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ARTICLE · 21 DECEMBER 2022

ERISA And ESG: Less Confusion?

Miller, Canfield, Paddock and Stone P.L.C.
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Last year the Department of Labor ("DOL") proposed changes to ERISA regulations that govern the consideration of environmental, social, and governance ("ESG") factors in retirement plans...

United StatesEmployment and HR
Kimberly Coschino
Kimberly Coschino
Brian T. Gallagher
Brian T. Gallagher
Samantha A. Kopacz
Samantha A. Kopacz

Last year the Department of Labor ("DOL") proposed changes to ERISA regulations that govern the consideration of environmental, social, and governance ("ESG") factors in retirement plans, as well as fiduciary considerations relating to the exercise of shareholder rights (such as voting proxies) with respect to plan holdings. Recently, on November 22, 2022, the DOL released its final amendment to the ESG/Proxy Voting rules, "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" (the "2022 Final Rule"). The 2022 Final Rule provides greater flexibility for plan fiduciaries to consider climate change and other environmental, social, and governance factors when they select retirement investments and provides a renewed emphasis on exercising shareholder rights, such as proxy voting.

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