NEW YORK: The U.S. Department of Labor is expected to announce that it will not enforce Trump administration rules that curb investments based on environmental and social factors, and which limit shareholder voting in corporate meetings, according to two people familiar with the matter.The rules, finalised in the last days of former President Donald Trump's administration, affect trillions of dollars in retirement accounts.
The Labor Department rules require that fund managers put retirees' financial interests first when allocating investments, rather than other concerns such as racial justice, and only vote on shareholder proposals when there is an economic reason to do so. "That's a very sound decision on the part of the DOL," said Sanford Lewis, director of the Shareholder Rights Group, which advocates for investors."I think it's appropriate for them to reconsider it and in the meantime not enforce it."
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