News & Analysis as of

Climate Change Retirement Plan

Carlton Fields

Expect Focus - Volume II, May 2024

Carlton Fields on

Last Lap in SEC RILA Rulemaking Critical Unresolved Issues - Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more

Cadwalader, Wickersham & Taft LLP

UK Government Taskforce to Produce Guidance for Pensions Sector to Consider Social Factors in Investment Decisions

On October 19, 2023, the UK government’s Taskforce on Social Factors (Taskforce) launched a consultation to produce guidance on how pension funds can consider social issues in their investment decisions. The guide is intended...more

Cadwalader, Wickersham & Taft LLP

UK’s Pensions Regulator Pushes for Further Climate Scenario Analysis

In August 2023, the UK pensions regulator’s climate and sustainability lead, Mark Hill, authored an article setting out how trustees can improve the climate-scenario analyses used by their schemes, in order to make them more...more

Eversheds Sutherland (US) LLP

ESG in the United States: A complex landscape

The United States is in the process of transitioning ESG disclosure from voluntary, market-led reporting to a regulatory-driven scheme, principally led by the US Securities and Exchange Commission’s (SEC) anticipated (but...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

ESG: Important New Considerations for Employers

Consideration of environmental, social, and governance (ESG) issues is becoming increasingly important for companies when conducting business and in dealings with investors and employees. The increased emphasis on ESG poses...more

Cadwalader, Wickersham & Taft LLP

Climate Suit Against Directors of UK’s Largest Pension Plan Heads to Appeals Court

A British appeals court will review the 2022 dismissal of a novel lawsuit accusing current and former directors of the United Kingdom’s largest private pension plan of mismanagement for, among other reasons, failing to divest...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - March 2023 #4

POTUS Issues First Veto. On March 20, 2023, after more than two years in office, President Biden issued his first legislative veto. As expected, President Biden rejected the bipartisan Congressional Review Act resolution that...more

Cadwalader, Wickersham & Taft LLP

Kansas Public Employees Retirement System Warns of Adverse Consequences From “Anti-ESG” Bills

Earlier this month, the Kansas Public Employees Retirement System (KPERS) urged legislators to reject key aspects of “anti-ESG” bills introduced in the Kansas Senate and House of Representatives. Both bills are designed, in...more

Cadwalader, Wickersham & Taft LLP

UK Local Government Pensions Schemes Will Vote Against Chairs of Oil Companies Failing to Meet Climate Pledges

Border to Coast Pension Partnership (the “Partnership”), a pension pool consisting of 11 UK local government pension schemes, announced that “[o]il majors and banks must make greater progress on climate pledges or risk losing...more

Cadwalader, Wickersham & Taft LLP

UK Pensions Regulator Launches Regulatory Initiative to Monitor Climate and ESG Non-compliance by Trustees

On February 22, 2023, the UK’s Pensions Regulator (TPR) announced the launch of a new initiative aimed at tightening regulation around ESG data published by trustees, as part of a wider campaign to assess whether trustees are...more

Cadwalader, Wickersham & Taft LLP

President Biden Expected to Issue First Veto to Preserve DOL ESG Investment Rule

President Biden will likely issue the first veto of his presidency after Congress passed a measure that would repeal a Department of Labor rule that allows retirement plan fiduciaries to consider ESG-related factors in...more

Cadwalader, Wickersham & Taft LLP

State AGs Challenge Department of Labor Rule on ESG Investing

Twenty-five Republican state attorneys general, along with two energy companies, have commenced an action against the U.S. Department of Labor (DOL) seeking to “hold unlawful and set aside” rules governing how retirement plan...more

Holland & Knight LLP

DOL Issues Final Rule on Climate Change, ESG Factors for Retirement Plan Investments

Holland & Knight LLP on

The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more

Eversheds Sutherland (US) LLP

Climate change applies to government too: DOL issues new final ESG regulations

On October 14, 2021, the US Department of Labor (DOL) proposed changes to ERISA regulations that would again shift the analysis of consideration of environmental, social, and governance (ESG) factors in retirement plans...more

White & Case LLP

The INDEX Act: A challenge to the voting influence of institutional investors that may yield unintended consequences

White & Case LLP on

The Act's supporters say it would shift voting power from large investment advisers to individual investors, but the reality could be far more complex - The INDEX Act arrives at a moment of increasing resistance to ESG...more

Holland & Knight LLP

DOL Requests Information on Protection of Retirement Plans from Climate Risks

Holland & Knight LLP on

The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on Feb. 14, 2022, issued a Request for Information (RFI) to gather input regarding the protection of pensions and retirement savings...more

Morgan Lewis - ML Benefits

DOL Seeks Input on Climate Change’s Impact on Retirement Security

The US Department of Labor (DOL) recently announced that it is seeking comment on the impact of climate change on retirement security and what actions, if any, the agency should take to protect retirement savings from such...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL proposes ESG rule

The Department of Labor (DOL) finally proposed a rule that would allow plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder...more

Faegre Drinker Biddle & Reath LLP

Biden Directs DOL to Consider Rescinding Trump-Era Rule on Environmental, Social and Governance Investing

President Biden signed an executive order on May 20 on climate-related financial risk that seeks to change the rules regarding the use of environmental, social, and governance (ESG) investments in retirement plans. The order...more

Groom Law Group, Chartered

UK to Mandate Consideration of Climate Change by Pension Fiduciaries in 2021

On January 27, 2021, the United Kingdom’s Department for Work and Pensions (“DWP”) issued the draft regulation, The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (the “Regulation”). ...more

Brownstein Hyatt Farber Schreck

Treasury Secretary Janet Yellen’s Tax and Financial Services Responses to Senate Finance Committee

On Jan. 25, the Senate voted overwhelmingly to confirm President Joe Biden’s nomination of Janet Yellen to be the 78th treasury secretary. Yellen is the first woman to hold the position and she will be responsible for...more

Bracewell LLP

ESG Investing and Retirement Plans

Bracewell LLP on

Background - As ESG (environmental, social and governance) investing recently has drawn the attention of governmental agencies that oversee the administration of qualified retirement plans and their trillions of dollars...more

Hogan Lovells

Funds and asset management regulatory news, October 2020 # 2

Hogan Lovells on

Climate-related disclosures for asset managers and FCA-regulated pension schemes: FCA correspondence - Correspondence about climate-related disclosure requirements for asset managers and UK Financial Conduct Authority...more

MoFo Impact

Impact Links: Best Books for Social Entrepreneurs; The Promise of Impact Investing in India; NY’s Climate Action Plan; Consumers...

MoFo Impact on

..What new challenges lie ahead for impact investing? Antony Bugg-Levine of the Nonprofit Finance Fund and Durreen Shahna of the Impact Investment Exchange discuss them on the Knowledge@Wharton podcast...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

USA Today publisher and media conglomerate Gannett has rejected a $1.3 billion hostile takeover bid from Alden Global Capital-backed MNG Enterprises, “kicking off a battle for shareholder votes to determine the future of the...more

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