Missouri Attorney General Andrew Bailey (R) announced last week his office is investigating Institutional Shareholder Services (ISS) and Glass Lewis, the two largest U.S. proxy advisory firms, alleging they prioritized political agendas over fiduciary duties in their voting recommendations.

ISS and Glass Lewis have drawn recent attention in ESG debates. Critics argue their combined market share exceeding 90% gives them disproportionate influence over institutional investors’ proxy votes, shaping outcomes on ESG-related shareholder proposals. Missouri’s investigation follows similar action by Florida.

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