AI‑voting replaces proxy advisors

Major financial institutions are beginning to replace external proxy advisory firms with in‑house or vendor AI systems that analyze ballots and cast shareholder votes automatically. This shifts a governance function from specialist consultancies to proprietary models, concentrating influence over corporate outcomes in banks and the firms that supply their AI. — If banks and asset managers adopt AI for proxy voting, it will change who sets corporate governance outcomes, alter conflicts‑of‑interest dynamics, and require new disclosure and oversight rules.