Among individual investors, Mr. Hewlett's side apparently did comparatively well, getting half the votes and perhaps more, according to his proxy adviser.

Recommendations from proxy advisers often sway institutional investors' votes.

Naturally, the opinions issued by the three major proxy advisers are a matter of interest to Pfizer's board, its management and owners.

Qwest has also hired a proxy adviser, the Altman Group, that could help it take its takeover effort directly to MCI's shareholders.

On Monday, Institutional Shareholder Services, an influential proxy adviser, plans to issue a recommendation on how Wachovia shareholders should vote.

While there are many corporate governance consultants, Institutional Shareholder Services is the leading proxy adviser, making recommendations on thousands of company initiatives.

First-Hand Knowledge What sets Mr. Monks apart from other proxy advisers is that he used to run companies himself.

On Friday, Qwest said that a survey conducted by a proxy adviser showed that investors holding more than half of MCI's stock favored its takeover offer.

By the same reckoning, the proxy advisers are trying up drum up new business as well as headlines.

"It is pretty significant," said Robert McCormick, vice president for proxy research and operations at Glass, Lewis & Company, an independent proxy adviser.