Future of Institutional Share Voting: Three Paradigms

 The voting universe is dominated by corporate governance specialists, many of whom actively sponsor seemingly never-ending corporate governance reforms. These in-house corporate governance activists share their enthusiasm for continuous corporate governance reform with a number of academics who focus on corporate governance and with the major proxy advisory firms, which provide outsourcing of some or all of the voting responsibilities to institutions. Quite simply, because corporate governance reform is the principal raison d’être for corporate governance activists, there can be no end to their advocacy of further reform.