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U.S. Department of Labor Issues Final Rule on Proxy Voting and Shareholder Rights by Employee Benefit Plans | Foley & Lardner LLP


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On December 11, 2020, the U.S. Department of Labor (“DOL”) announced a final rule establishing a regulatory framework for private employee benefit plans’ fiduciaries to follow when they exercise shareholder rights, including proxy voting, and select and monitor proxy advisory firms.
The DOL stated that the final rule is intended to protect the interests of participants and beneficiaries by: (1) confirming that proxy voting decisions and other exercises of shareholder rights must be solely in the interest of, and for the exclusive purpose of, providing plan benefits to participants and beneficiaries considering the impact of any costs involved; (2) ensuring that plan fiduciaries not subordinate the interests of participants and beneficiaries in their retirement income or financial benefits under the plan to any non-pecuniary objective, or promote non-pecuniary benefits or goals; and (3) improving fiduciary p ....

United States , Eugene Scalia , Us Department Of Labor , Foley Lardner , Department Of Labor , Federal Register , Labor Eugene , Acting Assistant Secretary , Employee Retirement Income Security Act , Duties Regarding Proxy Voting , Financial Factors , Selecting Plan Investments , ஒன்றுபட்டது மாநிலங்களில் , யூஜின் ஸ்காலியா , எங்களுக்கு துறை ஆஃப் தொழிலாளர் , ஃபோலீ லார்ட்னர் , துறை ஆஃப் தொழிலாளர் , கூட்டாட்சியின் பதிவு , தொழிலாளர் யூஜின் , நடிப்பு உதவியாளர் செயலாளர் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் , கடமைகள் தொடர்பாக ப்ராக்ஸி வாக்களித்தல் , நிதி காரணிகள் ,

DOL Eases Overly Prescriptive Stance in Final Proxy Voting Rule


DOL Eases Overly Prescriptive Stance in Final Proxy Voting Rule
It’s unclear how the rule will be interpreted and enforced after the federal administration changes hands, experts say.
The US Department of Labor (DOL) on Friday relaxed its stance on proxy voting and shareholder rights in a final rule, but maintained that private plan fiduciaries should refrain from voting on matters that are not financially material to the plan. 
In August, the DOL proposed a rule mandating that plan fiduciaries only participate in proxies that have an economic impact on the plan, after taking costs of exercising shareholder rights into account.  ....

United States , George Michael Gerstein , Stradley Ronon Stevens Young , United States Department Of Labor , Us Department Of Labor , Department Of Labor , Duties Regarding Proxy Voting , Shareholder Rights , Assistant Secretary , Stradley Ronon Stevens , United States Department , ஒன்றுபட்டது மாநிலங்களில் , ஜார்ஜ் மைக்கேல் ஜெர்ஸ்டீன் , ஒன்றுபட்டது மாநிலங்களில் துறை ஆஃப் தொழிலாளர் , எங்களுக்கு துறை ஆஃப் தொழிலாளர் , துறை ஆஃப் தொழிலாளர் , கடமைகள் தொடர்பாக ப்ராக்ஸி வாக்களித்தல் , பங்குதாரர் உரிமைகள் , உதவியாளர் செயலாளர் , ஒன்றுபட்டது மாநிலங்களில் துறை ,