Proxy Voting, Shareholder Rule Moves to White House for Review

A Labor Department final rule that would restrict when asset managers can vote on a pension or retirement plan matter was sent to the White House Wednesday for review, the last substantial step before it can be published in the Federal Register and take effect.

The rule is one of three major proposals released this summer by DOL’s Employee Benefits Security Administration that affect fiduciary responsibilities and benefits plans focused on environmental, social, and corporate governance funds.

The Fiduciary Duties Regarding Proxy Voting and Shareholder Rights rule [RIN: 1210-AB91] would prohibit asset managers from voting on a pension ...