THE PRI 2018/19 WORK PROGRAMME - DELIVERING THE BLUEPRINT FOR RESPONSIBLE INVESTMENT - Principles for Responsible Investment
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THE PRI
2018/19 WORK
PROGRAMME
DELIVERING THE BLUEPRINT
FOR RESPONSIBLE INVESTMENT
APRIL 2018
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
1
2018/19 WORK
PROGRAMME: THE PRI
THE PRI
“We believe that an economically efficient, sustainable global
MESSAGE FROM
THE CEO
financial system is a necessity for long-term value creation. Such
2017/18 OVERVIEW
a system will reward long-term, responsible investment and
OUR STRATEGY AND
benefit the environment and society as a whole.
OBJECTIVES
The PRI will work to achieve this sustainable global financial
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
system by encouraging adoption of the Principles and
ENABLING ENVIRONMENT
collaboration on their implementation; by fostering good
PRI IN PERSON governance, integrity and accountability; and by addressing
THE PRI
BOARD
obstacles to a sustainable financial system that lie within market
SIGNATORY FEES practices, structures and regulation.”
BUDGET
GET INVOLVED
REGIONAL
NETWORKS
2 2 1900
2 1900
2 1900
7070706706 6 6
1900
UN PARTNERS:
UN PARTNERS: SIGNATORIES:
SIGNATORIES:
UN PARTNERS:
UN PARTNERS: SIGNATORIES:
SIGNATORIES:
US$ TRILLION:
US$ TRILLION: PRINCIPLES:PRINCIPLES:PRINCIPLES: PRINCIPLES:
US$ TRILLION:
US$ TRILLION:
UNEP
UNEP FINANCE FINANCE
INITIATIVE ASSET
INITIATIVE
UNEP FINANCE UNEP OWNERS,
ASSET
FINANCE
INITIATIVE OWNERS,
ASSET OWNERS,
INITIATIVE ASSET
ASSETS OWNERS,
UNDER
ASSETS UNDER RECOGNISING
ASSETS RECOGNISING
ASSETS
UNDER THE
UNDER RECOGNISING
THE RECOGNISING
THE THE
UN GLOBALINVESTMENT
UN GLOBAL COMPACT
UN GLOBAL COMPACT UN GLOBALINVESTMENT
COMPACT COMPACT INVESTMENT INVESTMENT
MANAGEMENTMANAGEMENT MATERIALITY
MANAGEMENT MATERIALITY
OF
MANAGEMENT MATERIALITY
OF MATERIALITY
OF OF
MANAGERS MANAGERS MANAGERS MANAGERS ENVIRONMENTAL,
ENVIRONMENTAL,
ENVIRONMENTAL,
ENVIRONMENTAL,
AND SERVICEAND SERVICE AND SERVICEAND SERVICE SOCIAL AND SOCIAL AND SOCIAL AND SOCIAL AND
PROVIDERS PROVIDERS PROVIDERS PROVIDERS CORPORATECORPORATECORPORATE CORPORATE
GOVERNANCE GOVERNANCE
ISSUES GOVERNANCE
ISSUES GOVERNANCE
ISSUES ISSUES
2
2018/19 WORK
PROGRAMME: MESSAGE FROM THE CEO
THE PRI It’s been another busy year for the PRI as we’ve increasingly By working together, we will continue
focused attention on implementing the nine priority areas
MESSAGE FROM
highlighted in last year’s Blueprint for responsible investment, our taking great strides forwards to advance
THE CEO
mandate for the next decade. I’m looking forward to working with responsible investment and create a
2017/18 OVERVIEW you all to turn this vision into a reality.
sustainable financial system that benefits
everyone.
OUR STRATEGY AND
OBJECTIVES
In addition to working on the Blueprint, our teams around the
world were busy as usual on projects that we feel bring value to
RESPONSIBLE INVESTORS our signatories. We coordinated company-investor engagements
SUSTAINABLE MARKETS on several critical issues, including cyber security and water We will of course carry on with our work supporting investors
A PROSPEROUS WORLD disclosure; and launched guides on topics such as responsible to incorporate the full range of ESG issues, with plans to release
FOR ALL
ENABLING ENVIRONMENT
investment in infrastructure and active ownership in listed equity. guidance around bondholder engagement, infrastructure investing
We also broke new ground by launching the first industry-standard and monitoring managers in private equity. Following the success
PRI IN PERSON hedge fund due diligence questionnaire, a tool that will surely help of our award-winning first credit ratings agency guide, we will also
close the ESG gap in hedge funds. release the second in the three-part series on this subject.
