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Compass
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DOL Proposes New Investment Duties Rule
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] [Guidance Overview] June 23, 2020 "Periodically over the last 30 years, the Department has been asked to consider the application of the fiduciary duties of prudence and exclusive purpose under section 404(a)(1)(A) and (B) of [ERISA] to pension plan investments selected because of non-financial objectives, such as environment, social and public policy goals, that the investments may further.... The proposal is designed, in part, to make clear that ERISA plan fiduciaries may not invest in ESG vehicles when they understand an underlying investment strategy of the vehicle is to subordinate return or increase risk for the purpose of non-financial objectives." |
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