The main role of proxy advisors is to formulate, on a professional basis, voting recommendations for their shareholder clients (primarily institutional investors, pension funds and other types of funds) concerning the exercise of their voting rights. These companies also act as proxy holders for their clients, in other words they vote for them. Moreover, (institutional) investors are paying increasing attention to the manner in which a company is governed before investing in it. In addition, certain proxy advisors have developed rankings for companies, based on their governance practices. Finally, a fair number of proxy advisors also provide consultancy services to their clients, with regard for instance to remuneration (say on pay) or ways to improve their governance.