DOL Ruling Updates
US Department of Labor (DOL) issued a final version of the rule, called "Fiduciary Duties Regarding Proxy Voting and Shareholder Rights". It will go into effect on January 11, 2021.
PRI SIGNATORY BRIEFINGS AND US CONSULTATION RESPONSES
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US |
December |
PRI 2021 US Policy Priorities |
The PRI’s 2021 policy priorities focus on six areas we see as actionable and achievable to support greater adoption of the Principles and advancement of sustainable finance. |
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US |
September |
Fiduciary Duties Regarding Proxy Voting and Shareholder Rights |
On August 30, the Department of Labor (DOL) issued a notice of proposed rulemaking entitled, “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.” The proposal aims to clarify the obligations of fiduciaries covered by the Employee Retirement Income Security Act of 1974 (ERISA) with regard to the exercise of proxy voting and shareholder rights, generally. This briefing document summarizes the proposal and provides information on how to respond. |
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US |
June |
Financial factors in selecting plan investments |
On June 23, the Department of Labor issued a notice of proposed rulemaking entitled “Financial Factors in Selecting Plan Investments” (“Proposal”) aimed at clarifying the obligations related to consideration of environmental, social and governance (ESG) factors by fiduciaries who oversee private sector pension and defined contribution plans covered by the Employee Retirement Income Security Act (ERISA). This briefing document summarizes the proposal and provides information on how to respond. |
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US |
October |
Department of Labor Rule Proposal, "Fiduciary Duties Regarding Proxy Voting and Shareholder Rights" |
The PRI's comment on the DOL's Rule Proposal. If adopted, the Amendments would significantly burden fiduciaries’ exercise of proxy voting rights, with no compelling justification, with detrimental effects on the value of investments by plans governed by ERISA. The PRI therefore respectfully requests the DOL withdraw the Proposal.
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US |
July |
Department of Labor Rule Proposal, “Financial Factors in Selecting Plan Investments” |
The PRI's comment on the DOL's Rule Proposal. The PRI is concerned that, if finalized, the Proposal will create confusion among ERISA fiduciaries and asset managers, chill fiduciaries’ efforts to integrate material ESG factors into their investment practices and could be costly for retirement savers and investment managers. We therefore respectfully request that the DOL withdraw the Proposal.
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