Teachers' sells 20% stake in Glass Lewis to AIMCo

TORONTO, Aug. 28, 2013 /PRNewswire/ - Ontario Teachers' Pension Plan (Teachers') today announced the sale of 20% of its ownership in proxy advisory firm Glass, Lewis & Co. (Glass Lewis) to Alberta Investment Management Corporation (AIMCo). Terms of the transaction are not being disclosed.

Teachers' acquired Glass Lewis in 2007 and the company operates independently as an indirect wholly-owned subsidiary. No changes in the operations of Glass Lewis will result from the transaction.

"Glass Lewis has delivered strong revenue and client growth since Teachers' acquired the firm," said Wayne Kozun, Senior Vice-President, Public Equities, at Teachers'. "While we remain committed to maintaining a long-term stake in the company, we believe diversifying the firm's ownership with like-minded investors will bring valuable new perspectives to the next stages of Glass Lewis' development. We look forward to working with AIMCo, a longtime advocate for improved corporate governance, in supporting the positive role of independent proxy advisors."

"AIMCo is pleased to partner with Teachers' in the ownership of Glass Lewis and trusts in the long-term potential of the organization given the changing landscape of investor engagement," stated Leo de Bever, Chief Executive Officer, AIMCo.  "As an institutional investor responsible for the assets of 27 clients, upholding strong corporate governance is critical to our ability to add value; and Glass Lewis plays an important role in ensuring that integrity exists in the market for all investors."

"Teachers' stewardship of Glass Lewis over the past six years has been key to the success of our global expansion strategy," said Katherine Rabin, Chief Executive Officer, Glass Lewis. "We are very pleased about the diversification of ownership and the additional insight that AIMCo will contribute as we continue to bring to market important, independent engagement-support solutions."

About Teachers'
With $129.5 billion in net assets as of December 31, 2012, 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 303,000 active and retired teachers in Ontario. For more information, including our 2012 and previous annual reports, visit www.otpp.com.  Follow us @OtppInfo

About AIMCo
AIMCo is one of Canada's largest and most diversified institutional investment managers with assets under management in excess of $70 billion. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates independently from the Government of Alberta and invests globally on behalf of 27 pension, endowment and government funds in the Province of Alberta, including the Alberta Heritage Savings Trust Fund. AIMCo is expanding its global private equity investments with a focus on direct transactions.

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 proxy voting decisions by identifying business, legal, governance and financial statement risk at more than 25,000 meetings worldwide. Founded in 2003, Glass Lewis is headquartered in San Francisco with offices in New York, Washington D.C., Ireland and Australia. For more information on Glass Lewis, visit www.glasslewis.com.

SOURCE Ontario Teachers' Pension Plan