DOL Finalizes Rules Prohibiting Proxy Voting Based on Non-Pecuniary Factors by ERISA Fiduciaries
By EsqSocial Corporation 30/12/20
The U.S. Department of Labor (DOL) has issued final rules providing guidance on the exercise of shareholder rights, including proxy votes, connected to plan-held securities by fiduciaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The biggest takeaway is these rules prohibit ERISA fiduciaries from considering environmental, social, and corporate governance, or similar considerations (ESG) in a way that would subordinate pecuniary factors when exercising...
By: Davis Wright Tremaine LLP