Glass Lewis Merges With Clarity AI to Establish Global Data Hub in Madrid

San Francisco-based proxy advisory firm Glass Lewis has merged with Clarity AI, a provider of sustainability data and artificial intelligence analytics, establishing Madrid as the combined organization's global center for sustainability, data, and AI operations. The transaction closed on Sept. 23, 2026, with financial terms undisclosed, according to reporting by The Next Web .

The combined business employs more than 900 people across 20 offices worldwide, including a newly added office in Amsterdam. Founded in 2003, Glass Lewis advises more than 1,300 institutional investment managers and pension funds on proxy voting at shareholder meetings, maintaining its strongest market footprint in the United States. Clarity AI, founded in 2017 by Chief Executive Rebeca Minguela, sells sustainability metrics and AI analytics predominantly to European financial institutions. Both firms report client renewal rates above 90 percent.

The integration aims to link corporate governance, investment analysis, stewardship, engagement, and shareholder voting into a single workflow. "The fact that we are designating Madrid our global centre of excellence for sustainability, data and AI innovation speaks volumes about the strategic importance of the European market and our commitment to it," said Glass Lewis Chief Executive Bob Mann. Minguela noted that Glass Lewis contributes governance depth, including key personnel from Sustainalytics, while Clarity AI provides machine learning systems and sustainability datasets.

The combination comes as European regulators increase oversight of environmental, social, and governance (ESG) data providers. Under the European Union's ESG Ratings Regulation, which took effect on July 2, 2026, rating providers must obtain authorization from the European Securities and Markets Authority (ESMA). Existing market participants have until Nov. 2, 2026, to file applications. Europe accounts for more than 80 percent of global sustainable fund assets and has continued to record net inflows throughout 2026.

In the United States, proxy advisory firms face growing regulatory scrutiny. In December 2025, President Donald Trump issued an executive order directing the Securities and Exchange Commission to review regulations governing proxy advisers and instructing the Federal Trade Commission to examine potential competition law violations, explicitly naming Glass Lewis and rival firm Institutional Shareholder Services. Glass Lewis previously announced in October 2025 that it would stop issuing standard benchmark voting recommendations in 2027, shifting entirely to customized voting policies tailored to individual client criteria.

Asset managers are also investing in proprietary technology to manage governance workflows. In January, JPMorgan's asset and wealth management unit ceased using third-party proxy advisers for U.S. shareholder votes, deploying an internal AI system called Proxy IQ. Elsewhere in the sector, Anthropic has released a Claude tool targeting financial advisers, and HSBC Asset Management has backed AI startup Model ML.

Glass Lewis and Clarity AI stated that their existing product lines will remain available during a phased technical integration, adding that Glass Lewis will maintain internal controls to preserve the independence of its governance research and proxy voting recommendations.