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ARTICLE · 02 DECEMBER 2022

DOL Finalizes ESG, Proxy Voting Regulation

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The Department of Labor (the "DOL") recently finalized a regulation amending the rules under the Employee Retirement Income Security Act of 1974, as amended ("ERISA")...

United StatesEmployment and HR
Jim Cole
Jim Cole
Jacob W. Eigner
Jacob W. Eigner
Jennifer Eller
Jennifer Eller
Allison Itami
Allison Itami
Michael Kreps
Michael Kreps
David Levine
David Levine
Thomas Roberts
Thomas Roberts
George Sepsakos
George Sepsakos
Kevin Walsh
Kevin Walsh
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The Department of Labor (the “DOL”) recently finalized a regulation amending the rules under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), related to the selection of plan investments and the exercise of shareholder rights (the “Rule”).  The Rule – entitled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” – is largely consistent with historic DOL positions, but it endeavors to provide fiduciaries with more latitude when considering environmental, social, and governance (“ESG”) investment factors and voting proxies.  In addition to the summary of the Rule below, this alert includes comparisons of the Rule against both the 2020 Trump Administration regulations (here) and the Biden Administration's proposed regulation released in 2021 (here).

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