Statement from ISS President & CEO, Gary Retelny, on Proposed New Rules by U.S. Department of Labor

“ISS welcomes today’s announcement by the U.S. Department of Labor to propose rule amendments that remove unnecessary burdens on the selection of ESG investments and confirm that climate risk and other ESG factors may appropriately be considered under the fiduciary duty of prudence,” said ISS President & CEO, Gary Retelny. “We similarly applaud the DOL’s decision to propose rule amendments reaffirming the applicability of the fiduciary duties of prudence and loyalty to proxy voting, and removing language in the 2020 rules that could be read to suggest that fiduciaries should be indifferent to the exercise of shareholder rights. ISS welcomes both these steps by the DOL to support institutional investors in discharging their fiduciary duties and recognizing their critical role as good stewards of capital on behalf of millions of American workers and retirees.”