As environmental, social, and governance (ESG) considerations become increasingly central to investment strategies worldwide, the regulatory landscapes governing ESG investing are evolving rapidly across different regions....more
As companies increasingly encounter dialogue regarding environmental, social, and governance (ESG) factors, they and their investors and other stakeholders face the task of navigating the sometimes-contradictory web of...more
US state and federal laws have increasingly sought to regulate environmental, social, and governance (ESG) investing—a trend that continued in 2023. This increased regulatory focus has impacted benefit plans, including ERISA...more
Environmental, social, and governance (ESG) investing has been subject to increased US state and federal regulation over the last several years, and 2023 continued that status quo. As of January 1, 2024, 20 states have...more
As discussed in a previous LawFlash, the US Department of Labor’s Final Rule on Prudence and Loyalty in Selecting Plan Investment Options, also known as the ESG Rule, contains provisions on proxy voting, which are not limited...more
Environmental, social, and governance (ESG) investing has been an area of focus for investors in recent years. ESG investing has also been the target of regulators around the globe. In the United States, the industry awaits a...more
Both the US House of Representatives and the Senate passed a resolution to overturn the US Department of Labor’s so-called “ESG Rule” on February 28 and March 1, 2023, respectively. The ESG Rule has been a topic of debate as...more
The US Department of Labor released a final rule reframing how ERISA-regulated fiduciaries can consider environmental, social, and governance factors in retirement plan investment decision making....more
The US Department of Labor (DOL) released the Final ESG Rule on November 22, 2022, regulating the consideration of environmental, social, and governance (ESG) factors by fiduciaries of employee benefit plans subject to the...more
Anti-ESG state legislation continues to focus on public retirement plan investing and asset management. Over the last year, 18 states have proposed or adopted state legislation or regulation limiting the ability of the state...more
Environmental, social, and governance (ESG) investing—especially the “E”—is an increasingly hot topic for investors, but it presents unique legal issues for retirement plan decision makers who have strict fiduciary duties to...more
This post serves as an update to our prior blog post analyzing the impact of this anti-ESG state legislation on public retirement plan investing. Over the past year, 17 states have proposed or adopted state legislation...more
At the same time that the federal government, through the US Department of Labor, appears to be easing retirement plan fiduciaries’ paths to considering certain environmental, social, or governance (ESG) factors in making...more
As the US Department of Labor (DOL) continues to contemplate the role of environmental, social, and governance (ESG) considerations in ERISA plan investing, ESG issues surrounding retirement plans are cropping up in another...more
The US Department of Labor (DOL) recently announced that it is seeking comment on the impact of climate change on retirement security and what actions, if any, the agency should take to protect retirement savings from such...more
The US Department of Labor on October 14 published in the Federal Register a “Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” The proposed rule, if...more
The US Department of Labor (DOL) released on Wednesday, October 13, a Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (the proposed rule), which would...more
The Department of Labor (DOL) released on October 13, 2021, a Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (Proposed Rule), which would amend a prior...more
US President Joseph Biden and Vice President Kamala Harris have consistently framed their policies with what they call the four major “crises” facing the nation: COVID-19, the economy, climate, and inequity. ...more
4/30/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Climate Change ,
Electric Vehicles ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Immigration Reform ,
Labor Reform ,
Regulatory Reform ,
Relief Measures ,
Renewable Energy ,
Tax Reform
In a somewhat expected development, the US Department of Labor’s Employee Benefits Security Administration (EBSA) issued an enforcement statement on Wednesday announcing that it will not enforce the recently published final...more
3/11/2021
/ Department of Labor (DOL) ,
Duty of Loyalty ,
Duty of Prudence ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Guidance ,
Environmental Social & Governance (ESG) ,
Proxy Voting Guidelines ,
Retirement Plan ,
Shareholder Rights
President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more
2/23/2021
/ Administrative Appointments ,
Biden Administration ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Fiduciary Rule ,
Form 5500 ,
Investment Adviser ,
Investment Management ,
Proxy Voting Guidelines ,
Regulatory Reform ,
Retirement Plan
The US Department of Labor’s final ERISA regulation generally follows its proposal but without the focus on environmental, social, and governance investing. ...more
A hot topic in the world of money management, including the management of assets in retirement plans, is the consideration of environmental, social, and governance (ESG) factors when evaluating investments....more
3/11/2020
/ Corporate Governance ,
Corporate Social Responsibility ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary ,
Field Assistance Bulletins ,
Fund Managers ,
Industry Examinations ,
Investment ,
Investment Management ,
Investment Opportunities ,
Proxy Voting ,
Retirement Plan ,
Wealth Management