Brad Campbell Comments on New Executive Order Curbing Influence of Proxy Advisers for PlanAdviser

In a recent article for PlanAdviser, benefits and executive compensation partner Brad Campbell offered insight on a new executive order that aims to protect American workers and retirees by curbing the influence of proxy advisory firms.

The order directs the Securities and Exchange Commission to review and revise regulations related to proxy advisers and tasks the Department of Labor (DOL) with strengthening fiduciary standards under the Employee Retirement Income Security Act (ERISA).

“The new executive order on proxy voting is not surprising — in the first term, the Trump administration issued new regulations addressing ERISA fiduciary obligations related to proxy voting and shareholder activism,” Campbell noted. “Even before this executive order, DOL had indicated it would revise the current rule to ensure plan fiduciaries select investments and exercise shareholder rights based only on financial considerations.”