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closeup of entry to DOL Building in D.C.con U.S. Department of Labor in Washington, D.C. (Photo: Diego M. Radzinschi/ALM)

If the private sector has discovered a good idea it’s likely the public sector is not far behind in following suit. Last October, the US Department of Labor announced a proposed rule called the Prudence and Loyalty in Selecting Plan Investments and Existing Shareholder Rights.

Essentially it addresses the inclusion of environmental, social and governance (ESG) criteria and proxy voting considerations for ERISA-governed retirement plans. ESG has already been a consideration of many investment firms and pension plans but the trend is moving its way through government towards a more institutionalized consideration.

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