DOL Issues Final Rule on Proxy Voting
On December 11, 2020, the U.S. Department of Labor issued its final rule on pension plan fiduciaries’ responsibilities with respect to proxy voting and other shareholder rights. In general, the rule makes clear that fiduciaries are not required to respond to all proxy votes, but instead should establish a prudent process for determining whether responding to particular proxy votes is in the best financial interests of plan participants. The rule includes a safe harbor should fiduciaries desire to take advantage of it.
The final rule can be found here.