DOL Finalizes Second Anti-ESG Rule
The Department of Labor today announced its final rule on Fiduciary Duties Regarding Proxy Voting and Shareholder Rights, which discourages proxy voting under Title 1 of the Employee Retirement Income Security Act (ERISA). Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):
WASHINGTON, D.C. — The Department of Labor today announced its final rule on Fiduciary Duties Regarding Proxy Voting and Shareholder Rights, which discourages proxy voting under Title 1 of the Employee Retirement Income Security Act (ERISA). Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):
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"In a prototypical example of a rushed, midnight rulemaking, the Department of Labor continues to push its demonstrably false narrative that Environmental, Social and Governance (ESG) considerations are largely not relevant to financial performance. Without offering any evidence of harm, this new proxy voting rule will impose added costs on ERISA plan participants and beneficiaries, unless fiduciaries adopt the Department's preferred voting policies or abandon one of the most basic rights of stock ownership at the heart of fiduciary duty. This is a transparent attempt to slow the growth of ESG investing. We fully expect an immediate reversal of this misguided rule by President-elect Biden's incoming Department of Labor team."
Background
ACORE forcefully pushed back on this proposed rule in October. To read our submitted comments on that proposal, click here. Two months ago, the Department of Labor finalized its first anti-ESG rule, which restricts investment selections. To read more on that rule, click here.
About ACORE:
Founded in 2001, the American Council on Renewable Energy (ACORE) is the nation's premier pan-renewable organization uniting finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
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