The comments are the latest complaint by Elon Musk about the functioning of markets and follow previous criticism over the way Telsa is assessed by investors from an ESG perspective
Billionaire Elon Musk said in a tweet that the advisers that help guide shareholders on how to cast their votes at meetings of publicly traded companies had “far too much power”, without citing specific examples.
Advisers including Institutional Investor Services and Glass Lewis issue reports to institutional clients such as pension schemes suggesting how they should vote on everything from electing board members to signing off on pay and perks. As companies increasingly face investor pressure over environmental, social and governance-related issues, such as climate change, their role is in the crosshairs of a growing movement in the United States pushing back on such matters.
Musk, who owns Twitter, was replying to a thread begun by Vivek Ramaswamy, the founder of Strive Asset Management, who said it was “staggering” how much influence the biggest adviser, ISS, had on U.S. state investors, treasurers and companies.“Far too much power is concentrated in the hands of ‘shareholder services’ companies like ISS and Glass Lewis, because so much of the market is passive/index funds, which outsource shareholder voting decisions to them,” Musk said.
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