Fiduciaries and other asset managers would be prohibited from voting proxies or exercising other shareholder rights impacting a retirement plan unless a matter has an economic impact on pension and 401(k) plans, under a newly proposedU.S. Labor Department rule.
The proposal sets forth additional “permitted practices” under which the plan fiduciary can adopt certain proxy voting policies and parameters to only serve in the plan’s economic interest.
The Employee Benefits Security Administration sought the rulemaking to establish clearer proxy voting guidance for fiduciaries out of concern prior guidance caused confusion, the agency said Monday.
“The proposal would clarify Employee ...