U.S. Labor Department proposes new proxy vote limits By Reuters

U.S. Labor Department proposes new proxy vote limits By Reuters

© Reuters. Signage is seen at the United States Department of Labor headquarters in Washington, D.C.

(Reuters) – The U.S. Labor Department on Monday proposed new limits on retirement plan fiduciaries from voting on corporate proxies unless they can show a matter being voted on “would have an economic impact on the plan,” the agency said in a press release.

The new rules could potentially limit voting by asset managers who in recent years have been major backers of shareholder proposals focused on topics like climate change and social issues.

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