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U S Labor Department finalizes limits on pension-fund voting on corporate proxies

2 Min Read NEW YORK (Reuters) - The U.S. Department of Labor on Friday finalized a rule requiring pension funds to vote on shareholder proposals only when there is an economic reason, a change that would curb investors from casting their ballots on many corporate proxies. FILE PHOTO: Signage is seen at the United States Department of Labor headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly The new rule is the latest from the Trump administration targeting investments focusing on environmental, social and governance (ESG) factors. Last month, the Department of Labor finalized a rule clarifying that pensions must put retirees’ financial interests first when allocating investments, rather than other concerns such as climate change or racial justice.

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