Manifest, the UK proxy voting agency, is to challenge market leader Institutional Shareholder Services in the US through a joint venture with Proxy Governance, a Virginia-based rival.

Over the past two years, ISS has transformed into the largest global player through the acquisitions of Deminor Rating in Belgium, Proxy Australia and Investor Responsibility Research Center in the US. In the UK, it has a joint venture with the National Association of Pension Funds.