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DOL Regs Confirm Fiduciaries Need Not Vote on Every Proxy Proposal But Must Limit Voting Decisions to Economic Interests
The Wagner Law Group Link to more items from this source
[Guidance Overview]
Jan. 21, 2021

"In deciding whether and how to vote proxies or exercise other shareholder rights, the fiduciary must: [1] Act solely in the economic interest of the plan and its participants and beneficiaries.... [2] Consider the costs involved.... [3] Not subordinate participants' and beneficiaries' interests in retirement income or financial benefits to any non-pecuniary objective, nor promote non-pecuniary benefits or goals.... [4] Evaluate material facts that form the basis for any particular proxy vote or exercise of rights.... [5] Maintain records.... [6] Exercise prudence and diligence in selecting and monitoring advisors and service providers who assist with proxy voting or exercising other shareholder rights."

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