When a benefit fund invests in equity securities (common stock of corporations) it acquires proxy voting rights on the leadership, policies and structures of the corporations that issue the securities. Proxy voting rights are considered "plan assets" by the Department of Labor. That means trustees have the same fiduciary duties for proxies under ERISA that they have for other plans assets. ERISA allows trustees to delegate their proxy voting rights to an investment advisor who is registered under the Investment Company Act of 1940. MCG has been a registered Investment Advisor since 1989.

Since MCG does not render consulting services to the corporate or investment management communities, it has no conflicts of interest. It reviews each proxy issue with final decisions based on the merits of each case and with the best interest of the plan's participants and beneficiaries in mind. MCG provides a detailed annual report to its clients explaining the issues and reasons MCG voted the proxies the way it did. In addition, MCG provides an annual executive summary that reviews major developments in the corporate governance arena, and MCG's voting patterns on the most common proxy issues.

Director: Greg A. Kinczewski