City of Fort Lauderdale Police & Fire Retirement System

Proxy Voting Policy

Proxy voting rights have been declared by the DOL to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence, and therefore should be voted in the economic best interests of the plan participants and beneficiaries and be done with care, skill, prudence and diligence.

The Board may delegate this authority to investment managers. However, if there is a possible conflict of interest, the voting fiduciary shall notify the Board prior to voting the proxy.

To demonstrate compliance with their fiduciary obligation, and so that the trustees may fulfill their fiduciary duty to monitor the voting decision they have delegated, the voting fiduciary will document and report to the trustees on an annual basis: the proxy voting guidelines considered when casting votes, and the action taken on proxies cast on behalf of the trustees.  The Board shall keep these records for no less than twelve months.

At any time whatsoever and without restriction, the Board of Trustees may, upon written notice, revoke the investment managers voting authorization.  The voting fiduciary will immediately forward to the trustees or their designee, all proxy materials. 

Voting on all matters should be in accordance with the investment manager guidelines and policies set forth in the investment policy statement or in the investment manager’s agreement, unless otherwise directed by the Board, for the exclusive sole benefit of the System, its members, and beneficiaries.

Adopted 3/11/2008