Read the Bloomberg Law Perspective here.
George Michael Gerstein will present a webinar to BASIC – Building A Sustainable Investment Community – Boston on the new US Department of Labor ESG and proxy voting rule proposal. This webinar will be available via Zoom.
Time: November 18, 2021 11:00 AM Eastern Time (US and Canada)
Click here to register.
Plan sponsors and financial services firms that act as fiduciaries to ERISA plans and “plan asset” funds should take note of a new rule proposal that the U.S. Department of Labor (DOL) announced today. The proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” would address ERISA fiduciaries’ duties with regard to considering climate change and other environmental, social and governance (ESG) factors when selecting investments and exercising shareholder rights.
This rule, if adopted, would have significant implications for financial services firms that act as ERISA fiduciaries. The comment period will run for 60 days after the rule’s publication in the Federal Register. We will be preparing a detailed analysis in the coming days.