Proxy voting decisions by passive funds catch Jackson’s eye

SEC Commissioner
Robert Jackson

Bloomberg Law has reported on a speech by SEC Commissioner Robert Jackson delivered earlier today in New York. He reportedly said, in the context of passive funds, “Investors do not get nearly enough usable information about how their money is being voted, and because of that, they cannot adequately hold those fund managers accountable for how they vote in those elections.” He suggested the SEC may want to consider whether more/different disclosure on proxy voting is necessary.

George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.