By Brian Croce
Source: Pensions & Investments
A majority of institutions support a proposed rule from the Department of Labor that would explicitly permit retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights, according to a new report examining comment letters.
The report, published Tuesday by the Ceres Accelerator for Sustainable Capital Markets, US SIF: The Forum for Sustainable and Responsible Investment and Environmental Defense Fund, found that 83% of comment letters submitted by institutions supported the Labor Department proposal.
The proposal was unveiled in October and its comment period closed in December. In total, nearly 900 comment letters were filed, including 144 from institutions — four corporations, 53 asset managers or other financial service firms, and 87 advocates, which include stakeholders like investor organizations, trade groups and labor organizations, according to the report.