The U.S. Securities and Exchange Commission has asked a federal court to compel Institutional Shareholder Services (ISS) to provide detailed client voting records as part of an investigation launched in March. The SEC says ISS has not fully complied with an administrative subpoena seeking four years of documents, including records identifying clients and describing their voting decisions. The inquiry examines whether ISS is complying with securities laws, including its fiduciary obligation to provide advice in clients’ best interests, and whether political or policy objectives influence its recommendations. The investigation follows an executive order issued by President Donald Trump in December directing the SEC chairman to scrutinize proxy advisers including ISS and Glass Lewis over environmental, social and governance and diversity, equity and inclusion guidance. ISS says it remains committed to cooperating but has challenged the scope of the request on First Amendment grounds, warning that disclosure could expose the firm and clients to retaliation. ISS, owned by Deutsche Boerse since the company acquired a majority stake in 2021, is one of the two dominant proxy advisers, whose recommendations can influence institutional votes on executive pay, board members, mergers and shareholder proposals. ISS and Glass Lewis together control roughly 90% of the market. The firm paid a $300,000 SEC penalty in 2013 over safeguards for confidential client proxy-voting information.