Proxy advisory firms are not going away. Frustrations with proxy advisors such as Glass Lewis and ISS are now a recurring and predictable part of the public company board experience. Though the scope of influence that proxy advisors wield is evolving, the strategies for responding to and managing proxy advisory influence are also expanding. This session will address the mechanics behind the power and influence of the proxy advisory firms while outlining both the most important issues likely to draw advisory firm ire and the best strategies for avoiding and mitigating the impact of this type of scrutiny and pressure. The panel will also discuss prospects for reform of the proxy process and regulation of proxy advisory firms to address issues including proxy voting mechanics and technology, thresholds for submission and resubmission of shareholder proposals, transparency and conflicts of interest in the proxy advisory process, and investor access to issuer responses to certain proxy advisory firm reports.