Proxy Adviser Glass Lewis Merges with Clarity AI to Expand in Europe
Glass Lewis and Clarity AI have merged, joining a U.S. proxy adviser with a sustainability data and AI company. The combined firm makes Madrid its global centre for AI and data.
September 24, 2026 - 5:41 pm
Credit: Clarity AI
Proxy adviser Glass Lewis has combined with Clarity AI, which sells sustainability data and AI analytics. The two firms announced the deal on Thursday. The deal closed on 23 September, and no financial details were disclosed.
The merged company will make Madrid its global centre for sustainability, data, and AI work. It has more than 900 staff in 20 offices, including a new office in Amsterdam, according to the joint statement.
“The fact that we are designating Madrid our global centre of excellence for sustainability, data, and AI innovation speaks volumes about the strategic importance of the European market and our commitment to it,” said Bob Mann, chief executive of Glass Lewis.
What Each Side Brings
Glass Lewis, founded in 2003 and based in San Francisco, advises investors on how to vote at shareholder meetings. It serves more than 1,300 investment managers and pension funds. Clarity AI, founded in 2017 by chief executive Rebeca Minguela, sells sustainability data and AI analytics to financial institutions. The firms stated that it is moving towards authorization under the EU’s ESG Ratings Regulation.
That law has been applied since 2 July 2026. ESG rating providers now need authorization from ESMA, the EU’s markets regulator, to operate in the EU. Providers already active in the EU have until 2 November 2026 to apply.
The merged platform will integrate investment analysis, sustainability, governance, engagement, and voting, which are currently handled separately by investors. Glass Lewis is stronger in the U.S., while most of Clarity AI’s clients are in Europe, according to the deal’s FAQ. Both firms report client renewal rates above 90%.
Minguela stated:
“Combined with Clarity AI’s technology, AI capabilities, comprehensive sustainability data, and sophisticated analytics, this creates a differentiated, integrated platform with deep decision-relevant data and unparalleled expertise.”
Why Europe
Europe holds more than 80% of the world’s sustainable fund assets, according to the companies. It continues to attract net inflows in 2026.
In the U.S., proxy advisers face growing pressure. In December 2025, President Donald Trump signed an executive order that names Glass Lewis and its rival ISS. The order directs the SEC to review its rules for proxy advisers and asks the FTC to check if they violate competition law.
Glass Lewis announced in October 2025 that it will stop issuing its standard benchmark voting recommendations in 2027, instead offering voting policies tailored to each client. In January, JPMorgan’s asset and wealth management arm dropped external proxy advisers for its U.S. votes, opting to use an in-house AI tool, Proxy IQ, as reported by ESG Dive, citing The Wall Street Journal.
Other AI companies are also targeting the investment industry. Anthropic has built a Claude tool for advisors, and HSBC Asset Management has invested in AI startup Model ML. Spain is also attracting AI infrastructure investments, including a $1 billion data centre deal.
The firms stated that existing Glass Lewis and Clarity AI products will continue with a phased integration.