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ARTICLE · 17 NOVEMBER 2020

DOL Issues Final Regulation Regarding ESG Investment Considerations

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On October 30, 2020, the U.S. Department of Labor (DOL) issued a final rule regarding the use by Employee Retirement Income Security Act of 1974, as amended (ERISA), fiduciaries of...

United StatesEmployment and HR
Bruce E. Simonetti
Bruce E. Simonetti
Michael Roebuck
Michael Roebuck
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On October 30, 2020, the U.S. Department of Labor (DOL) issued a final rule regarding the use by Employee Retirement Income Security Act of 1974, as amended (ERISA), fiduciaries of nonpecuniary, such as environmental, social and corporate governance (ESG), considerations when investing the assets of employee benefit plans subject to ERISA. In the News Release announcing the final rule, DOL Secretary Scalia stated that "This rule will ensure that retirement plan fiduciaries are focused on the financial interests of plan participants and beneficiaries, rather than on other, non-pecuniary goals or policy objectives." The rule was initially proposed by the DOL on June 23, 2020, and the DOL made several changes to the proposed rule in response to over 1,100 unique comment letters that it received.

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