US Labor Department Finalizes Limits on Pension-Fund Voting on Corporate Proxies

US Labor Department Finalizes Limits on Pension-Fund Voting on Corporate Proxies
Signage is seen at the U.S. Department of Labor headquarters in Washington on Aug. 29, 2020. Andrew Kelly/Reuters
Reuters
Updated:

NEW YORK—The U.S. Department of Labor on Dec. 11 finalized a rule requiring pension funds to vote on shareholder proposals only when there is an economic reason, a change that would curb investors from casting their ballots on many corporate proxies.

The new rule is the latest from the Trump administration targeting investments focusing on environmental, social, and governance (ESG) factors.