Under a proxy voting policy that allows proxies to be voted only when there is a cost-benefit, which action aligns with Standard III(A)?

• A. Vote all proxies
• B. Vote only Barnikoff proxy
• C. Vote only Matric proxy
• D. Inform clients about policy and apply it

Answer: (D)

Fiduciary duty requires acting with prudent judgment and applying a documented policy consistently. If proxy voting is allowed only when there is a net cost-benefit, the responsible approach is to be transparent with clients about how proxies are handled and to apply that policy across all votes. Informing clients about the policy and then applying it ensures decisions are based on objective analysis rather than automatic voting or selective voting, protecting client interests and maintaining independence. Voting all proxies would violate the cost-benefit constraint; voting only a couple of proxies or selectively applying the rule would undermine the policy and consistency.