State Street Corporation

10/19/2021 | Press release | Distributed by Public on 10/19/2021 10:03

Statement from State Street on the Proposed ESG Fiduciary Investing Rule by the Department of Labor

BOSTON, October 19, 2021 - State Street supports the new proposal by the US Department of Labor (DOL) to increase Americans' retirement security by allowing U.S. retirement plans to consider the benefits of environmental, social, and governance (ESG) factors in the investment and proxy voting process. ESG factors are increasingly recognized today as important elements in maximizing long-term investor returns, and the Department's proposal, when finalized, will provide significant benefits to retirement investors.

We have long argued that judgments on ESG factors are rooted in the hunt for long-term value. Plan fiduciaries must continue to have a broad lens when making investment decisions, considering the range of all risks and opportunities that have a material effect on risk and return.

We applaud the DOL and Secretary Marty Walsh for recognizing that ESG is an important framework for promoting a long-term investment focus on value creation. We look forward to continuing to work with the Department, and will be providing detailed comments within the 60-day period.

  • Ron O' Hanley, chairman and chief executive officer of State Street Corporation

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.3 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of September 30, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2021 includes approximately $60 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.