Steven Wallman, former SEC commissioner and current CEO of the broker/dealer FOLIOfn, will start Proxy Governance Inc. The firm plans to provide proxy-voting recommendations and corporate-governance analysis for some 700 companies, including those in the Standard & Poor's 500 index, in time for the start of the proxy season Jan. 1. It plans to include all the Russell 3000 companies in the 2006 season.
The company plans to market its services to pension funds, endowments, foundations, money managers and mutual funds, he said. Competitors include Institutional Shareholder Services and Glass Lewis.
The Business Roundtable bought a bulk subscription for its members, Mr. Wallman said, noting that the revenue enabled him to start the firm earlier that he had initially expected.