# SEC investigation of Institutional Shareholder Services > Live situation record from CLSTR: https://clstr.news/situations/sec-investigation-of-institutional-shareholder-services > Updated: 2026-09-09T12:01:52.000Z. Sources: 8. Developments: 2. The U.S. Securities and Exchange Commission (SEC) has initiated legal action against proxy advisory firm Institutional Shareholder Services (ISS) to compel the release of documents and client-level voting data. The investigation, which began in March 2024, seeks to determine if ISS is fulfilling its fiduciary duties and adhering to securities laws regarding its proxy voting recommendations. ISS has challenged the subpoenas, citing First Amendment concerns and arguing that the requests are overly burdensome or involve proprietary information. The firm expressed concern that disclosing such data could expose both ISS and its clients to retaliation regarding voting decisions on matters of public importance. The regulatory scrutiny follows a December 2024 executive order from President Donald Trump, which directed agencies to examine whether proxy advisers use environmental, social, and governance (ESG) policies to advance political agendas. The SEC maintains the probe is a fact-finding mission to ensure that advice influencing massive amounts of shareholder capital is not driven by undisclosed policy aims. ## Timeline ### 2026-09-09: SEC seeks court order to compel ISS to release proxy voting data The SEC is seeking a court order to compel ISS to release detailed proxy voting data as part of an investigation into whether the firm's advice is driven by political or ESG-related agendas. 3 sources. https://clstr.news/cluster/sec-seeks-court-order-to-compel-iss-to-release-proxy-voting-data ### 2026-09-05: SEC sues Institutional Shareholder Services over subpoena compliance The SEC has sued proxy adviser Institutional Shareholder Services (ISS) to compel the release of documents regarding its voting recommendations and activity, citing non-compliance with a July subpoena. 5 sources. https://clstr.news/cluster/sec-sues-proxy-voting-firm-institutional-shareholder-services --- Cite as: SEC investigation of Institutional Shareholder Services. CLSTR, https://clstr.news/situations/sec-investigation-of-institutional-shareholder-services