TORONTO and SAN FRANCISCO, Oct. 5 /CNW/ - Ontario Teachers' Pension Plan
(Teachers') today acquired leading investment research and governance services
provider Glass, Lewis & Co. The San Francisco-based company was purchased for
US$46 million from Xinhua Finance Limited of Shanghai.
"Corporate governance has always been an important issue for
institutional investors like Teachers'," said Brian Gibson, Senior
Vice-President, Public Equities, Teachers'. "The investment in Glass Lewis
ensures that investors will have an impartial, expert source of information on
corporate governance, accounting and legal issues at public companies for
years to come."
"Our Glass Lewis acquisition is an investment in a skilled team of people
doing important work. We will be involved at the board level for strategy
development, not in the day-to-day management of the company. Glass Lewis'
operations will remain separate from Teachers'," said Mr. Gibson. He added
that Glass Lewis, the second largest agency of its kind in the world, will
continue to market its research and proxy voting services internationally to
all members of the money management and institutional investment industries.
Katherine Rabin, Chief Executive Officer, Glass Lewis, considers her
company's acquisition by Teachers', a client, a testament to Teachers' respect
for their capabilities. "We believe we will thrive under independent
ownership, outside of public markets, given the nature of our business," she
said. "We look forward to continuing to provide the money market and
institutional investment communities with the high quality, independent
research and governance services we are known for, that we pride ourselves on
and that Teachers' obviously recognizes."
About Glass Lewis
Glass, Lewis & Co. is a leading investment research and global proxy
advisory and voting services firm, serving institutions that collectively
manage more than $15 trillion. Glass Lewis helps institutional investors make
more informed investment and proxy voting decisions by identifying business,
legal, governance and financial statement risk at more than 15,000 companies
worldwide. Founded in 2003, Glass Lewis is headquartered in San Francisco with
offices in New York, London, Tokyo, Sydney and Denver.
With $106 billion in net assets as of December 31, 2006, the Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's assets and
administers the pensions of 271,000 active and retired Ontario teachers.
For further information:
For further information: Carol Dunsmore, Ontario Teachers' Pension Plan,
(416) 730-5302, email@example.com; Glass, Lewis & Co., LLC, Bayley
Diamond, Manager, Marketing and Communications, (415) 738-4115,
firstname.lastname@example.org; Media contact for Xinhua Finance: Jim Badenhausen,