What duty do fiduciaries have under this case to review proxy vot
In the case of Spence v. American Airlines, Inc., the fiduciary duties under ERISA with respect to proxy voting are highlighted as follows:
Duty of Loyalty: Fiduciaries must act solely in the interest of plan participants and beneficiaries, focusing on providing financial benefits rather than non-pecuniary objectives. The court noted that allowing corporate goals (including ESG initiatives) to influence fiduciary decisions might constitute a breach of this duty. Specifically, American Airlines w…
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