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ARTICLE · 03 FEBRUARY 2017

DOL Updates Guidance On Proxy Voting And ESG

Reinhart, Boerner, Van Deuren SC
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On December 29, 2016, the U.S. Department of Labor ("DOL") issued new guidance for ERISA plans regarding proxy voting, statements of investment policy (including proxy voting policies) and other shareholder rights.

United StatesEmployment and HR
Megan Jackson
Megan Jackson
Keith Johnson
Keith Johnson
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Introduction

On December 29, 2016, the U.S. Department of Labor ("DOL") issued new guidance for ERISA plans regarding proxy voting, statements of investment policy (including proxy voting policies) and other shareholder rights.  The new guidance, Interpretive Bulletin ("IB") 2016‑1, withdraws previous guidance which had been interpreted to restrict ERISA plans in voting proxies and exercising shareholder rights unless a cost‑benefit analysis had been conducted.  The new guidance also confirms that material environmental, governance and social factors are permissible considerations when developing statements of investment policy.  Trustees of ERISA plans may wish to review their proxy voting policies, statements of investment policy and investment manager contracts to ensure they reflect the new guidance.

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