Proxy advisors have become actors with the capacity to influence corporate governance standards. Their role has become crucial in the process of casting votes at the annual meetings shareholders of Canadian, American and European companies. In reaction to the internationalization of share ownership and the increased presence of institutional investors holding large numbers of shares, proxy advisors have been created to offer services that outsource the process of deciding how to vote. Thus, they facilitate the involvement of institutional investors in corporate governance and foster shareholder democracy. Nevertheless, the role of proxy advisors is also controversial. The issues raised by scholars and experts in the field have encouraged regulators across the world to intervene in the last few years. As a flexible approach based on principles has emerged as the preferred framework for regulation, this article reviews the different policy choices made by regulators (in Canada in particular) and discusses their relevance in light of the influence of proxy advisors and the legal and practical challenges raised by the services they provide.