The US Securities and Exchange Commission applied to the federal court for an order requiring institutional shareholder services to submit detailed client-level voting data required for one of the agency's investigations. The survey was conducted against this proxy voting consulting agency. According to documents submitted by regulators, ISS refused to fully cooperate with an administrative subpoena. The investigation was launched in March to verify the company's compliance with securities laws, including its fiduciary obligation — that is, providing advice must be based on the customer's best interest.

The US Securities and Exchange Commission applied to the federal court for an order requiring institutional shareholder services to submit detailed client-level voting data required for one of the agency's investigations. The survey was conducted against this proxy voting consulting agency. According to documents submitted by regulators, ISS refused to fully cooperate with an administrative subpoena. The investigation was launched in March to verify the company's compliance with securities laws, including its fiduciary obligation — that is, providing advice must be based on the customer's best interest.