closeup shot of sign in front of DOL building and part of the building (photo: Michael Scarcella/ALM Media)

Plan fiduciaries will be allowed to consider environmental, social and governance factors to select retirement investments and exercise shareholder rights under a much-anticipated final rule issued on Tuesday by the U.S. Department of Labor.

The rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” follows an executive order signed by President Joe Biden in May 2021. The order directs the federal government to identify and assess policies to protect the life savings and pensions of America’s workers and families from the threats of climate-related financial risk.

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