President Trump Issues Executive Order Focused On Proxy Advisors

On December 11, 2025, President Donald J. Trump issued an executive order directing certain government agencies and departments to review all rules, regulations, and other publications relating to proxy advisors, specifically naming Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., LLC (Glass Lewis), and focusing on each entity's foreign ownership. The executive order highlights concerns with the "enormous influence over corporate governance matters" held by ISS and Glass Lewis which, according to the order, control more than 90% of the proxy advisor market. The purpose of the order is to "restore public confidence in the proxy advisor industry" and promote accountability, given ISS and Glass Lewis advocate for what the order refers to as "radical politically-motivated agendas – like 'diversity, equity, and inclusion' and 'environmental, social, and governance' – even though investor returns should be the only priority."