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ARTICLE · 19 OCTOBER 2021

DOL Proposes Rule Encouraging ESG & Proxy Voting, Reducing Documentation Requirements

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On October 14, 2021, the Department of Labor (the "DOL") published a proposed regulation, "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights"...

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 Powell
David Powell
Kevin Walsh
Kevin Walsh
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On October 14, 2021, the Department of Labor (the "DOL") published a proposed regulation, "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" (86 Fed. Reg. 57272, the "Proposed Rule"). The proposal would amend the DOL's investment duties regulation in 29 CFR 2550.404a-1 under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Comments to the Proposed Rule are due on Monday, December 13, 2021.

The proposal follows the DOL's announcement on March 10, 2021 that it was re-examining the regulations published by the prior administration on November 13, 2020 ("Financial Factors in Selecting Plan Investments") (the "2020 ESG Rule") and on December 16, 2020 ("Fiduciary Duties Regarding Proxy Voting and Shareholder Rights") (the "2020 Proxy Rule"). In the same March 10, 2021 announcement, the DOL stated that it would not enforce the 2020 Rules.

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