Requires fiduciaries of employee retirement plans to treat shareholder rights (like proxy voting) as plan assets to be exercised only for the financial benefit of participants and beneficiaries, and to do so prudently. It sets specific duties (cost consideration, factual evaluation, recordkeeping), requires monitoring of advisers and delegated managers, allows adoption of written proxy‑voting policies (including a safe‑harbor), and mandates periodic review. The rule applies to exercises of shareholder rights on or after 2026‑01‑01.