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Be It Resolved

Be It Resolved: Proxy Advisors Are Another Victim of AI

Jan 20, 2026 · 20 min · 9 segments

In this episode of Be It Resolved, Rahul Bhardwaj, President and CEO of the Institute of Corporate Directors, speaks with Victor Li, Executive Vice President, Governance Advisory at Kingsdale…

In this episode of Be It Resolved, Rahul Bhardwaj, President and CEO of the Institute of Corporate Directors, speaks with Victor Li, Executive Vice President, Governance Advisory at Kingsdale Advisors. A senior advisor to boards and institutional investors, Victor brings more than two decades of experience in shareholder-sensitive governance, activist defence, and contested M&A. Drawing on his work at Kingsdale and his earlier experience at Institutional Shareholder Services (ISS), the conversation explores how boards navigate increasing investor scrutiny and rising expectations around governance, disclosure, and engagement. Be It Resolved: Proxy Advisors Are Another Victim...

In this episode of Be It Resolved, Rahul Bhardwaj, President and CEO of the Institute of Corporate Directors, speaks with Victor Li, Executive Vice President, Governance Advisory at Kingsdale…

Speakers: Victor LiGuestRahul BhardwajHost

Show signals: SuitabilitySafeBiasNot politicalAudience≈2k followers

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Top entities: Institutional Shareholder Services×13 Artificial intelligence×9 JPMorgan Chase×26 Canada×17 United States×10

Implications for Canadian Markets7:42 – 9:23

Rahul BhardwajHost

7:42

We're going to start talking a little bit more about what do we need to be thinking about as Canadian directors.

Rahul BhardwajHost

7:47

Before we get right into the Canadian boardroom, though, what are the implications of this decision south of the border on the Canadian capital markets?

V

7:57

In the short term, we are business as usual because JP Morgan's decisions only impact their policy voting for U.S. companies.

V

8:04

One reason I think is because the U.S. company disclosure is more AI friendly.

V

8:10

AI can read the U.S. disclosure better than Canadian disclosure because we don't have structured disclosure here in Canada.

V

8:17

Directors of Canadian companies, we don't have to worry about this year.

V

8:20

But there will be a pressure for Canada or other countries to move to a standard disclosure in the future.

V

8:29

Just because if AI can do that in the U.S., we'll face that.

V

8:33

Companies should be prepared that the disclosure requirement in terms of standards will be changed in the future.

Rahul BhardwajHost

8:41

So are we actually saying that the fact that we've got no national securities regulator? That's protector for us.

Rahul BhardwajHost

8:47

It's actually a protector in this case.

Rahul BhardwajHost

8:49

Isn't that one of the ironies of all of this? But you're saying this is only a short-term thing, that at some point it's going to be able to, AI will either be able to pick up on those or there's going to be conforming to a more standard form.

V

9:00

Yeah, I'm hoping that AI will be smarter so they can read our unstructured disclosure so that we don't have to change our behavior.

V

9:08

I can see that happening, actually, because before, how AI grabbing the data from the disclosure is less sophisticated.

V

9:16

Now with the LLM, they can actually read, analyze those data.

V

9:20

Even if the data is not structured, they're able to read that.

Rahul BhardwajHost

9:23

Interesting.

Institutional Shareholder ServicesCompanyCompany
97%13 mentions
Artificial intelligenceEntityProfessional field
90%9 mentions
JPMorgan ChaseCompanyInvestment banking company
83%26 mentions
CanadaCountryCountry in North America
77%17 mentions
United StatesCountryCountry in North America
70%10 mentions
Environmental, social, and governanceEntity
63%4 mentions
Jamie DimonPersonCEO of Chase
57%2 mentions
BiasEntity
50%1 mention
Glass LewisCompanyCompany
43%1 mention
White HouseTourist AttractionOfficial residence in Washington, D.C., United States
37%1 mention
BlackRockCompanyInvestment management company
23%2 mentions
State Street CorporationCompanyFinancial services company
23%2 mentions
The Vanguard GroupCompanyInvestment management company
23%2 mentions
Large language modelEntity
10%1 mention
Elon MuskPersonIndustrialist and former Senior Advisor to the President of the United States
3%1 mention

Corporate GovernanceBusiness
Public PolicyGovernment
Investment ManagementFinance
Corporate DisclosureLaw > Securities Regulation
Generative AITechnology > Artificial Intelligence
Proxy Voting RecommendationsBusiness > Corporate Governance > Shareholder Relations > Proxy Advisory Services
Fiduciary Voting PracticesFinance > Investment Management > Institutional Investors
AI-Driven Shareholder VotingFinance > Investment Management > Institutional Investors > Fiduciary Voting Practices
Governance Document AnalysisTechnology > Artificial Intelligence > Generative AI
Automated Proxy Voting Policy ApplicationTechnology > Artificial Intelligence > Generative AI > Governance Document Analysis
Proxy Solicitation and Shareholder ProposalsLaw > Securities Regulation > Corporate Disclosure
Canadian Disclosure StandardizationLaw > Securities Regulation > Corporate Disclosure > Proxy Solicitation and Shareholder Proposals
Financial Market OversightGovernment > Public Policy
Proxy Advisor RegulationGovernment > Public Policy > Financial Market Oversight
Transparency and Conflict-of-Interest RequirementsGovernment > Public Policy > Financial Market Oversight > Proxy Advisor Regulation
Securities RegulationLaw
Proxy Advisory ServicesBusiness > Corporate Governance > Shareholder Relations
Shareholder RelationsBusiness > Corporate Governance
Institutional InvestorsFinance > Investment Management
Law
Technology
Government
Business
Finance
Artificial IntelligenceTechnology

Implications for Canadian Markets7:42 – 9:23

Rahul BhardwajHost

7:42

We're going to start talking a little bit more about what do we need to be thinking about as Canadian directors.

Rahul BhardwajHost

7:47

Before we get right into the Canadian boardroom, though, what are the implications of this decision south of the border on the Canadian capital markets?

V

7:57

In the short term, we are business as usual because JP Morgan's decisions only impact their policy voting for U.S. companies.

V

8:04

One reason I think is because the U.S. company disclosure is more AI friendly.

V

8:10

AI can read the U.S. disclosure better than Canadian disclosure because we don't have structured disclosure here in Canada.

V

8:17

Directors of Canadian companies, we don't have to worry about this year.

V

8:20

But there will be a pressure for Canada or other countries to move to a standard disclosure in the future.

V

8:29

Just because if AI can do that in the U.S., we'll face that.

V

8:33

Companies should be prepared that the disclosure requirement in terms of standards will be changed in the future.

Rahul BhardwajHost

8:41

So are we actually saying that the fact that we've got no national securities regulator? That's protector for us.

Rahul BhardwajHost

8:47

It's actually a protector in this case.

Rahul BhardwajHost

8:49

Isn't that one of the ironies of all of this? But you're saying this is only a short-term thing, that at some point it's going to be able to, AI will either be able to pick up on those or there's going to be conforming to a more standard form.

V

9:00

Yeah, I'm hoping that AI will be smarter so they can read our unstructured disclosure so that we don't have to change our behavior.

V

9:08

I can see that happening, actually, because before, how AI grabbing the data from the disclosure is less sophisticated.

V

9:16

Now with the LLM, they can actually read, analyze those data.

V

9:20

Even if the data is not structured, they're able to read that.

Rahul BhardwajHost

9:23

Interesting.

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