THE PRI
BOARD
On the policy front, we released roadmaps which make specific Empowering asset owners is key to our direction over the next
SIGNATORY FEES recommendations for market-wide ESG incorporation in Germany, ten years. We will ensure we are supporting them by introducing
Japan and South Africa; published country reviews for TCFD more local resources, a dedicated online asset owner hub and
BUDGET
Fiona Reynolds recommendations; and launched an investment consultant specific guides on asset allocation, strategy, and appointment and
CEO, PRI services review. monitoring.
GET INVOLVED
REGIONAL
We have also been working closely with the European And to make sure that our signatories continue to lead the way
NETWORKS Commission’s High-Level Expert Group on Sustainable Finance in responsible investment, we will be increasing accountability
(HLEG), where we contributed as an international observer. We through the development of minimum requirements that we
strongly support the recommendations laid out in the HLEG expect signatories to meet. We will also develop an awards
final report, which sets out how to improve the contribution of ceremony to showcase our signatories’ best RI practices – watch
the financial system to sustainable and inclusive growth. These this space.
recommendations set a real backdrop for a realignment of
Europe’s capital markets towards true sustainability. Thank you – all 1,900 of you – for your support over the last
twelve months. By working together, we will continue taking great
With one eye always on the future, we’ve been busy laying the strides forwards to advance responsible investment and create a
foundations for our next twelve months. Climate change – sustainable financial system that benefits everyone.
identified by our signatory base as their number one concern
– continues to be a key focus area for us. We will carry on our
work with investors to scale up actions critical to tackling climate
change and achieving the Paris Agreement goals and have begun
to introduce TCFD climate reporting and support climate data
analysis through our Reporting Framework.
3
2018/19 WORK
PROGRAMME: 2017/18 OVERVIEW
THE PRI Over the past year, we’ve worked to consistently deliver for our signatories. Thanks to their dedicated contributions, we have seen great
progress in furthering responsible investment together. These are just a few of the highlights.
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON
THE PRI
BOARD
SIGNATORY FEES
INCORPORATE ENGAGE ACCOUNTABILITY
BUDGET
■■ We launched The SDG investment case, which ■■ We launched reports on megatrends, responsible ■■ We introduced proposals to showcase signatory
GET INVOLVED
lays out five compelling reasons why the SDGs are working practices in apparel companies and the leadership and developed the accountability
REGIONAL relevant to investors. We also produced an SDG benefits of engagement on director nominations. programme: a signatory delisting approach and
NETWORKS landscape map which lists resources investors ■■ We worked with partners including Carbon minimum requirements. We also continued our
can use to help them achieve impact through the Tracker to release research that ranks the oil and research into assurance of reporting data.
SDGs. gas industry company by company to identify ■■ We introduced mandatory reporting for service
■■ We launched an award-winning credit ratings where shareholders’ money could be most providers. This will provide investors with
agency report and introduced a ground-breaking exposed to the low-carbon transition. comparable reports on service provider activity,
due diligence questionnaire for hedge funds. ■■ We finished engagements on cyber security, scope and commitment to the Principles.
■■ We launched guides on private equity manager water disclosure and the overuse of antibiotics in ■■ We enabled signatories to align their climate-
appointment, ESG risk in the supply chain for livestock supply chains, and began engagements related disclosure with the FSB TCFD
private market investors, active ownership in on deforestation, sustainable palm oil and child recommendations in the Reporting Framework.
listed equity and responsible investment in labour in cocoa supply chains. ■■ We launched five dynamic snapshot reports on
infrastructure. ■■ More than 250 investors signed up to the Climate listed equity; fixed income; manager selection,
■■ We launched a consultation on asset owners’ Action 100+ initiative. appointment and monitoring; active ownership
strategic priorities and how the PRI can continue activities; and assessment.
to support them. ■■ We carried out meetings to support over 300
signatories with the reporting and assessment
process.
