March 13, 2023

Brad Campbell Speaks to Pensions & Investments About DOL's ESG Rule

In “DOL’s ESG rule running into political headwinds,” Pensions & Investments turned to benefits and executive compensation partner Brad Campbell for insight on the Department of Labor’s (DOL) rule permitting Employee Retirement Income Security Act (ERISA) fiduciaries to consider environmental, social and governance (ESG) factors.

“There’s a larger political issue that’s being fought, and the first front in this battle is the DOL rule when the rule itself is actually not doing most of the things that the battle’s about,” said Campbell.

The rule has “become the focal point onto which is being projected a much larger debate, and that debate, I think, is misplaced when it applies to this actual rule,” Campbell added, referencing the rule’s neutrality. “There really is a bigger picture dispute here over what is the role of social activism in capital markets.”

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