Proxy voting

We are a proxy voting agent for many clients, acting in the best interest of plan participants and voting in accordance with each client's proxy voting policy. We vote proxies for approximately 10,000 companies annually.

In 2025, Texas enacted Senate Bill 2337, a law which imposes disclosure requirements on “proxy advisory firms” concerning their voting recommendations for Texas companies. The Texas law defines “proxy advisory services” in a broad manner that can be construed as covering certain proxy-related services (e.g., proxy policy formation and update services) provided by Segal Marco Advisors (“Segal Marco”). While we do not believe our work is covered under this law, if covered, Segal Marco must make disclosures to shareholders of Texas companies if its advice is not based solely on the financial interests of shareholders. Segal Marco’s work is first and foremost conducted with the financial interests of shareholders first as is our obligation under ERISA. However, in light of this new requirement and out of an abundance of caution, Segal Marco is disclosing that although its proxy-related services are provided independently and based on financial and pecuniary considerations relevant to shareholders, Segal Marco’s services may not be viewed as based “solely on the financial interest of shareholders,” within the meaning of the new Texas law.