By: Katrina L. Berishaj, Sara P. Crovitz and Kevin O’Connell On March 20, 2023, President Joseph R. Biden issued his first presidential veto to reject the recent joint Congressional resolution that would have repealed the U.S. Department of Labor’s (DOL) January 2023 “ESG Rule.” Just a few days later, on March 23, the U.S. House of Representatives failed to override the veto, meaning that, for now, the DOL’s ESG Rule remains intact. Summary of the DOL’s ESG RuleThe DOL’s ESG Rule, which became effective on January 30, 2023, provides a principles-based approach with res ..read more

By: Sara P. Crovitz and Wesley Davis Introduction On Nov. 17, 2021, the Securities and Exchange Commission (SEC) adopted amendments to proxy voting rules (Final Rule) to require the use of a universal proxy card in contested director elections. The universal proxy card must include all registrant and dissident director nominees in non-exempt director elections, allowing shareholders to vote on each nominee rather than an entire slate of directors.1 In a separate rulemaking, the SEC proposed amendments (Proposed Amendments) to proxy voting rules that generally would rescind certain 2020 ru ..read more

The full article can be found here. Print Email LinkedIn Twitter Facebook ..read more

The full article can be found here. Print Email LinkedIn Twitter Facebook ..read more

The SEC has scheduled an open meeting for 10 am on Wednesday, September 29, at which the agenda will consist of the following: Wednesday, September 29, 2021 ITEM 1: Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting of Executive Compensation Votes by Institutional Investment Managers OFFICE: Division of Investment Management STAFF: Sarah ten Siethoff, Brian M. Johnson, Angela Mokodean, Nathan Schuur The Commission will consider whether to propose form amendments to enhance the information certain registered investment companies report about their pr ..read more

Investors should be able to drill down and see what’s under the hood of funds that market themselves as “green” or “sustainable.” pic.twitter.com/O483eg9lMy — Gary Gensler (@GaryGensler) August 19, 2021 Print Email LinkedIn Twitter Facebook ..read more

Read the Bloomberg Law Perspective here. Print Email LinkedIn Twitter Facebook ..read more

The full Pensions & Investments article can be found here. Print Email LinkedIn Twitter Facebook ..read more

Topline & Comment Period Deadline A new U.S. Department of Labor (DOL) rule proposal would, if adopted, greatly accelerate ERISA fiduciaries’ need to evaluate climate-related financial risk and certain other environmental, social and governance (ESG) considerations during plan investment and proxy voting decision-making. The comment period for the proposal closes on December 13, 2021.1 Who is Affected?The proposal is directly relevant to all ERISA plan sponsors (both DB and DC), investment managers, and pooled investment funds that hold “plan assets.” Proxy advisory firms and product manuf ..read more

By: George Michael Gerstein and Wesley Davis Plan sponsors and financial services firms that act as fiduciaries to ERISA plans and “plan asset” funds should take note of a new rule proposal that the U.S. Department of Labor (DOL) announced today. The proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” would address ERISA fiduciaries’ duties with regard to considering climate change and other environmental, social and governance (ESG) factors when selecting investments and exercising shareholder rights. This rule, if adopted, would have signifi ..read more