Outfits that manage people’s retirement funds, such as State Street, Northern Trust and Fidelity, are supposed to strive to get the best possible returns for their clients. That’s the law. Yet, shockingly, the majority of the largest money management firms are ignoring their fiduciary responsibilities by letting politics, not sound business decisions, guide them when it comes to voting on far-left, antibusiness shareholder resolutions.
This segment of What’s Ahead focuses on an eye-opening survey conducted by the Committee to Unleash Prosperity (disclosure: I am one of the co-founders) that examined 4,814 funds of the 40 largest money management companies to see how their proxy votes were cast on 50 of the most outrageous antibusiness shareholder resolutions in 2022.
The report, “Politics Over Pensions,” found that the majority of these firms routinely violate their fiduciary duty and let political biases interfere with good business practices. The study assigned grades from A to F- on how often they opposed these destructive initiatives. The hope is that this kind of transparency will help bring back sanity to how these money managers treat your pension money.
The report can be found on the committeetounleashprosperity.com