Florida Attorney General James Uthmeier (R) announced last week that his office is launching an antitrust investigation into Glass Lewis and Institutional Shareholder Services (ISS), the two largest proxy advisory firms.

ISS and Glass Lewis control over 90% of the proxy advisory market and can influence how institutional investors, including pension funds, vote in corporate elections—particularly on ESG issues. Florida’s investigation questions whether this concentrated influence (and the advisors’ historical preference for ESG-focused recommendations) is guiding pension fund votes in a way that conflicts with the political and financial priorities of Republican-led states.

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