In a break that shapes the structure of shareholder energy, JPMorgan Asset Administration, which manages greater than $7 trillion in shopper property — severed all ties this week with proxy advisory giants ISS and Glass Lewis.
It would now rely solely on an inner, AI-driven voting platform known as Proxy IQ — the primary such transfer by a serious asset supervisor.
It comes days after President Trump issued an government order directing federal companies to analyze proxy advisers, citing considerations that their affect on board votes, CEO pay, and ESG insurance policies is pushed extra by political agendas than fiduciary responsibility.
Collectively, Trump and JPMorgan waged a two-front assault on the proxy advisory trade — one political, one monetary. Trump’s order provides regulatory firepower. Dimon’s choice delivers a market blow.
JPMorgan CEO Jamie Dimon, relentless critic of proxy advisers, known as these corporations “incompetent” and their dominance “done with.” The financial institution’s full exit marks a direct problem to a system many view as opaque and out of date.
But in dismantling the previous gatekeepers, JPMorgan could also be quietly putting in itself as a brand new one.
By changing exterior advisers with its personal AI platform, it now controls the very equipment of shareholder voting it as soon as condemned. What started as a campaign towards centralized affect could also be remembered as a company land seize.
These developments underscore the rise of a extra decentralized and digitally engaged voters — a part of a broader shift towards democratization of investing, as people acquire real-time entry to ballots and affect choices as soon as formed by a handful of energy brokers.
This spring’s proxy season might not hinge on an activist’s letter, banker spreadsheets or hedge fund media blitzes … however as a substitute on the fast, quiet clicks of particular person buyers — every with just a few hundred shares — voting between Zoom calls and scrolling by way of message board threads.
When digital swarms reshape the roadshow
In March 2025, ExxonMobil moved to raise particular person buyers — nonetheless formed by its 2021 conflict with Engine No. 1 — even with out adopting default proxy directions.
In September, the Securities and Change Fee (SEC) accepted a program that lets particular person stakeholders robotically comply with board suggestions, aiming to counter chronically low voting turnout and disproportionate affect of institutional and activist buyers.
And Exxon isn’t alone. Small buyers blocked a share conversion at AMC in August 2023, triggering a lawsuit and court-approved settlement. The conversion and cut up took impact, revealing the persistence of a shareholder base as soon as hailed as the corporate’s savior.
At Disney in April 2024, Nelson Peltz’s proxy struggle culminated in a vote that drew help from fans-turned-shareholders mobilizing round board accountability and inventive path. Whereas Peltz misplaced, Disney revamped investor engagement.
Essential Avenue buyers rallied behind Elon Musk’s billion-dollar pay bundle at Tesla in June 2024 and once more in October 2025, circulating voting directions and movies throughout social media. This outreach momentum carried into the next vote.
These episodes level to a shift, not a revolt
One vital new mechanism drawing consideration is pass-through proxy voting — permitting mutual fund and ETF buyers to vote their shares instantly as a substitute of delegating authority to fund managers. It provides people direct management over votes connected to their property.
Nevertheless it nonetheless solely issues in the event that they vote. Many unbiased shareholders skip proxy voting, as notices go unread. Engagement often emerges in a contested election, as buyers maintain their ballots to see how the struggle unfolds.
As of March 2024, BlackRock expanded its Voting Selection program to U.S. particular person buyers in choose funds, enabling direct proxy voting. This marked the primary main rollout of pass-through voting inside fund buildings.
Nonetheless, solely 8% of BlackRock funds provide it, however it’s rising stress throughout the trade as evaluation grows round particular person investor inclusion.
However Ready for Godot is a mistake. Regulation can tweak the system, however actual change begins when buyers are introduced in early, perceive the stakes, belief the method and select to have interaction.
Let the votes circulation: Unlocking actual shareholder affect
Funds ought to … Implement full pass-through voting throughout all funds in 2026.
BlackRock’s Larry Fink, Vanguard’s Salim Ramji, Constancy’s Abigail Johnson, State Avenue’s Yie-Hsin Hung and J.P. Morgan’s Jamie Dimon can set requirements now. Each particular person investor’s capital carries its personal vote.
Boards in parallel ought to …
- Make proxy voting as seamless as buying and selling. Traders can execute choices in seconds however face treasure maps to solid a proxy vote; comfort drives turnout.
- Acknowledge voting isn’t simply procedural — it’s reputational. Particular person shareholders vote on model belief. Opaque disclosures or footnote-heavy messaging erode confidence. Say clearly what you need and why.
- Clear directions flip a poll right into a voice. Not voting isn’t impartial — it cedes your energy to others who select to have interaction. Each proxy ought to say plainly, in daring in all correspondence: “We encourage you to vote. If you don’t, your silence increases power of those who do.”
When proxy voting actually begins
Affect doesn’t start with a proxy. It begins with a viral submit that reframes a proposal in plain English, sharp YouTube explainer or social threads that flip legalese into a transparent takeaway. That is the place shareholder sentiment is fashioned and fortified.
As proxy season approaches, the identical query looms: Do we now have the votes? This yr, outcomes might hinge on stakeholders who hardly ever be a part of investor calls.
“Trust is like the air we breathe — when it’s present, nobody really notices. But when it’s absent, everybody notices.” — Warren Buffett
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