ESG figures prominently on Biden regulatory agenda

AJ Gonzalez | June 12, 2021

Medium, End of Week Notes, Jon Hale

Unified agenda lists expected actions to be taken by Departments and Agencies this year and next

DOL/EBSA: Suspend, revise, or rescind 2020 rules related to ESG fund selection and proxy voting in retirement plans

Based on directives included in two Executive Orders, DOL/EBSA will publish a proposed rulemaking by September 2021 that suspends, revises, or rescinds two rules adopted late last year, “Financial Factors in Selecting Plan Investments,” 85 FR 72846 (November 13, 2020), and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” 85 FR 81658 (December 16, 2020).

SEC: Climate Change Disclosure

Propose rule amendments by October 2021 to enhance registrant disclosures regarding issuers’ climate-related risks and opportunities.

SEC: Corporate Board Diversity Disclosure

Propose rule amendments by Octobr 2021 to enhance registrant disclosures about the diversity of board members and nominees.

SEC: ESG claims and disclosures for investment companies and advisers

Propose requirements by April 2022 for investment companies and investment advisers related to environmental, social and governance (ESG) factors, including ESG claims and related disclosures.

SEC: Amend Rule 14a-8 regarding shareholder proposals

Propose rule amendments by April 2022 regarding shareholder proposals under Rule 14a-8.

SEC: Proxy Voting Advice

Propose rule amendments by April 2022 governing proxy voting advice.

SEC: Reporting of Proxy Votes on Executive Compensation

Repropose rule amendments by November 2021 that would require institutional investment managers to report how they voted on any shareholder vote on executive compensation or golden parachutes.

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