Morgan Lewis partners Michael Richman, Julie Stapel, Craig Bitman, Lindsay Jackson, and Daniel Kleinman, and associate Natalie Wengroff authored a Practical Guidance article detailing the US Department of Labor’s (DOL’s) final rule on the application of ERISA fiduciary duties to proxy voting and the exercise of shareholder rights. In the piece, they discussed key takeaways regarding safe harbors, allocations of proxy voting responsibility, mutual funds, and pooled investment funds subject to ERISA. They also outlined a comparison of the DOL’s final proxy voting regulation to the SEC’s proxy voting guidance for investment advisers.