In a significant escalation of the Trump administration's scrutiny of corporate governance intermediaries, the Securities and Exchange Commission has taken Institutional Shareholder Services to court, seeking to compel the powerful proxy adviser to surrender client-level voting data tied to an ESG investigation. The confrontation illuminates a deeper tension in American capitalism: who truly speaks for shareholders, and by what authority do advisory firms shape the collective voice of institutional investors? The outcome may quietly redraw the boundaries of influence, disclosure, and accountab