A group of almost two dozen state attorneys general have signed a letter telling major firms providing voting advice to corporate shareholders to stop backing efforts to “de-bank” conservatives.
Republican Iowa Attorney General Brenna Bird led 22 other state attorneys general in sending a letter to Institutional Shareholder Services and Glass Lewis, the two companies that control 97% of the proxy advisory services market, whose advice the AGs say shapes “the choices and activity of businesses and ultimately the United States’ and global economy,” according to The Daily Signal.
The seven-page letter warns the companies against opposing shareholder resolutions that would hold financial institutions accountable for restricting services based on clients’ religious and political beliefs. The top state law enforcement officers note that viewpoint discrimination comes with “legal liabilities,” but so does “lying in publicly available policies and disclosures.”
“We seek more transparency and written assurance that you will cease any practice that violates the law, including your duty to act in the best interest of the citizens of our States, or your stated policies on recommendations,” the letter continued.
“They have advised big banks to keep quiet about why they’ve closed people’s bank accounts,” Bird told the Daily Caller News
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