Glass, Lewis & Co. is an American proxy advisory services company. Glass Lewis provides governance services that support engagement among institutional investors and corporations through its research, proxy vote management and technology platforms. Glass Lewis helps institutional investors make voting decisions by researching governance, business, legal, political and accounting risks. Glass Lewis currently has approximately 37% of the market for proxy advisory services. Founded in 2003, Glass Lewis is headquartered in San Francisco and has offices in New York, Washington DC, Kansas City, Ireland, Germany, and Australia. In September 2006, Glass Lewis acquired Sydney-based proxy advisory firm Corporate Governance International, which then became known as CGI Glass Lewis. In November 2008, Glass Lewis acquired Washington Analysis, a political and economic advisory firm based in Washington, D.C. Founded in 1973 and rated among the Best Analysts of the Year by Institutional Investor magazine, Washington Analysis anticipates and analyzes the impact of political, legislative and regulatory developments on the financial markets. In June 2015, Glass Lewis acquired IVOX GmbH, Germany’s leading independent provider of proxy advisory and governance services for institutional investors. Glass Lewis is owned by the Ontario Teachers' Pension Plan, and the Alberta Investment Management Corp.
Public Controversies
Firing Scandal
On July 22, 2013, reportedly after servicing a large group of Glass Lewis employees based in the New York Cityhome office, Brendon O'Connor, an employee of the Milk Truck food truck, tweeted "Shout out to the good people of Glass, Lewis & Co. for placing a $170 order and not leaving a tip." Citing demands from a Glass Lewis representative, O'Connor's employer promptly fired him in response. The official Glass Lewis twitter page, in response to confirmation of O'Connor's termination, then publicly thanked O'Connor's former employer for firing him. A large and multinational public backlash then ensued with, at some point, as many as 10 statements per second being posted on Twitter demanding either a boycott of Glass Lewis or Milk Truck.
Notable Policies
Glass Lewis has stated that it will use its shareholder proxy to vote against boards of directors that are not adequately diverse.
