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Follow on Google News | Joint Statement on Department of Labor’s New Guidance For Pension FundsBy: Accelerating Impact Investing Initiative (AI3) October 23, 2015 Yesterday, the U.S. Department of Labor (DOL) issued new guidance on “economically targeted investments” The new guidance rescinds the DOL’s 2008 interpretive bulletin related to ETIs—which is widely considered to have had a chilling effect on ETIs—and reinstates the language of the 1994 interpretative bulletin of a fund manager’s fiduciary duty under the Employment and Retirement Securities Act of 1974 (ERISA). Specifically, the guidance clarifies that fiduciaries of ERISA-governed pension funds “may consider (social and environmental) The guidance also states that “environmental, social, and governance issues may have a direct relationship to the economic value of the plan’s investment,” As co-sponsors of the Accelerating Impact Investing Initiative (AI3), we commend the DOL for issuing this important guidance. The new rules open the door for more fund managers to consider the social and environmental impact of their investments while fulfilling their fiduciary duty to pension holders and beneficiaries. In the coming weeks, our organizations will release an issue brief with case studies of ETIs currently being pursued by public and religiously- End
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