A War on Top Investor Advisers Is Growing

Federal Scrutiny Targets Leading Shareholder Advisory Firms

The Trump administration has reportedly launched investigations into two of the most influential shareholder advisory firms in the United States. These firms, which guide institutional investors on voting and governance matters, are now under the microscope for their role in shaping corporate policy.

Officials say the probes are part of a broader effort to re‑examine how corporate America is governed. Critics argue that the move reflects a shift toward greater regulatory oversight of the advisory industry, which has long operated with limited transparency.

Implications for Corporate Governance

If the investigations yield significant findings, they could trigger reforms that reshape the relationship between investors, advisers, and boardrooms. Stakeholders are watching closely, as any changes may affect voting outcomes on key issues such as executive compensation, board composition, and shareholder proposals.

Industry insiders warn that heightened scrutiny could lead to stricter compliance requirements, potentially reducing the flexibility that advisory firms currently enjoy. Conversely, advocates for reform view the scrutiny as a necessary step toward more accountable and transparent corporate decision‑making.