Proxy Governance on Aug. 1 plans to unveil a proxy-voting platform, enabling it to vote the proxies of its clients, said. James P. Melican, president. "It's very fortuitous timing" with Institutional Shareholder Services' July 13 agreement to acquire Investor Responsibility Research Center's operations, including its proxy-voting platform, he said. ISS already has its own proxy-voting platform.
"IRRC clients are ones we'd be particularly interested in going to, because they have to shift services anyway," Mr. Melican said.
Proxy Governance will vote proxies according to guidelines established by clients and assist clients in developing proxy-voting policies. Proxy Governance will also expand its proxy-voting research and recommendations beginning Sept. 1 to all Russell 3000 stocks, up from 1,700 stocks it now covers, Mr. Melican said.
Glass Lewis, a proxy-voting research firm which also provides voting recommendations, uses IRRC's proxy-voting platform. Loren Schaffzin, Glass Lewis spokesman, said CEO Gregory P. Taxin would have to address what proxy-voting platform Glass Lewis will use for its clients. Mr. Taxin wasn't available for comment.
At Egan-Jones Proxy Services, Kent Hughes, managing director, said, "We certainly hope to get clients as a consequence" of (ISS' acquisition of IRRC) for its existing proxy-voting platform.