Ethics Mock PM correct, benefit, fiduciary, necessary, management

joehogue

How can both of these be correct? Aren’t they contradicting each other?
According to Standard III (A) (Loyalty, Prudence, and Care) voting proxies is an integral part of the management of investments and a fiduciary who fails to vote proxies may violate the Standard.
The Standards of Practice Handbook also states that a cost-benefit analysis may show that voting all proxies may not benefit the client, so voting proxies may not be necessary in all instances. Members and candidates should disclose to clients their proxy-voting policies.