2022 Trust Forum Presentations

Internal Use Only

Closer Look at Select Topics

Internal Use Only

ESG Considerations

• ESG is a hot issue in a number of contexts and regulatory fronts. • From ERISA perspective, key question is squaring ESG considerations with fiduciary duties. • Current Status : Waiting for DOL final rule (any day now). • For better or worse, ESG is now a political issue –notably, the politics affect retirement policy. • DOL’s views on ESG tend to evolve with Presidential administration. • “Golden Rule” for ERISA Fiduciaries • Focus on risk and return characteristics. • Do not subordinate objectives to other social/political goals