The U.S. Department of Labor (the “DOL”) on December 1, 2022, released a new final regulation (the “Final Regulation”) generally relating to certain aspects of the prudence and loyalty duties under the fiduciary rules of the Employee Retirement Income Security Act of 1974 (“ERISA”) and to the voting of proxies under ERISA. The Final Regulation, which follows a proposed regulation released on October 13, 2021 (the “Proposed Regulation”), is the latest attempt to address the appropriateness of the consideration of environmental, social and governance (“ESG”) factors in connection with investment-related decisions by fiduciaries of employee benefit plans that are subject to ERISA (“Plans”)...

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