Iowa SSB1056 mandates that fiduciaries vote shares in the best economic interest of pension plan participants and beneficiaries.

Iowa SSB1056 requires fiduciaries to vote all shares held by pension benefit plans in the best economic interest of the plan's participants and beneficiaries. It mandates that a fiduciary's vote aligns with the board of directors' recommendation or is supported by an economic analysis. The bill prohibits fiduciaries from voting based on environmental, social, policy, governance, or ideological goals unless it benefits the plan participants and beneficiaries. Proxy advisory firms must base their recommendations on the best economic interests of shareholders.

Iowa SSB1056 mandates that fiduciaries vote shares in the best economic interest of pension plan participants and beneficiaries.

Iowa SSB1056 requires fiduciaries to vote all shares held by pension benefit plans in the best economic interest of the plan's participants and beneficiaries. It mandates that a fiduciary's vote aligns with the board of directors' recommendation or is supported by an economic analysis. The bill prohibits fiduciaries from voting based on environmental, social, policy, governance, or ideological goals unless it benefits the plan participants and beneficiaries. Proxy advisory firms must base their recommendations on the best economic interests of shareholders.