U.S. Trust clients delegate authority to U.S. Trust to vote proxies on their behalf. U.S. Trust has a fiduciary focused proxy voting policy and custom guidelines and employs Glass Lewis to execute the votes. Clients may also withhold this delegation and vote themselves if they choose to do so.
Merrill Lynch Wealth Management clients enrolled in our investment advisory programs directly determine how to vote their proxies. Through our investment advisory agreement, clients may delegate proxy voting authority directly to ISS or elect to vote proxies themselves. As part of delegating to ISS, clients may, at their discretion, choose among the ISS Benchmark, ISS Socially Responsible Investing, and ISS Catholic proxy voting guidelines.