DOL Takes Aim at Proxy Advisory Services—What Plan Fiduciaries Need to Know About Technical Release 2026-01 and Their Fiduciary Duties Related to Proxy Voting

President Trump is strongly critical of proxy advisory services and last year directed several federal agencies — including the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) — to do something about it. In his December 11, 2025, executive order, President Trump stated that “proxy advisors regularly use their substantial power to advance and prioritize radical politically-motivated agendas — like ‘diversity, equity, and inclusion’ and ‘environmental, social, and governance’ — even though investor returns should be the only priority.”