The US Labor Department must revise its retirement plan fiduciary rules after President Donald Trump ordered several agencies to tighten restrictions on proxy advisers that provide guidance to shareholders and investors.
The executive order directs the Labor Secretary to strengthen Employee Retirement Income Security Act regulations to ensure that proxy advisers “act solely” in the interest of plan participants and are not politically motivated.
It comes as the DOL’s Employee Benefits Security Administration works to replace a Biden-era environmental, social, and governance investing regulation, which made it easier for retirement plan fiduciaries to include green options in plan lineups.
EBSA ...
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