Last week, Wells Fargo’s Wealth & Investment Management announced it had launched an internal proxy voting service – powered by Broadridge – and would cut ties to ISS in the process as noted in this Reuters article. This follows in the footsteps of J.P. Morgan Asset Management’s decision to stop using proxy advisors.
Note that this new approach doesn’t apply to Wells Fargo’s mutual funds, which are managed and voted by Allspring Global Investments. Hat tip to Karla Bos for pointing this out!
Authored by
Broc Romanek