Yesterday’s Bloomberg article on PG&E, which said, “PG&E Corp. told investors repeatedly that weather-related disasters were a risk, but many didn’t pay enough attention until the company was on the brink of bankruptcy,” highlights, at least in this case, how an environmental factor can have a material affect on investment performance. Moreover, the reporters importantly note that less customary risks, including those related to climate change, may be underappreciated.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.