Ronny Jackson Targets Antitrust Proxy Giants Accused of Pushing ‘Woke DEI and Green New Scam’ Policies

FIRST ON THE DAILY SIGNAL—Two private companies currently dominate more than 90% of the proxy advisory market, controlling significant influence over corporate America, and Rep. Ronny Jackson, R-Texas, is demanding answers. 

In a letter obtained by the Daily Signal to acting Attorney General Todd Blanche and Andrew N. Ferguson, chairman of the Federal Trade Commission, Jackson points to specific examples of these companies advising with a leftist agenda in mind rather than investor returns. 

“Two foreign-owned proxy advisory firms have used their 90% market share to impose radical diversity quotas and net-zero mandates on American companies,” Jackson told the Daily Signal. 

“[Institutional Shareholder Services Inc.] and Glass Lewis have become socialist political activists, putting woke DEI and Green New Scam policies ahead of shareholder returns. Americans want capitalism, not corporate terrorism,” Jackson said. 

If an American holds stocks through a mutual fund, pension fund, or 401(k), Institutional Shareholder Services Inc. or Glass Lewis could be hired to analyze the shareholder proposals and recommend how votes should be cast. 

This is not the first time ISS and Glass Lewis have been accused of imposing a leftist political agenda. On Dec. 11, 2025, President Donald Trump signed an executive order titled “Protecting American Investors From Foreign-Owned and Politically Motivated Proxy Advisors.” 

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The executive order directed federal agencies to review proxy-adviser regulations, examine potential antitrust concerns, and investigate whether the firms were advancing DEI and ESG activism. The president advised the agencies to take action if needed. 

Now, Jackson is seeking an update on the investigation. 

In the letter, Jackson writes that he is “concerned by Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., LLC (Glass Lewis) and their continued use of their more than 90 percent share of the proxy advisor market to conduct anticompetitive activities, imposing political agendas on American companies and colluding to oppose companies’ efforts to redomicile to the state of Texas.” 

“Most recently, ISS and Glass Lewis each recommended that shareholders oppose ExxonMobil Corp.’s decision to move its legal domicile to Texas—the state where the company has been operationally headquartered since 1989.” 

Jackson argues that Institutional Shareholder Services Inc. and Glass Lewis failed to disclose a potential conflict when recommending against ExxonMobil’s move to Texas. The firms are in a legal battle challenging the state of Texas and Attorney General Ken Paxton. They recently sued the state over a Senate bill requiring the proxy-adviser law. 

Jackson also wants to review the FTC’s and the Justice Department’s efforts to examine potential violations of federal antitrust laws by Institutional Shareholder Services Inc. and Glass Lewis.