DOL Guidance Clarifies Proxy Advisors May Be Fiduciaries

The DOL recently issued Technical Release 2026-01 concerning the exercise of proxy voting and shareholder rights by proxy advisory firms with respect to ERISA plans (the “Release”), providing, among other things, that proxy advisory firms are functional fiduciaries for ERISA purposes, and subject to a heightened standard of care, to the extent such firms either (i) exercise authority or control over such shareholder rights, including the voting of proxies, or (ii) provide investment advice for a... By: Haynes Boone