Ontario Teachers and AIMCo Sell Proxy Firm Glass Lewis

Posted on 03/16/2021

Toronto-based Peloton Capital Management and Stephen Smith have acquired Glass, Lewis & Co. from Ontario Teachers Pension Plan Board and Alberta Investment Management Corporation (AIMCo). Glass Lewis is a provider of independent global governance solutions. Glass Lewis produces research reports that provide analysis and recommendations on every proxy vote, including M&A and other financial transactions, along with its proxy vote management solutions drive value across all governance activities for institutional investors. Glass Lewis covers 30,000 meetings each year, across approximately 100 global markets. Glass Lewis competes against proxy giant Institutional Shareholder Services (ISS).

In September 2006, Glass Lewis acquired Sydney-based proxy advisory firm Corporate Governance International.

Glass Lewis has grown quite a bit under Teachers’ Private Capital vs. Xinhua Finance.


Lazard acted as financial advisor and Torys LLP was legal counsel to Ontario Teachers’ and AIMCo. Perkins Coie LLP acted as legal counsel to Peloton Capital Management and Stephen Smith.

Stephen Smith is the Chairman, CEO and Co-founder of First National Financial Corporation, Canada’s largest non-bank mortgage lender with over $115 billion of mortgages under administration. He is the Chairman and a co-owner of Canada Guaranty Mortgage Insurance Company; Chairman and a co-owner of Duo Bank of Canada , formerly Walmart Canada Bank, whose subsidiary Fairstone Financial Inc., is Canada’s largest non-bank consumer finance lender; and is the largest shareholder in Equitable Bank, Canada’s Challenger Bank.

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