– Wells Fargo’s wealth and investment management division has ended its relationship with proxy advisory firm ISS, ahead of the 2026 proxy season.
Instead of relying on ISS’s external recommendations on shareholder votes, the bank will now use an internal system powered by its own policies and supported by technology from Broadridge Financial Solutions.
As reported by the The Wall Street Journal (paywall), the news comes as conservative lawmakers and business leaders argue that proxy advisory firms overly emphasize social and climate issues, sometimes at odds with corporate boards.
Wells Fargo’s move follows similar actions by JPMorgan’s asset management arm, which recently announced it would stop using proxy advisory services in the US, opting for an in-house, AI-powered approach.
– The White House is preparing to host a high-stakes meeting with leaders from the banking and cryptocurrency industries as lawmakers grapple with stalled federal digital assets legislation. According to Reuters (paywall) the summit, hosted by the White House’s crypto council, aims to find common ground on provisions in the Clarity Act, which is legislation designed to establish US crypto regulation.
The dispute centers on how the legislation treats interest payments and other yields on stablecoin holdings. Cryptocurrency firms argue that allowing competitive returns on stablecoins is essential to innovation and market growth, while banks warn that this could drain deposits from traditional financial institutions and threaten stability.
The bill passed the House in July but has faced delays in the Senate. Industry groups including the Blockchain Association and The Digital Chamber are expected to participate.
– The SEC has agreed to dismiss, with prejudice, its long-running civil enforcement action against Gemini Trust Company, the crypto platform backed by Tyler and Cameron Winklevoss, in connection with the now-defunct Gemini Earn lending program.
A joint court filing in Manhattan federal court marked the formal end of litigation that began in 2023, when the SEC accused Gemini and lending partner Genesis Global Capital of illegally offering unregistered securities through the Earn product.
According to Bloomberg (paywall), key to the dismissal was the full restitution of customer assets. Investors in Gemini Earn, who had cryptocurrencies locked up when Genesis froze withdrawals during the market turmoil of November 2022, ultimately received a full in-kind return of their assets through the bankruptcy process, a factor the SEC cited in its discretionary decision to drop the case.
– Hedge fund Third Point, led by activist investor Daniel Loeb, is planning a campaign to challenge the leadership and strategic direction of CoStar Group, the $28 bn real estate data and analytics company behind Apartments.com and Homes.com, according to Reuters.
The campaign, which follows the expiration of a standstill agreement with CoStar, aims to nominate new directors and push for significant operational changes.
Loeb’s fund, one of CoStar’s top 15 shareholders, argues that the company’s expansion into residential real estate platforms has been costly and not clearly distinct compared to competitors like Zillow. This they say has contributed to underperformance in stock over the past five years. Third Point is also critical of executive compensation and the current board’s oversight, arguing that strategic focus on non-core businesses has diluted shareholder value.
The activist push seeks to refocus CoStar on its core commercial analytics business and may include calls for management changes.
– Activist investment firm Elliott Investment Management is considering a tender offer for shares of Toyota Industries, potentially complicating efforts by the Toyota group to take the industrial firm private.
According to Reuters, Elliott – which is a significant minority stakeholder – has criticized the existing buyout proposal, priced at ¥18,800 per share, saying it undervalues the company and has urged shareholders to reject the offer.
Pressure on Toyota Industries has grown since Elliott disclosed its stake and the proposed take-private transaction surfaced. Critics argue the original valuation methodology lacked transparency and did not adequately protect minority investor interests.
– UK digital bank Monzo has been embroiled in a deepening governance dispute that saw CEO TS Anil ousted by the board only for key investors to push back and secure his return in a reshaped leadership structure.
According to The Financial Times (paywall) Monzo is set to offer Anil a broader ongoing role within the company as part of a compromise with top shareholders who were angered by the original plan to remove him from executive leadership.
Anil, who has led Monzo through rapid customer growth and profitability, was due to step down next month. However, key institutional investors objected to his exit, arguing that Monzo’s strategic direction and valuation would suffer without his continued involvement. That investor pressure prompted Monzo’s board to rethink its succession approach, awarding Anil a more substantial position on the board or in an advisory capacity.
Anil’s exit was driven by frustration by some directors over the firms increasingly slowed expansion into new markets