What is best practice for companies on a certain environmental, social, or governance (ESG) issue presented in a shareowner resolution--say, on political contributions disclosure? While it might seem there should be a single answer to this question, in fact there is wide diversity of opinion between voting recommendations by three major proxy advisory firms--Institutional Shareholder Services (ISS), Glass Lewis, and PROXY Governance.
Take, for example, their proxy voting recommendations for the annual meetings at Citigroup (ticker: C) on April 18 and Chevron (CVX) on April 26. Recommendations vary not only between the different advisory firms, but also differ on the same resolution at the two companies, and even differ at the same firm between its standard voting platform and its socially responsible investing (SRI) platform.
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