VEA Comment to DOL/EBSA on Proxy Voting

October 2, 2020 Jeanne Klinefelter Wilson Acting Assistant Secretary Employee Benefits Security Administration United States Department of Labor 200 Constitution Avenue, NW Washington, DC 20210 RE: RIN 1210-AB91 Dear Acting Assistant Secretary Wilson, In the long, dismaying history of regulatory capture, when agencies set up to provide oversight instead issue rules entrenching and subsidizing corporate insiders,…

Kurt Schacht: The Labor Department Is Tearing Down a Landmark of Investor Protection

Kurt N. Schacht, head of policy for the CFA Institute and former chair of the SEC Investor Advisory Committee. writes in Barron’s: Corporate governance and shareholder rights have seldom witnessed an assault on investor protection like the current federal government’s onslaught. Whether weakened rules on broker accountability, rules designed to eliminate shareholder proposals, or those…

DOL proposes rule to narrow scope of ERISA fiduciaries’ proxy voting

DOL/EBSA has followed up its outrageously unsupportable proposed rule on ESG investing (more than 95 percent of the more than 7000 comments strongly opposed) with an even more outrageously unsupportable proposed rule rolling back more than 30 years of settled law that all aspects of share ownership — the right to trade, to sue, and…

Supplemental Comment to EBSA/DOL on ESG

August 17, 2020 Assistant Secretary Preston Rutledge EBSA Department of Labor200 Constitution Ave, NW, Ste S-2524 Washington DC 20210 RE: RIN 1210-AB95  NPRM: Financial Factors in Selecting Plan Investment  Dear Assistant Secretary Rutledge, This is a supplement to our earlier comment to reflect recent developments and respond to a claim made in one comment. While we disagree…

Morningstar Comment to DOL/EBSA on ESG

Morningstar’s comment to DOL/EBSA urges the Department to require consideration of ESG factors in pension investments, not discourage it. Simply stated, the Labor Department’s proposed rule is out of step with the best practices that asset managers and financial advisors use to integrate ESG considerations into their investment processes and selections. Indeed, as we outlined in…

Teamsters Comment on DOL/EBSA ESG Proposal

The Teamsters comment on the DOL/EBSA is attached in full below. An excerpt: The Proposal offers a solution in search of a problem. For almost 30 years ESBA has issued a series of bulletins providing guidance to fiduciaries regarding their obligations when it comes to selecting investment options for plan participants. That guidance has emphasized…

Minerva Comment Letter on DOL/EBSA ESG Proposal

From the comment filed by Minerva Analytics on the DOL/EBSA ESG proposal (full text attached below): The Proposed Rules stand in stark contrast to many OECD markets and appear to contradict decades of guidance from the DoL which has allowed ERISA-regulated retirement plans to invest responsibly and take ESG factors into account, under appropriately strict…