US. DoL Urged to Help Pension Plans Make Climate Impact
US pension plans should be required to disclose sustainable investment policies, according to the US Impact Investing Alliance.
The alliance has called for mandatory action by the Department of Labor (DoL) in response to a request for input on potential new climate-related rules.
It said providers of 401(k) pension plans should be subject to requirements to address the financial risks and impacts of climate change.
In a letter to the DoL, Fran Seegul, president of the US Impact Investing Alliance, cited research by JUST Capital that showed “overwhelming majorities of Americans support mandatory disclosure by companies about their business practices and their impacts on society”.
“In fact, there has been a steady and significant increase in retail ESG investing and overall interest in ESG over the past several years,” Seegul stated.
The alliance has recommended that the department issue new guidance which requires ERISA-regulated fiduciaries to outline and disclose their sustainable policies.
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