We return immediately to the jihad being waged by Arnold Bloch Leibler life peer Jeremy Leibler against proxy advisers, who now face $11 million fines for each research report they fail – even by administrative error – to provide to a subject company.

Leibler’s malign fixation with proxy firms is actually easy to understand when you appreciate his business model, servicing a corner of corporate legal practice where contempt for the rights of institutional shareholders is pervasive.