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Managing the Workload of the Proxy Season

Paul Calluzzo & Simi Kedia

The Journal of Law and Economics2025https://doi.org/10.1086/735423article
AJG 3ABDC A*
Weight
0.37

Abstract

About 52 percent of all shareholder meetings happen in the proxy season, a period that lasts from the fourth week of April until the end of May. This concentration leads to an increased workload for Institutional Shareholder Services (ISS), the largest proxy advisor, during which time it must make recommendations on an average of 303 proposals each day, compared with 28 proposals outside the proxy season. We find that ISS makes fewer negative recommendations in this busy period and that the recommendations are of lower quality. The evidence is consistent with ISS managing its workload by both increasing the threshold that triggers further investigation of proposals and reducing the time its analysts spend on each proposal. These findings suggest that the clustering of annual meetings in the proxy season may hinder the informativeness of proxy recommendations.

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https://doi.org/https://doi.org/10.1086/735423

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@article{paul2025,
  title        = {{Managing the Workload of the Proxy Season}},
  author       = {Paul Calluzzo & Simi Kedia},
  journal      = {The Journal of Law and Economics},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1086/735423},
}

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.