DOL updates guidance on proxy voting by benefit plans — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

DOL updates guidance on proxy voting by benefit plans

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in Compensation and Benefits,Human Resources

The U.S. Department of Labor’s Employee Benefits Security Admin-istration has announced updated guidance for plan fiduciaries with respect to proxy voting. If your employee benefit plan includes shares of publicly traded companies, check to make sure your fiduciary is aware of these highly technical changes.

The Employee Benefits Security Administration has long considered it important for plan administrators to know what their responsibilities are when they vote proxies on those shares or exercise other shareholder rights. Existing guidance to plan fiduciaries has been out of step with domestic and international trends in investment management, according to a DOL statement.

The new guidance—found at www.dol.gov/sites/default/files/ebsa/2016-31515.pdf—is designed to help plan fiduciaries understand and satisfy their proxy obligations under the Employee Retirement Income Security Act.

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