinhua Finance
Xinhua Finance
Xinhua Finance Limited formed in 1999 is engaged in the provision of financial information and services, primarily in the China market. It is headquartered in Shanghai. It is listed on the Tokyo Mothers Board . The company's subsidiary, Xinhua Finance Media Ltd, is listed on NASDAQ...
in October 2007 for US$46 million after Xinhua Finance had itself acquired Glass Lewis in January of that year. Xinhua's ownership of Glass Lewis was a controversial period in the company's history, with two senior employees leaving the company in May, one of them citing concerns that he was "uncomfortable with and deeply disturbed by the conduct, background, and activities of Glass Lewis's new parent, Xinhua Finance Ltd., its senior management, and its directors".