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Teachers’ sells 20 per cent stake in Glass Lewis to AIMCo

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Ontario Teachers’ Pension Plan has sold 20 per cent of its ownership in proxy advisory firm Glass Lewis & Co to Alberta Investment Management Corporation (AIMCo).

 
Terms of the transaction are not being disclosed.
 
Teachers’ acquired Glass Lewis in 2007 and the company operates independently as an indirect wholly-owned subsidiary. No changes in the operations of Glass Lewis will result from the transaction.
 
"Glass Lewis has delivered strong revenue and client growth since Teachers’ acquired the firm," says Wayne Kozun, senior vice-president, public equities, at Teachers’. "While we remain committed to maintaining a long-term stake in the company, we believe diversifying the firm’s ownership with like-minded investors will bring valuable new perspectives to the next stages of Glass Lewis’ development. We look forward to working with AIMCo, a longtime advocate for improved corporate governance, in supporting the positive role of independent proxy advisors."
 
"AIMCo is pleased to partner with Teachers’ in the ownership of Glass Lewis and trusts in the long-term potential of the organisation given the changing landscape of investor engagement," says Leo de Bever, chief executive officer, AIMCo.  "As an institutional investor responsible for the assets of 27 clients, upholding strong corporate governance is critical to our ability to add value; and Glass Lewis plays an important role in ensuring that integrity exists in the market for all investors."
 
"Teachers’ stewardship of Glass Lewis over the past six years has been key to the success of our global expansion strategy," says Katherine Rabin, chief executive officer, Glass Lewis. "We are very pleased about the diversification of ownership and the additional insight that AIMCo will contribute as we continue to bring to market important, independent engagement-support solutions."

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