12.04.19
DOL Advances Its Proxy Voting Rule for Retirement Plans
by: Bernice Napach
The Department of Labor (DOL) is preparing to issue regulations on proxy voting by retirement plans that will likely resemble the requirements proposed by the SEC. The Office of Management and Budget's Office of Information and Regulatory Affairs recently published a notice about a “deregulatory action” by the DOL to “modernize fiduciary practices related to the voting rights associated with ERISA plan investments and harmonize those regulations with the requirements of other regulators.” The latest SEC proposal, issued in November, includes stricter requirements for shareholders to submit and resubmit proxy proposals and requires that proxy advisors thoroughly disclose potential conflicts of interest and allow companies to review proxy voting advice before it's issued.
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