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Proxy advisory firms provide institutional investors with research, data, and recommendations on management and shareholder proxy proposals that are voted on at a company’s annual meeting. Over the past 20 years, proxy advisory firms have emerged as a major player in executive compensation and corporate governance as a result of several factors, including the growth of institutional investor stock ownership and mandatory say on pay. As a result, the research and voting recommendations proxy advisory firms provide can have a significant impact on the level of support a shareholder proposal receives.

Seria algo como "firmas de consultoria por procuração"? Obrigada desde já.