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ARTICLE · 04 SEPTEMBER 2020

DOL Proposes Rule Clarifying Plan Fiduciaries' Proxy Voting Obligations

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The DOL proposed a rule that would clarify the duties of ERISA plan fiduciaries on proxy voting.

United StatesEmployment and HR
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The DOL proposed a rule that would clarify the duties of ERISA plan fiduciaries on proxy voting.

The DOL stated that the purpose of the proposal, which would amend ERISA Regulation Section 2550.404a-1 ("Investment Duties"), is to clear up the "persistent misunderstanding" that fiduciaries must vote all proxies, which has resulted in plans unnecessarily spending money researching items of no material economic significance. The proposal would address this by affirmatively requiring fiduciaries not to vote in situations where the assets of a plan would be expended on activities that do not economically impact the plan. The proposal also would establish "permitted practices" that allow fiduciaries to adopt proxy-voting policies reasonably designed to serve the plan's economic interest.

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