The 403(b) market has historically led the defined contribution world for investments focused on environmental, social, and governance (ESG) factors. In many cases, there are competing interests within an organization. Stakeholders managing the mission have one set of priorities; but while serving the retirement plan in a fiduciary capacity, they must meet an ERISA fiduciary standard as well. This can be complicated for advisors and their plan sponsor clients. And it’s further complicated by the perceived state of regulatory flux over the past decade.