Jon Lukomnik Comment Letter to DOL/EBSA on ESG Rulemaking

Jon Lukomnik’s letter to DOL/EBSA about the proposed rule on ESG investing has been co-signed by distinguished academics and investment professionals, along with VEA’s Chair, Vice Chair, and President. Attention: Financial Factors in Selecting Plan Investment Proposed Regulation. To Whom It May Concern: We are writing in opposition to proposed rule RIN 1210-AB95. We believe…

DOL Proposal to Weaken Fiduciary Standards

Fact sheet from the Consumer Federation of America: On June 29th, the Trump Administration rolled out a new regulatory package for retirement investment advice that, if finalized, would allow brokers and insurers to siphon billions of dollars a year out of the retirement accounts of hard-working Americans, putting their ability to afford an independent and…

Michael W. Frerichs – Illinois State Treasurer: Raising The Bar on Investing

Illinois state treasurer Michael W. Frerichs is one of the most respected public pension fund fiduciaries in the country and we were delighted to see his thoughtful comments on ESG as an essential element in minimizing investment risk. Making Prudent Choices.  Investing means making choices.  For the investment officers at the Illinois State Treasurer’s Office,…

SEC Broker-Conflict Rules Face Wary Dems, States, and AARP

On June 5th, the Securities and Exchange Commission approved a final regulation that governs the conduct of broker-dealers and their advisors. The name of the guidance is Regulation Best Interest, known as Reg BI. Reg BI won’t apply until June 30, 2020, roughly a year from now, but it is already generating a lot of…

New UK Rules for Improving shareholder engagement and increasing transparency around stewardship | FCA

The UK’s Financial Conduct Authority has issued new rules for institutional investor fiduciaries that impose new requirements for engagement and disclosure: We have introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The requirements come into effect on 10 June 2019.  Asset managers and life insurers will need to disclose and make…

Nell Minow on ERISA, the Trump Executive Order, and ESG

VEA Vice Chair Nell Minow writes on the Harvard Law School Forum on Corporate Governance and Financial Regulation about the Labor Department’s review of ERISA fiduciaries and ESG under the Executive Order issued last month by President Trump. She wrote: ERISA, the 1974 law that governs pension funds, recognizes that the third parties who manage…