Webinar Archive: MFDF No-Action Relief for Directed Voting Programs Decoded: What This Relief Means for Funds and Fund Directors

MFDF and Ropes & Gray attorneys Paulita Pike and Jessica Lees provided details into the recent no-action relief granted to MFDF by the Securities and Exchange Commission (SEC). The Directed Voting Program relief is modeled after the no-action relief granted to Exxon. The program allows shareholders to give standing, revocable voting instructions for votes to be cast in favor of proposals approved by all of the fund’s independent directors. Paulita and Jessica discussed the intricacies of the relief, its impact on fund proxy solicitation processes, and fund board oversight.

This webinar aired live on October 19, 2026.