A study published this month (June 2012) by the Investor Responsibility Research Center (IRRC) Institute and conducted by Tapestry Networks takes a look at the decision-making processes for proxy voting used by 19 North American asset management firms. In particular, the study looks at how these leading US mutual funds develop proxy voting guidelines and reach decisions regarding how to vote. The 19 asset management firms used in the study account for over $15.4 trillion in assets under management, or more than half of the mutual fund assets under management in the United States. In addition, Tapestry reviewed major academic studies and current literature on the topic, and conducted a comprehensive survey of academic research and commentary on the relationship between proxy advisers and institutional investors. While the study revealed no standard or uniform approach to voting decision-making amongst the mutual funds studied, it did find that mutual funds rely extensively, but not exclusively on proxy advisers in making their voting decisions.