Simpson Thacher Attorneys Author Article on First Biden Administration Presidential Veto Surrounding Department of Labor’s New ESG Rule
04.06.23
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Partners Leah Malone and Erica Rozow, Senior Counsel George Gerstein and Counsel Emily Holland authored an article, which was published by the Harvard Law School Forum on Corporate Governance titled, “Biden’s First Veto: Understanding the Implications of the DOL’s ESG Rule.” The article details President Biden’s recent veto, his first, of a Congressional resolution that would have nullified the Department of Labor’s newly-minted final rule concerning the consideration of ESG factors in corporate retirement plans in the U.S. (“ESG Rule”). The article further analyzes the now reinstated ESG Rule’s requirements and scope, as well as key principles related to the ESG Rule that should remain top of mind for ERISA fiduciaries, fund sponsors with ESG strategies and investment managers that service governmental plans.
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