AFL-CIO Key Votes Survey: How Investment Managers Voted in the 2004 Proxy Season

Abstract

[Excerpt] Like other investment management decisions, pension funds generally delegate the authority to vote their shares to a money manager or a specialized proxy voting consultant. Because proxies are a plan asset, ensuring that they are voted in the interests of beneficiaries is part of a trustee’s fiduciary duty. The Key Votes Survey is intended to help trustees fulfill this duty by reviewing the voting records of these investment managers and proxy consultants.