HUGE Win for ESG! DOL Will Not Enforce the Odious, Dark Money Promoted ESG Rule

Department of Labor statement: On November 13, 2020, the Department of Labor (Department) published a final rule on “Financial Factors in Selecting Plan Investments,” 85 Fed. Reg. 72846 (November 13, 2020), which adopted amendments to the “Investment Duties” regulation under Title I of the Employee Retirement Income Security Act of 1974 (ERISA). The amendments generally…

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…

VEA Vice Chair Nell Minow Quoted in P&I About the DOL/EBSA Proposal on Proxy Votes

P&I’s above the fold front page headline is “Proxy proposal angers institutions”. VEA Vice Chair Nell Minow is quoted: “It’s just a reflection of the fact that institutional investors have become more aware of corporate governance as an element of shareholder value and corporations don’t like that,” said Nell Minow, Washington-based vice chairwoman of ValueEdge…

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…