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We support the DOL’s proposal related to ESG investing and proxy voting and recommend that the DOL remove certain ESG-specific language in the rule text and remove the proposed “collateral benefit” disclosure.
The IAA strongly opposed and urged the DOL to withdraw its proposal on proxy voting and the selection and monitoring of proxy advisory firms because it represents a significant departure on how plan fiduciaries view their proxy voting responsibilities, and would substantially increase compliance costs without providing measurable benefits to plan participants and beneficiaries.
The IAA strongly opposed the Proxy Voting Advice proposal because there is no compelling evidence justifying the proposal. The IAA also highlighted the practical concerns with having issuers review proxy voting advice in advance and noted that the proposal would make it more difficult and expensive for advisers to vote proxies.
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