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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.
US Labor Department Finalizes Limits on Pension-Fund Voting on Corporate Proxies
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U S Labor Department finalizes limits on pension-fund voting on corporate proxies
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U S Labor Department finalizes limits on pension-fund voting on corporate proxies
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