Lawmakers demand oversight of proxy giants driving ESG in Corporate America

Republican lawmakers are zeroing in on two powerful foreign-owned firms they say are quietly shaping how Wall Street votes, and pushing corporate America toward progressive environmental, social, and governance (ESG) goals in the process.

Their focus is on Institutional Shareholder Services (ISS) and Glass Lewis, two foreign-based proxy advisory companies that operate with outsized sway over shareholder decisions. ISS is owned by Germany’s Deutsche Börse, and Glass Lewis is owned by a Canadian private equity firm.