JPMorgan Replaces Proxy Advisers With AI for Voting US Shares

JPMorgan Chase & Co.’s asset-management unit cut ties with proxy-advisory firms and plans to use artificial intelligence to assist with voting US company shares, according to a person with knowledge of the matter.

The internal AI platform, dubbed Proxy IQ, will now be used to manage votes and analyze data on more than 3,000 annual company meetings, the person said, asking not to be identified discussing information that isn’t public. The change was first reported by the Wall Street Journal earlier Wednesday, citing an internal memo.