Not surprising most of us, the Department of Labor (DOL)\u2019s Employee Benefits Security Administration (EBSA) announced that it won\u2019t enforce recently published rules on Environmental, social, and governance (ESG) investments and proxy voting rights.<\/p>\n\n\n\n
The DOL said that it won\u2019t enforce either final rule or pursue enforcement actions against any plan fiduciary for failing to comply with them.<\/p>\n\n\n\n
The DOL published its final rule on retirement plan investing, \u201cFinancial Factors in Selecting Plan Investments,\u201d in November. The final rule said plan fiduciaries should select investments and investment courses of action based solely on consideration of \u201cpecuniary,\u201d or financial, factors. This rule essentially would curb the use of ESG funds.<\/p>\n\n\n\n
The DOL published its final rule \u201cFiduciary Duties Regarding Proxy Voting and Shareholder Rights\u201d in December. It addressed obligations of plan fiduciaries under the Employee Retirement Income Security Act (ERISA) when voting in connection with plan investments in shares of stock.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Not surprising most of us, the Department of Labor (DOL)\u2019s Employee Benefits Security Administration (EBSA) announced that it won\u2019t enforce recently published rules on Environmental, social, and governance (ESG) investments and proxy voting rights. The DOL said that it won\u2019t … Continue reading