I was in attendance at that press
conference, and despite the assertions of the Freshfields reports wondered whether DiNapoli's
statement would pass legal muster in the US. In 2008, an interpretive bulletin of the Department of
Labor's Employee Retirement Investment Security Act (ERISA) strongly discouraged economically
targeted investments (ETIs) by pension plan fiduciaries, stating instead that financial returns are
the paramount fiduciary duty.
According to Peter Kinder, co-founder of KLD Research and
Analytics, an ESG investment research firm, ETIs include “applying ESG-type criteria in investment