Introduction to New ESG Rulemaking at the US Department of Labor
UN Global Compact Network USA and the Principles for Responsible Investment (PRI) have launched a quarterly webinar series to raise awareness of how investors are approaching the evolving standards on ESG and what that means for companies. The sessions highlight emerging investor priorities and provide opportunity for Q&A from company representatives.
ESG considerations face increasing regulatory scrutiny. This is particularly true for companies that wish to take ESG into consideration in their employee retirement investments. As part of our PRI series, this webinar is designed for corporate sustainability and finance teams that are interested in better understanding the emerging rules from the Department of Labor that regulate ESG considerations in corporate retirement investments.
The second webinar of this series will focus on the US Department of Labor's newly-issued draft rulemaking that would rewrite two rules from the Trump Administration governing private pension plans regulated by the ERISA law. The rewritten rule follows an Executive Order from President Biden which called for a full review of the prior rulemakings and looks to clarify how fiduciaries covered under ERISA can consider climate change and ESG information in their investment decision-making and in their engagement in the proxy process. Among other things, the rule looks to clarify when fiduciaries should vote proxies on ESG information and removes a barrier that prevented funds considering ESG information from be set as default investment vehicles (QDIAs) for retirement funds. Join PRI’s Head of US Policy, Greg Hershman, for a Q&A session on what’s in the proposed rulemaking, what are the next steps, and why this is important for UNGC participants.
- Adam Roy Gordon, Engagement Director, UN Global Compact Network USA
- Greg Hershman, Head of US Policy, UN Principles for Responsible Investment