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NEW YORK (Reuters) - Canadian buyout firm Peloton Capital Management and Stephen Smith, the CEO of First National Financial Corp, said on Tuesday they acquired proxy advisor Glass Lewis from the Ontario Teachers’ Pension Plan Board and Alberta Investment Management Corp.
The deal, whose terms were not disclosed, comes as more investors turn to proxy advisers to advise them on how to cast their votes at the annual meetings of companies on environmental, social and governance matters. Board challenges by activist hedge funds seeking the vote of shareholders are also on the rise.
Glass Lewis’ main competitor, Institutional Shareholder Services Inc (ISS), was acquired last year by German stock exchange operator Deutsche Boerse AG for $1.8 billion.