Too many of America’s major money management firms vote for ESG/DEI shareholder resolutions that are driven by progressive shareholder activists. These votes are a clear violation of their fiduciary duty to their clients.

Our Pension Politics report last year revealed that too many giant investment firms take the terrible advice of the two major proxy voting advisory firms – ISS and Glass-Lewis.

Together, these two firms control 97% of the proxy advisor market. They almost always recommend “yes” votes on the most egregious ESG resolutions.

Thankfully, companies have started to retreat from using their services.

One of the biggest to pull back is JPMorgan, whose head Jamie Dimon took a 2-by-4 to the two firms this week at BlackRock’s retirement investment summit in Washington.

The JPMorgan chief described Institutional Shareholder Services (ISS) and Glass Lewis as “incompetent” at the BlackRock event, and declared “shame on you” to companies who “give them money” because they have contributed to a regulatory environment that is “driving companies out of the public market.”

BlackRock and JPMorgan have stopped using the leftist proxy firms and so should the rest of the investment houses – if they truly care about their clients.