CII Letter to DOL/EBSA on the Proxy Voting Proposal

The Council of Institutional Investors has filed a comment objecting to the proposed rule form DOL/EBSA on proxy voting by ERISA fiduciaries. The full comment is below. An excerpt [footnotes omitted]: DOL has not provided a persuasive rationale for the Proposed Rule. In fact, the Proposed Rule is premised on fundamentally flawed assumptions about shareholder…

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,…

Fidelity, BlackRock Reject Trump Limits on 401(k) ESG Investing – Bloomberg

The world’s largest asset managers are speaking out against a Trump administration plan that would make it more difficult for them to incorporate environmental, social and governance factors when making investment decisions, a move that could limit green investing in 401(k) plans. Fidelity Investments wrote in an 11-page letter to the U.S. Department of Labor that the…

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…

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…