Proxy Advisers Should Be Designated ERISA Fiduciaries

Law360 (October 1, 2019, 2:10 PM EDT) -- Senate consideration of Eugene Scalia for Secretary of the U.S. Department of Labor has reignited questions about how the department will revise its fiduciary rule after the 2016 rule was vacated by the courts.

In his nomination hearing, Scalia faced tough questioning from Senate Democrats about his commitment to putting forth a rule that would ensure retirees receive unconflicted advice, however little was mentioned about extending this protection to advice from proxy advisers, where the DOL also has an important role to play.[1]

Despite the recent focus on the U.S. Securities and Exchange Commission’s oversight of proxy advisers,[2] DOL action on...

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