U.S. Rep. Ronny Jackson wrote a letter to acting Attorney General Todd Blanche and Federal Trade Commission Chairman Andrew Ferguson backing the Trump administration’s investigation into two proxy advisory firms over concerns that they are pushing a woke agenda on companies.
Institutional Shareholder Services (ISS) and Glass Lewis currently make up 90 percent of the advisory market, which Jackson argues means they dominate it.
Jackson (R–Amarillo) said he is demanding answers over potential antitrust law violations.
“Two foreign-owned proxy advisory firms have used their 90 percent market share to impose radical diversity quotas and net-zero mandates on American companies. ISS 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 told the Daily Signal.
ISS and Glass Lewis first came under fire in December 2025 after President Donald Trump signed an executive order titled “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors,” which calls for investigations into the two firms for pushing DEI agendas and politicizing shareholder votes.
According to the executive order, proxy advisors wield enormous influence over corporate governance matters, including shareholder proposals, board composition, and executive compensation, as well as capital markets and the value of Americans’ investments more generally, including 401(k)s, IRAs, and other retirement investment vehicles.
These proxy advisors regularly use their substantial power to advance and prioritize politically-motivated agendas such as “diversity, equity, and inclusion” and “environmental, social, and governance” even though many argue investor returns should be the only priority.
Jackson argued that the two advisory firms failed to disclose any politically motivated agenda when advising their clients. Most recently, ISS and Glass Lewis both advised ExxonMobil against moving its legal domicile to Texas, where the company has been headquartered since 1989.
ExxonMobil Chairman and CEO Darren Woods stated that Texas had created “a policy and regulatory environment that can allow the company to maximize shareholder value.”
Both advisory firms are now locked in legal battles after challenging the state of Texas and Attorney General Ken Paxton over a state law that requires proxy advisory firms to publicly disclose when they use other factors such as DEI and ESG in making vote recommendations.
Paxton argued that the two firms use a “word salad of corporate lingo” and are unsupported by economic analysis. Because of this, Paxton said the two firms do not align with their fiduciary duties to stockholders or the company’s long-term economic health.
Paxton stated that both Glass Lewis and ISS are sacrificing financial guidance for a woke and left-wing agenda, which he described as “cheating not only investors but the American people as a whole.”
Jackson is also seeking to review the FTC’s and the Department of Justice’s efforts to examine potential antitrust violations by Glass Lewis and ISS.
The letter was also signed by U.S. Reps. Jake Ellzey (R–Midlothian), Beth Van Duyne (R–Irving), Pat Fallon (R–Frisco), Keith Self (R–McKinney), Troy Nehls (R–Richmond), Wesley Hunt (R–Houston), Chip Roy (R–Austin), Roger Williams (R–Willow Park), Lance Gooden (R–Sunnyvale), August Pfluger (R–San Angelo), Nathaniel Moran (R–Tyler), Craig Goldman (R–Fort Worth), Michael Cloud (R–Victoria), Randy Weber (R–Friendswood), John Carter (R–Round Rock), Brandon Gill (R–Flower Mound), and Monica De La Cruz (R–Edinburg).
