|
NEW YORK (AP) - Institutional Shareholder Services, which advises shareholders on how to vote at corporate meetings, is acquiring a respected Washington research firm often held up as its antithesis.
ISS, the nation's largest proxy advisery firm, will pay more than $10 million to acquire the Investor Responsibility Research Center, which has been struggling to compete since becoming a for-profit entity four years ago.
The deal, expected to close within days, comes as a surprise, given the longstanding competitive tension between the two proxy firms. IRRC has stressed the impartiality of its research while ISS has drawn criticism for advising both investors and corporate clients.
|