JPMorgan's asset management will no longer use controversial proxy advisors for shareholder votes

Core Viewpoint - JPMorgan Chase & Co. has fully severed ties with controversial proxy advisors for shareholder votes, marking a significant shift in its asset management strategy [1][3]. Group 1: Company Actions - The firm announced in an internal memo that it no longer requires third-party data collection or voting recommendations [2]. - JPMorgan has introduced an artificial intelligence tool named Proxy IQ, designed to aggregate and analyze proxy data from 3,000 annual company meetings [2]. Group 2: Industry Context - Proxy advisors like Institutional Shareholder Services and Glass Lewis typically provide research and voting recommendations, but JPMorgan claims to be the first major investment firm to eliminate reliance on these entities [3]. - The decision comes amid criticism of proxy advisors, including remarks from President Donald Trump and Tesla CEO Elon Musk, who have both expressed concerns over the influence of these advisors on corporate governance [4].