WASHINGTON, D.C. - Tom Quaadman, executive vice president, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce issued the following statement today after the Department of Labor (DOL) proposed regulatory action on proxy voting under the Employee Retirement Income Security Act of 1974 (ERISA) plans:
“The U.S. Chamber commends the Department of Labor on their proposed regulatory action on proxy voting under ERISA established plans. This proposal will strengthen investor protection and promote the interests of retirees. Along with recent actions taken by the SEC, today’s DOL proposal will ensure that proxy voting is directly tied to the economic return for retirees and follows a transparent and unconflicted process.”
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