Reuters: Regulatory News: US Chamber wants SEC review of proxy adviser

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US Chamber wants SEC review of proxy adviser May 31st 2012, 17:43 Thu May 31, 2012 1:43pm EDT May 31 (Reuters) - The U.S. Chamber of Commerce on Thursday called for regulators to review the proxy adviser firm Glass, Lewis & Co, adding fuel to a simmering dispute in corporate governance. The Chamber, which represents U.S. companies large and small, said it asked the U.S. Securities and Exchange Commission to "monitor" the activities of Glass, Lewis and its owner, the Ontario Teachers Pension Plan, for potential conflicts of interest. In a case earlier this month, the Ontario pension fund opposed directors at Canadian Pacific Railway Ltd.,, the Chamber noted. Glass, Lewis then recommended that shareholders vote in favor of the Ontario pension fund. The recommendation "calls in question the role of proxy advisory firms in corporate governance" and could pose a conflict of interest, the Chamber said. Glass, Lewis did not immediately comment . The San Francisco firm is one of the two largest that advise institutional shareholders how to vote their proxies at annual corporate shareholder meetings. The firm and others have drawn the ire of the U.S. Chamber, which says the advisers are often too critical of company managers and deserve more oversight themselves.

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