Ontario Teachers’ Pension Plan has announced the sale of 20% of its ownership in proxy advisory firm Glass, Lewis & Co. to AIMCo.
Financial terms of the transaction were not disclosed.
Teachers’ acquired Glass Lewis in 2007 for US$46 million; the company operates independently as an indirect wholly owned subsidiary.
“While we remain committed to maintaining a long-term stake in the company, we believe diversifying the firm’s ownership with like-minded investors will bring valuable new perspectives to the next stages of Glass Lewis’s development,” says Wayne Kozun, senior vice-president, public equities, at Teachers’.
“AIMCo is pleased to partner with Teachers’ in the ownership of Glass Lewis and trusts in the long-term potential of the organization, given the changing landscape of investor engagement,” adds Leo de Bever, AIMCo’s CEO.
No changes in the operations of Glass Lewis will result from the transaction.
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