In the mid-1980s, the Department of Labor issued an opinion that, under ERISA, parties responsible for managing assets in ERISA-governed pension plans have the fiduciary duty not only to vote all of their portfolio shares, but also to do so in accordance with a “prudent man” standard. [2] Not long thereafter, the SEC Division of Investment Management issued a similar ruling that the fiduciary obligations of registered investment advisors include voting all shares held in managed… [read post]