{"id":5212,"date":"2020-12-29T17:30:14","date_gmt":"2020-12-29T22:30:14","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5212"},"modified":"2020-12-29T17:30:14","modified_gmt":"2020-12-29T22:30:14","slug":"dol-drops-proxy-rule","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=5212","title":{"rendered":"DOL drops proxy rule"},"content":{"rendered":"\n<p>Retirement plan fiduciaries will be barred from casting corporate-shareholder proxy votes in favor of social or political positions that don\u2019t advance the financial interests of retirement plan participants, under a new Department of Labor (DOL)&nbsp;final rule.<\/p>\n\n\n\n<p>These matters are often referred to as economic,&nbsp;social&nbsp;and governance (ESG) issues.<\/p>\n\n\n\n<p>The final proxy voting rule makes clear that fiduciaries are not required to vote every proxy and outlines six points a fiduciary must undertake when making decisions on exercising shareholder rights, like proxy voting:<\/p>\n\n\n\n<ul><li>Act solely in the economic interest of the plan and its participants and beneficiaries.<\/li><li>Consider any costs involved.<\/li><li>Not subordinate the interests of the participants and beneficiaries to any non-pecuniary objective.<\/li><li>Evaluate material facts that form the basis for any particular proxy vote.<\/li><li>Maintain plan records on proxy voting activities and other exercises of shareholder rights.<\/li><li>Exercise prudence and diligence in the selection and monitoring of proxy advisory firms.<\/li><\/ul>\n\n\n\n<p><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Retirement plan fiduciaries will be barred from casting corporate-shareholder proxy votes in favor of social or political positions that don\u2019t advance the financial interests of retirement plan participants, under a new Department of Labor (DOL)&nbsp;final rule. These matters are often &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=5212\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5212"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5212"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5212\/revisions"}],"predecessor-version":[{"id":5213,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5212\/revisions\/5213"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}