Loop re ISS and institutional clients you said:
...."We are playing by institutional rules and ISS claims to provide its service to several institutions."
I hope you were being facetious with the above comment. ISS provides its services to a lot more than several institutions. From their website as follows:
Welcome to ISS.
ISS has been providing proxy research, voting services and corporate governance analytical tools to institutional investors for over 18 years. No other provider has the experience, expertise or coverage that ISS has. As the industry leader, we have over 132 analysts worldwide covering every security in our client’s portfolios. With 1,271 institutional clients, that adds up to over 28,000 meetings across 115 markets worldwide. We can say with confidence that there isn’t a proxy issue that we have not analyzed.
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