Tag: Environmental Social and Corporate Governance
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President Trump expands oversight of proxy advisors
On Dec. 11, President Donald Trump (R) issued an executive order increasing federal scrutiny of the two largest proxy advisory services, Glass Lewis and Institutional Shareholder Services (ISS). The executive order, “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors”, directs the Chairman of the Securities and Exchange Commission to expand oversight of and review…
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Senator proposes limits on proxy voting in federal retirement plan
On Nov. 25, Senator Ted Cruz (R-Texas) proposed legislation affecting the federal Thrift Savings Plan (TSP), the retirement program for civilian federal employees and active-duty service members. The proposal would bar the firms that manage TSP assets—primarily BlackRock and State Street—from casting shareholder votes tied to those holdings. Cruz said he wants to stop the…
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Ninth Circuit halts California climate-disclosure rule
The U.S. Court of Appeals for the Ninth Circuit issued an order on Nov. 18 temporarily blocking enforcement of California’s climate-risk disclosure law, SB 261. The statute requires companies with more than $500 million in annual revenue to report climate-related financial risks starting Jan. 1, 2026. The court granted the request after the U.S. Chamber…
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Net Zero Asset Managers Initiative relaunches without net-zero deadline
The Net Zero Asset Managers Initiative announced on Oct. 30, 2025, that it will resume operations after pausing earlier this year to review its climate commitments. The investor coalition—which once included more than 325 firms managing over $57 trillion—said it has deleted language in its commitment statement that required members to aim for net-zero greenhouse-gas…
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EPA proposes ending emissions reporting
On Sept. 13, the Environmental Protection Agency (EPA) published a proposed rule that would eliminate the Greenhouse Gas Reporting Program (GHGRP), which requires fossil fuel producers to disclose carbon emissions. Administrator Lee Zeldin said the reporting program goes beyond what the Clean Air Act requires. Why does it matter? Administrator Zeldin says the change could…
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Department of Labor announces ESG retirement plan rule
The Department of Labor (DOL) announced Sept. 4 that it plans to issue a new rule governing the use of environmental, social, and governance (ESG) factors in retirement plans covered by the Employee Retirement Income Security Act of 1974 (ERISA). The department’s Employee Benefits Security Administration listed the issue in its semi-annual regulatory agenda as…
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Democratic state financial officers send letter to asset managers
Seventeen Democratic financial officers (16 state officers, plus New York City Comptroller Brad Lander) sent a letter to 18 of the largest asset management firms on Aug. 15. The officials asked the firms to confirm their commitment to considering climate and other ESG factors in their long-term return models. The Democratic officials said their letter…
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Judge denies effort to stop California climate reporting law
U.S. District Judge Otis Wright II denied a motion from the U.S. Chamber of Commerce and other plaintiffs seeking a preliminary injunction to block enforcement of SB253 and SB261, two California laws that require corporations to report their Scopes 1, 2, and 3 emissions. The laws are set to go into effect in 2026 and…
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Florida attorney general launches investigation of climate groups
Florida Attorney General James Uthmeier (R) announced yesterday an investigation into two climate groups—the Climate Disclosure Project (CDP) and the Science Based Targets Initiative (SBTi)—over alleged deceptive trade practices and antitrust violations. Uthmeier argued SBTi “sells companies validation of their climate goals—then directs them back to CDP to report their progress, creating what appears to…
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Labor Department drops defense of ESG rule
The Department of Labor (DOL) filed court documents last week indicating it will stop defending a Biden-era rule allowing ESG considerations in retirement plans. The agency said it plans to propose a new rule to replace it. The rule has faced Republican opposition since 2022 but survived both legal and legislative challenges, including a congressional…