Remember IFO’s rant a few days ago about ISS? The former Institutional Shareholders Service? Here’s the relevant part from that post:
“ISS, hmmm, weren’t they the people who suddenly changed their minds and supported the proposed HP-Compaq merger during the huge battle over the acquisition of Compaq being promoted by then-CEO Carly Fiorina just after a last-minute meeting between her and some ISS people just before the very close vote?”
Now, ISS has just joined with Glass Lewis, another shareholder advisor company, in a ridiculous call for Disney shareholders to dump one of company board member Steve Jobs, because he had missed some board meetings. What???
Before she looked up Glass Lewis, IFO commented on WSJ’s DealJournal blog:
Has ISS heard of that recent technological marvel – the telephone? Or should I say the IPhone? I advise these “investor advisors” to come into the 21st Century. (Commenter)Anthonymg is absolutely right about Jobs’ probable positive influence on the Disney board.
ISS and the other guys should just stuff it. Has anybody at either of those companies ever run a company of their own? I doubt it.
So, who is Glass Lewis? Their website notes:
Founded in 2003, Glass Lewis is headquartered in San Francisco with offices in New York, Tokyo, and Sydney. In 2007 Glass Lewis became an independent wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board!![emphasis added]
Glass Lewis was founded by Wall Street professionals to assist institutional investors and other institutional participants in the capital markets. The firm was capitalized by its founders and a group of research analysts, accountants, publishers and bankers.
We love it when we turn out to be right.
ISS is pretty hard to find on the Web, but we finally located it here. Their team of “research, technology and client service professionals” are a “subsidiary of MSCI Inc., a leading provider of investment decision support tools to investors globally.” We think that means they sell stock-screening software, but there may be more to it than that.
BTW, Disney shareholders re-elected Mr. Jobs to their board.