Florida State Board of Administration, Tallahassee, named ISS, Glass Lewis, Proxy Governance and Broadridge Financial Solutions as finalists to provide general corporate governance research and proxy voting services to the $144.2 billion board, according to John Kuczwanski, communications manager.
The board expects to make a selection Dec. 9.
For specialized corporate governance research services, The Corporate Library, GovernanceMetrics, Audit Integrity and F&C Investments were named finalists. The selections were made before the merger of Audit Integrity with The Corporate Library and GovernanceMetrics was announced Thursday.
The board hasn’t set a time frame for making a decision on the specialized research services. The board isn’t doing anything formal in regard to the merger, Mr. Kuczwanski said in an e-mail, adding the board is evaluating each proposal from the three merged firms with the understanding they have combined into a single organization.
“We knew about merger plans between The Corporate Library and GovernanceMetrics, but was not aware of the ongoing negotiations with Audit Integrity,” he added.
All the services would cover U.S. and international equities the board oversees.
The board currently uses a number of firms for the services. ISS, Glass Lewis and Proxy Governance are the board’s primary providers of corporate governance research as well as proxy research and advice on individual company proposals. For specialized corporate governance research, FSBA currently uses The Corporate Library, Equilar, Conflict Risk Network, IW Financial and Jantzi-Sustainalytics.
Many of the firm’s existing contracts will expire at the end of the year. They were all allowed to rebid in the search.