In our first episode Fidelio Partner Alistair Stranack talks to Stephen Cheetham, former Head of European Governance at Alliance Bernstein, about proxy advisors – significant examples being ISS and Glass Lewis - who are becoming increasingly influential. We consider this topic through various lenses including: the decline in individual share-ownership; AGM voting; the problem of concentration in the advisory market; ESG; their relationship with Boards; small companies and IR.