Proxy Advisors – Fluch oder Segen in der Corporate Governance?

The role of proxy advisors in the governance of listed companies has triggered criticism ranging from “box ticking” to “empty voting” and has sparked an intense debate on how to address these concerns. The author takes the view that – for the time being – proxy advisors are not a topic for the regulator. Many institutional investors owe their beneficiaries a fiduciary duty based on which they are obliged to obtain appropriate advice on corporate governance issues concerning investee companies. To the extent that voting rights of institutional investors, such as mutual funds or pension funds, are covered by applicable regulations, regulatory auditors and authorities need to act in case institutional investors’ “voting governance” is inappropriate. In order to enhance the credibility of the “Guidelines for institutional investors governing the exercising of participation rights in public limited companies”, significantly more organizations should issue statements of commitment. As proxy…