The Department of Labor provided guidance on responsibilities for plan fiduciaries and other stakeholders regarding shareholder rights, written statements of investment policy, and economically targeted investments.
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The DOL adopted a final rule setting forth the duties of plan fiduciaries as to voting proxies held by the plans.
The DOL will not enforce two rules finalized late last year concerning environmental, social, and governance factors in plan investment decisions and fiduciary duties related to proxy voting and shareholder rights.
In a Request for Information, the DOL requested public comment on actions to protect retirement savings and pensions from risks associated with changes in climate.
In a response to a Request for Information, SIFMA urged the Department of Labor to continue using a principles-based approach to regulation and expressed concern that its proposed method for compliance with E.O. 14030 may deviate too far from that approach.