In terms of the research process, if clients disagree with the ISS vote recommendations, they can and do contact the relevant analyst with their feedback. If there is additional public information which comes to light and is material to the analysis, the analyst will amend the report, whether the vote recommendation is impacted or not, and then issue an Alert to bring it to the attention of our institutional clients on the ISS voting platform, ProxyExchange.
Proxy Alerts are distributed to institutional clients the same way regular proxy analyses are distributed and the same clients who received the original analysis will receive any corresponding Proxy Alert.
In terms of the operational voting instructions process, after the vote recommendations are published to the ProxyExchange (PX) voting platform, clients can either vote in line with ISS or choose to override the recommendations. Others may choose to set up their workflow with a 'REFER' option which alerts the client that there is a controversial vote pending, but does not commit the client to voting in any particular way. Under either process, each client is responsible for its own voting decisions and is always free to follow or reject any ISS vote recommendation.