Proxy voting

Growing chorus on proxy reform

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.

Drumbeat continues for greater oversight of proxy advisers

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.

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.

Citing fiduciary obligation, large asset managers and governmental plans representing approx. $5 trillion launch framework for engaging firearms industry as part of investment process

As reported by Bloomberg, a number of large institutional investors (especially large governmental plans) and investment managers are seeking a framework for collective engagement with the boards of issuers in the firearms industry. Engagement is one method of incorporating an ESG factor, such as gun safety, and may be preferred by some to divestment.

Signatories include: the California Public Employees Retirement System (CalPERS); the California State Teachers’ Retirement System (CalSTRS); Connecticut Retirement Plans and Trust Funds; Florida State Board of Administration; Maine Public Employees Retirement System; Maryland State Retirement and Pension System; Nuveen, the asset manager of TIAA; OIP Investment Trust; Oregon Public Employees Retirement Fund; Rockefeller Asset Management; San Francisco Employees’ Retirement System; State Street Global Advisors; and Wespath Investment Management.

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.