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Dear John, On October 14th the U.S. Department of Labor today announced a proposed rule that would remove barriers to plan fiduciaries’ ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights. The proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” follows Executive Order 14030, signed by President Biden on May 20, 2021. The order directs the federal government to implement policies to help safeguard the financial security of America’s families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of U.S. workers and families. The American Sustainable Business Network applauded the DOL’s proposed rule and recently submitted a formal comment to the DOL. We are now asking you to join us and make an impact to restore these basic rights and responsibilities for 401(k) plans. Everyone saving for retirement should have the freedom to choose socially responsible investment options and investments that consider the impacts of the climate crisis. | |
| Many of the rollbacks of social and environmental protections under the Trump administration that responsible Americans have opposed are being restored under the Biden presidency. This includes a public comment period on a new rule that is crucial to re-establishing the ability of 401(k) plans to allow investors to select funds based on their financial, environmental, social, and corporate governance performance. The rule also supports the right of retirement plan votes to be cast on shareholder proxy ballots, including those addressing human rights, labor rights, climate, corporate political contributions, corporate equity and diversity issues, and more. Please take action today as a mission driven business leader! Help us build a solid public record of support for protecting millions of retirees’ savings from climate risks and for enabling all investors to vote their proxy ballots to hold corporations accountable. | | | |
