Press Release

Statement in Connection with Granting of Injunction Over Lawsuit Challenging Indiana Statute, HB 1273

ROCKVILLE, Md. (June 26, 2026) — Institutional Shareholder Services (ISS) today responded to the granting of a preliminary injunction against enforcement of statute, HB 1273, by issuing the following statement:

“ISS’ vote recommendations reflect rigorous analysis tailored to criteria of our institutional investor clients’ choosing. A law that compels us to denigrate our own services and mischaracterize our research is unconstitutional. Over the past year, courts in Texas, Kansas, and Indiana have granted preliminary injunctions barring the states’ enforcement of similar laws pushed by outside advocacy groups. This most recent decision is further evidence that states cannot seek to impose onerous obligations on proxy advisors simply for making recommendations that do not align with company management.

Indiana HB 1273 is a clear example of viewpoint discrimination and an unconstitutional exercise of power over the free market. The requirement for ISS to declare that certain of its recommendations are not based on financial analysis is not only incorrect but infringes upon free speech.

ISS is a leading provider of data-driven research and technology solutions for capital market participants worldwide. As a registered investment adviser subject to SEC oversight, ISS serves approximately 1,400 institutional investor clients — including pension plans, asset managers, and mutual funds — with independent research and voting recommendations across more than 100 global markets. ISS will continue to defend its right to provide independent, client-directed proxy advisory services.”

For more on ISS’ role as a proxy advisor, we invite you to visit Protect the Voice of Shareholders by clicking here.

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