Canada’s Ontario Teachers’ Pension Plan has sold its 20 per cent stake in proxy advisory firm Glass, Lewis & Co to fellow institutional investment firm Alberta Investment Management Corporation (AIMCo) for an undisclosed amount.
Teachers’ acquired Glass Lewis in 2007 and the company operates independently as an indirect wholly-owned subsidiary.
The investment research and global proxy advisory and voting services firm, serving institutions that collectively manage more than $15tn. It helps institutional investors make more informed proxy voting decisions by identifying business, legal, governance and financial statement risk at shareholder meetings worldwide.
“Glass Lewis has delivered strong revenue and client growth since Teachers’ acquired the firm,” said Wayne Kozun, senior vice-president, public equities, at Teachers’. “While we remain committed to maintaining a long-term stake in the company, we believe diversifying the firm’s ownership with like-minded investors will bring valuable new perspectives to the next stages of Glass Lewis’ development. We look forward to working with AIMCo, a longtime advocate for improved corporate governance, in supporting the positive role of independent proxy advisors.”
“AIMCo is pleased to partner with Teachers’ in the ownership of Glass Lewis and trusts in the long-term potential of the organization given the changing landscape of investor engagement,” added Leo de Bever, CEO, AIMCo. “As an institutional investor responsible for the assets of 27 clients, upholding strong corporate governance is critical to our ability to add value; and Glass Lewis plays an important role in ensuring that integrity exists in the market for all investors.”
With $129.5bn in net assets, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada, while AIMCo is one of Canada’s largest and most diversified institutional investment managers with assets under management in excess of $70bn.
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