Ignites Quotes ERISA Partner Josh Lichtenstein on DOL Proxy Voting Proposal
A Sept. 2 Ignites article titled “DOL’s Proxy Voting Proposal a 'Wake-Up Call' for Some Plans” reports that the Labor Department floated a rule that would likely push plan sponsors to increase their oversight of proxy voting and lead them to lean less on proxy advisors. The article includes insights from ERISA partner Josh Lichtenstein.
The heightened oversight will also likely lead plans to vote proxies less frequently than previously, Josh said in the piece. The net effect of the rule, if it passes, is that plans may vote proxies less, “and that may lessen the need for them to have blanket reliance on proxy advisors,” he adds.
Financial Advisor IQ also cited Josh’s remarks in a Sept. 3 article titled “DOL Wants to Restrict Plan Fiduciaries from Proxy Voting on ESG Issues.”