US Dept. of Labor Proposes Rules to Hinder ESG Investment

US Dept. of Labor Proposes Rules to Hinder ESG Investment

On June 23, 2020, the US Department of Labor proposed regulations to prohibit private industry pension plans, governed under the Employee Retirement Income Security Act (ERISA), from investing in ESG investment vehicles if doing so would prioritize non-financial objectives over purely financial ones (i.e., increasing returns for plan beneficiaries).

British Columbia to Allow Benefit Company Incorporation

British Columbia to Allow Benefit Company Incorporation

On June 30, 2020, British Columbia will become the first province in Canada to allow companies to incorporate as for-profit “benefit companies” with a commitment to conducting business in a responsible, sustainable manner and promoting one or more public benefits.