Lawmakers push bipartisan bill reining in shareholder advisers

A bipartisan group of lawmakers introduced legislation Wednesday to increase federal oversight of proxy advisers, amplifying pressure on the influential firms in the run-up to a Securities and Exchange Commission review of their operations.

The measure — sponsored by Republican Sens. David Perdue of Georgia, Thom Tillis of North Carolina, and John Kennedy of Louisiana and Democratic Sens. Jack Reed of Rhode Island, Doug Jones of Alabama, and Heidi Heitkamp of North Dakota — would require the SEC to periodically examine companies like Glass Lewis and Institutional Shareholder Services for potential conflicts of interest, addressing a complaint by industry critics that the firms operate with little oversight.