On December 11, 2020, the Department of Labor (DOL, or Department) issued final regulations providing rules under applicable provisions of ERISA concerning how plan fiduciaries should exercise shareholder rights, including proxy voting. Overall, the final rule reflects the DOL’s recent focus on the consideration of pecuniary and economic factors above all else in determining whether plan fiduciaries are meeting their duties of loyalty and prudence. The final rule reflects a significant departure from previous guidance, which contained specific requirements and prohibitions on the activities of plan fiduciaries. Continue reading >