Glass Lewis - 1792 Exchange

Rating Overview

Glass Lewis is Medium Risk.

Glass Lewis is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Glass Lewis occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	No Data
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	Lower Risk

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

In 2023, Attorney General Paxton and Utah Attorney General Sean Reyes sent a letter to Glass Lewis stating it “potentially violated both federal law and their contractual duties”. The company allegedly recommend its shareholders to vote outside their best financial interests and to vote on directors based on DEI standards (1). In 2025, the company sued Texas “to block a first-of-its-kind state law limiting their ability to advise shareholders on diversity, environmental and governance practices” (2). The company is a signatory of the Principles for Responsible Investment, incorporating ESG issues into investment analysis, decision-making, and other business practices (3)(4). The company integrates ESG into its business practices. From its Sustainability Policy: The company works with vendors “who also strive to reduce environmental impacts” and is “in the process of completing a greenhouse gas (GHG) emissions inventory” for vendors (5). However, in 2025, the company joined ADL and JLens (an affiliate of ADL) to recommend its investors to vote against “[anti-Israeli] shareholder proposals” (6).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

N/A

Rationale:

Glass Lewis does not publish charitable giving guidelines (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Glass Lewis requires its employees to take DEI training (1). The company appears to prioritize diversity over merit in its hiring. From its Sustainability Policy: “We promote diversity and inclusion not only as part of our employee hiring practices but also within the workplace” (2). The company is an affirmative action employer: “Glass Lewis management has spearheaded several long-term initiatives to increase diversity, including maintaining a formal Affirmative Action program, tracking diversity trends throughout the company globally, and broadening recruitment for our largest hiring pool, Research Associates (RA)” (3). The company does not publish a nondiscrimination policy (4). Previously, the company had a history of only recommending shareholder voters to vote against “the chair of the nominating committee of a board that is not at least 30 percent gender diverse [or maintain a racial diversity]”. However, in March 2025, the company pledged to provide “clients two recommendations – one that applies [racial and gender board diversity], and one that does not consider diversity considerations as part of the recommendation” (5)(6).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Glass Lewis makes ESG reports on companies who are committed to net zero emissions by 2050 (1). The company supports DEI within its business practices. From its 2023 Sustainability Report: “Workforce Diversity & Engagement is another critical sustainability focus area for Glass Lewis” (2). The company supports ESG within its business practices. From its 2023 Sustainability Report: “We strive to incorporate ESG best practices internally throughout our workforce, governance, data security, privacy, professional integrity, and environmental practices” (3). The company supports ESG within its proxy voting recommendations. From its 2025 Benchmark Policy Guidelines: “Glass Lewis believes that shareholders should seek to promote governance structures that protect shareholders, support effective ESG oversight and reporting, and encourage director accountability” (4).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Glass Lewis has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

Lower

Rationale:

Glass Lewis does not operate a PAC at this time and has not used its lobbying for ideological purposes (1)(2)(3).