Proxy advisers are gaining influence over shareholder votes and company boards. India has regulated them differently from the US, but some gaps in oversight remain.
A subtle but significant shift is underway in India’s AGM season. Institutional shareholders, once passive, now critically assess research notes, evaluate board proposals, and often vote nearly unanimously for change. Resolutions are being amended, engagement is intensifying, and boards are occasionally being reshaped—all without regulatory intervention. This shift is driven by a small group of proxy advisers whose reports have become the market’s trusted second opinion. This quiet influence is now challenging businesses worldwide. On December 11, 2025, the White House issued Executive Order 14366 targeting “foreign-owned and politically motivated” proxy advisers, specifically mentioning ISS and Glass Lewis. Meanwhile, five months earlier, India integrated Indian advisers’ recommendations into the investor app used by depositories for retail shareholders. These contrasting regulatory approaches show India’s pioneering role.
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