On November 22, 2022, the U.S. Department of Labor (DOL) released a final rule (Final Rule) under the Employee Retirement Income Security Act (ERISA) that empowers retirement plan fiduciaries to consider climate change and other environmental, social, and governance (ESG) factors when making investment decisions and exercising shareholder rights, such as proxy voting.
The Final Rule will generally become effective 60 days after publication in the Federal Register. However, the effective date of certain proxy voting provisions is delayed for a year to give fiduciaries adequate time to prepare for their implementation.
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