Clients of Institutional Shareholder Services aren't letting the proxy-voting advisory firm's settlement with the SEC affect their relationship, according to pension funds responding to inquiries.
“No, this will not impact the (Florida State Board of Administration's) services from ISS,” Dennis D. MacKee, director of communications for the $168.5 billion Tallahassee-based fund, said in an e-mail. “We've been in contact with ISS during the entire SEC review process, and no SBA accounts were affected by the release of confidential proxy-voting information. Furthermore, all of the SBA's voting data is publicly reported on the SBA's website prior to annual shareowner meetings, mitigating the risk of unauthorized release.”
William R. Atwood, executive director of the $12.8 billion Illinois State Board of Investment, Chicago, said in an e-mail: “While we will continue to monitor and review the situation, it is unlikely to affect our relationship with ISS.”
ISS on Thursday agreed to pay $300,000 and retain an independent compliance consultant to settle the charges of unauthorized release of confidential proxy-voting information of clients without admitting or denying the findings.