More than 1,500 comment letters were filed from asset owners, asset managers, trade associations, record keepers, lawmakers and others, many of whom took issue with the Labor Department's initiative, which was unveiled June 23.
The regulation would require plan fiduciaries to fully document their reasoning for investing in environmental, social, and corporate governance (ESG)-focused funds.
NEST will immediately divest portfolio companies that derive more than 20% of their revenues from activities linked to coal, oil sands and arctic drilling before year-end under its new climate policy and companies that similarly derive 10% of their revenu
Hanspeter Konrad, managing director of Swiss pension fund association ASIP, told IPE that it is still unclear whether the amendment to the regulation will go ahead.
LPF portfolio manager Albert Chen, who was central to the discussions, says that the fund is willing to accept a reduction in lending income in order to gain the ability to utilise its entire shareholding for votes.
Manuel Espinosa, from Q-Energy’s investment team, said: “This is another significant investment in renewable energy by PIC."