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ARTICLE · 11 NOVEMBER 2020

DOL Issues Final Rule On ESG Investments

Ice Miller LLP
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On October 30, 2020, the Department of Labor ("DOL") issued its final rule on plan fiduciaries' investment duties and their application to the selection of environmental...

United StatesEmployment and HR
Gary Blachman
Gary Blachman
Melissa Proffitt
Melissa Proffitt
Austin Anderson
Austin Anderson

On October 30, 2020, the Department of Labor ("DOL") issued its final rule on plan fiduciaries' investment duties and their application to the selection of environmental, social, and corporate governance ("ESG") investments ("Final Rule"). The DOL had released its proposed rule on June 22, 2020 ("Proposed Rule"). The Final Rule retains the Proposed Rule's general safe harbors and legal requirements for considering only pecuniary factors in the selection of plan investments. At the same time, it makes several changes to the Proposed Rule, most notably by removing all instances of ESG terminology to acknowledge the lack of a generally accepted definition for ESG-themed funds.

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