Tag: environmental social and corporate governance investing
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Proposed labor rule defining requirements for investment advisers receives more than 8,900 comments
The Biden administration on November 3 released a proposed rule aiming to expand the definition of a fiduciary—someone who must act in the best interests of their clients—to include more types of financial professionals in certain situations. The proposal had received more than 8,900 public comments as of December 15. The rule is related to…
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Oklahoma pension system pushes back against treasurer’s ESG opposition
The Oklahoma Public Employees’ Retirement System (OPERS) recently voted to continue contracting with BlackRock and State Street—the managers of most of the state’s pension assets. Oklahoma Treasurer Todd Russ (R) published a letter arguing against the decision and saying it could violate state laws opposing ESG. OPERS last week responded to Russ’ letter with a…
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Senators ask Treasury for additional climate finance regulation
The Treasury Department released guidelines on Sept. 19 aiming to promote net-zero finance. The next day, six left-leaning senators, including Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), sent a letter to Treasury Secretary Janet Yellen encouraging her to enact additional financial regulations related to climate and carbon emissions. Ballotpedia tracks support for and opposition to…
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Federal court rules in favor of Biden ESG retirement rule
Judge Matthew J. Kacsmaryk of the United States District Court for the Northern District of Texas issued a ruling on Sept. 21 refusing to block the Biden Labor Department’s investment rule allowing ESG considerations in retirement plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). Texas and Utah are leading 24 other…
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Vanguard joins BlackRock in reducing support for ESG shareholder proposals
Fox Business reported on August 29 that Vanguard—the second largest asset manager in the world and the largest manager of passive funds—reduced its support for pro-ESG proxy proposals during the past shareholder season. The report followed news that BlackRock, the world’s largest asset manager (measured by assets under management) also supported fewer ESG proposals. Ballotpedia…
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Congressmen send letters requesting ESG information from Big Three asset managers
House Judiciary Committee Chairman Jim Jordan (R-Ohio), along with Reps. Thomas Massie (R-Ky.) and Dan Bishop (R-N.C.), sent letters to the Big Three passive asset management firms—BlackRock, State Street, and Vanguard—on July 6 requesting information about their efforts to combat climate change through ESG. Jordan said such efforts could violate antitrust laws. Ballotpedia tracks support…
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House Republican introduces bill opposing ESG in retirement funds
Congressman Andy Barr (R-Ky.) introduced a bill on June 21 opposing the Biden Labor Department’s rule allowing the use of ESG in retirement plan investments. Both chambers recently passed a Congressional Review Act (CRA) resolution overturning the Labor Department rule, but President Joe Biden (D) vetoed that legislation. Congressman Barr introduced the new bill in…