Tag: economy and society

  • Economy and Society: Proposed legislation would further integrate ESG into retirement plans

    Posted on

    ESG Developments This Week In Washington, D.C.ESG developments this week Proposed legislation would further integrate ESG into retirement plans  On May 27, four House Democrats introduced legislation they argue is aimed at promoting ESG transparency. The bills, Sustainable Investment Policies Act and the Retirees Sustainable Investment Opportunities Act, would continue the House’s efforts to overturn…

  • Economy and Society: Labor Department ordered to revise rules limiting ESG

    Posted on

    ESG developments this week In Washington, D.C. Biden Executive Order prompts Labor Department to revise rules limiting ESG This past week, President Biden issued an Executive Order asking the Labor Department to begin the process of undoing a Trump administration rule warning asset managers about their fiduciary responsibilities under ERISA: “President Joe Biden has issued…

  • Economy and Society: SEC to begin investigating ESG disclosures

    Posted on

    SEC to begin investigating ESG disclosures

    ESG developments this week In Washington, D.C. Is the SEC making its move?  On May 14, FoxBusiness’s Charles Gasparino reported that the new SEC chairman, Gary Gensler, has asked his staff to begin investigating whether corporations are making proper ESG disclosures and, if they are not, to charge them with fraud. Gasparino wrote: “Wall Street’s…

  • Economy and Society: Buffett rallies opposition to ESG proposals on company proxy statement

    Posted on

    ESG developments this week On Wall Street and in the private sector An Oracle’s opposition The big story in the ESG world last week was the news that the so-called Oracle of Omaha, Berkshire Hathaway CEO Warren Buffett, opposed ESG proposals on his company’s proxy statement and was able to rally support among members of…

  • Economy and Society: ESG references in federal lobbying reports on the rise

    Posted on

    ESG developments this week In Washington, D.C. ESG references in federal lobbying reports on the rise On April 29, Roll Call reported that references to ESG in federal quarterly lobbying reports have grown over the last few months—coinciding with the start of the Biden administration. According to the paper, lobbying mentions of ESG had risen…

  • SEC Commissioner argues against integrating ESG concerns into its mission

    Posted on

    ESG developments this week In Washington, D.C. New SEC Chair sworn in On April 14, Gary Gensler was confirmed by the U.S. Senate (in a mostly party-line 53-45 vote) as the new chair of the Securities and Exchange Commission (SEC). He was sworn in April 17 by Maryland Senator Ben Cardin (D) in a small…

  • Economy and Society: SEC review finds potentially misleading ESG fund practices

    Posted on

    ESG developments this week In Washington, D.C. SEC investment fund review reveals potentially misleading ESG practices On April 9, the Securities and Exchange Commission announced that its recently enhanced examinations of the investment community’s use of and adherence to ESG investment principles has yielded results. The Commission set out to find whether investment companies were…

  • Economy and Society: Greater fund disclosure on voting behavior

    Posted on

    ESG developments this week In Washington, D.C. Greater fund disclosure on voting behavior On March 17, then-acting-chair of the Securities and Exchange Commission, Allison Herren Lee, spoke to the Investment Company Institute, a fund trade group, on Commission plans to address the transparency of fund votes taken on shareholder proposals. She said: “There are two…

  • SEC announces all-agency approach to ESG

    Posted on

    ESG developments this week In Washington, D.C. SEC announces all-agency approach to ESG Last week, the Securities and Exchange Commission launched a new page on its website, a page dedicated to ESG and to tracking the Commission’s action on the subject. According to the site: “As investor demand for climate and other environmental, social and…

  • Economy and Society: SEC broadening definition of materiality

    Posted on

    ESG developments this week In Washington, D.C. SEC broadening definition of materiality In a March 15 speech given to the Center for American Progress, Acting SEC Chair Allison Herren Lee said that she was grateful for the opportunity “to reflect on the enhanced focus the SEC has brought to climate and ESG” and “on the…