In a break that shapes the architecture of shareholder power, JPMorgan Asset Management, which manages more than $7 trillion in client assets — severed all ties this week with proxy advisory giants ISS and Glass Lewis.
It will now rely solely on an internal, AI-driven voting platform called Proxy IQ — the first such move by a major asset manager.
It comes days after President Trump issued an executive order directing federal agencies to investigate proxy advisers, citing concerns that their influence on board votes, CEO pay, and ESG policies is driven more by political agendas than fiduciary duty.
Together, Trump and JPMorgan waged a two-front assault on the proxy advisory industry — one political, one financial. Trump’s order adds regulatory firepower. Dimon’s decision delivers a market blow.
JPMorgan CEO Jamie Dimon, relentless critic of proxy advisers, called these firms “incompetent” and their dominance “done with.” The bank’s full exit marks a direct challenge to a system many view as opaque and obsolete.
