In the proxy-vote data examined by Fichtner, Heemskerk and Garcia-Bernardo, the Big Three sided with company management in more than 90 percent of votes.

Format Online paper / PDF

"In the proxy-vote data examined by Fichtner, Heemskerk and Garcia-Bernardo, the Big Three sided with company management in more than 90 percent of votes."

This supports a strongly management-friendly historical voting record; the relevant decisions are shareholder or proxy votes, not board decisions.

Source title Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk

Source authors Jan Fichtner, Eelke M. Heemskerk and Javier Garcia-Bernardo

Source year 2017

Confidence high

Importance high