4
2018/19 WORK
PROGRAMME: 2017/18 OVERVIEW
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON EDUCATE GROWTH INFLUENCE
THE PRI
BOARD ■■ We launched the Academic Network Online, a ■■ We welcomed 334 new signatories in the 2017 ■■ We provided input to the EU High-Level Expert
SIGNATORY FEES hub for academics and investors to connect and financial year, a net growth of 14%. The signatory Group on Sustainable Finance (HLEG), whose final
engage with responsible investment research. base now stands at over 1,900. report echoes much of the PRI’s work.
BUDGET ■■ We issued our first-ever call for research and ■■ In the 2017 financial year, we recruited 39 new ■■ We launched fiduciary duty roadmaps for
awarded funding to leading universities to help asset owners from around the world, including Japan, South Africa and Germany. They set
GET INVOLVED investors review the effectiveness of their Japan, San Francisco, the Netherlands and out recommendations to fully embed the
REGIONAL
engagement strategies. Indonesia. consideration of ESG factors in the fiduciary
NETWORKS ■■ 1,800 people from 50 countries enrolled on to the ■■ We met with 694 signatories to support them to duties of investors in those markets.
PRI Academy, a 159% increase on 2016/17. We also implement the six Principles. ■■ We convened the support of over 400 investors
launched our first responsible investment course ■■ We expanded our global coverage with local for the FSB TCFD recommendations and gave
for trustees. representatives in the Benelux region and input to the final report, with the PRI Chair serving
China. We also strengthened support for our on the task force; published country reviews for
Francophone network with more French-speaking TCFD implementation; and called on governments
members of staff. to implement the recommendations.
■■ We launched an investment consultant services
review and held a series of events around our
Sustainable Financial System programme.
5
2018/19 WORK
PROGRAMME: 2017/18 OVERVIEW
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON PROFILE CONVENE
THE PRI
BOARD ■■ Financial Times ■■ Boersen-Zeitung ■■ 1,000 delegates from 39 countries representing
SIGNATORY FEES Schroders issues climate change warning over 500 organisations joined us in Berlin for PRI
Investor initiative wants to strengthen
in Person. 95% of delegates rated their experience
“There is no doubt that investors are concerned sustainable investment
BUDGET either “good” or “excellent”.
about the material risks around climate change “The newly elected government in Germany must
and are feeling pressure to ensure that the
■■ Over 2,700 delegates from 1,600 organisations
GET INVOLVED make sustainability and sustainable investing a
companies in which they invest are well-positioned attended our other events on subjects including
priority. Germany has pulled back on its green
REGIONAL to transition to a 2 degrees world.” responsible investment in fixed income, how
investment and sustainability focus, it must regain
NETWORKS asset owners can support the delivery of the Paris
that momentum.”
Agreement and ESG in credit risk and ratings.
■■ Citywire Asia
New horizons: Special report on ESG investing ■■ L’Agefi
in Asia Towards PRI 2.0
“‘I think governments are understanding much “Responsible investing is starting to become more
more that if they want foreign investment, and of a mainstream issue but it’s not there yet. There
the biggest pension funds are now demanding RI is a lot of work yet to do. The good news is that
standards, they have to get on board.” investors are starting to think about long-term
risks in a more holistic way.”
6
2018/19 WORK
PROGRAMME: OUR STRATEGY AND OBJECTIVES
THE PRI Our goals for the next ten years are laid out in our Blueprint for responsible investment, as is our three-year strategy.
The strategic plan, which came into effect in April 2018, and the Blueprint, which was launched in 2017, were developed through extensive
MESSAGE FROM consultation with signatories, UN partners and the PRI Board.
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND THE BLUEPRINT FOR RESPONSIBLE INVESTMENT
OBJECTIVES
The Blueprint is the PRI’s mandate for the next decade – with an ambitious agenda for the next 10 years, we plan to tackle some of the most
RESPONSIBLE INVESTORS pressing ESG issues in the world today. Through nine priority areas, we will encourage signatories to become more active owners, to inspire
SUSTAINABLE MARKETS leadership and support sustainable investment strategies, leading to prosperous and inclusive societies for future generations.
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON RESPONSIBLE
THE PRI INVESTORS
BOARD We will strengthen, deepen and expand our
core work: to lead responsible investors
SIGNATORY FEES in their pursuit of long-term value and
to enhance alignment throughout the
investment chain.
BUDGET
• EMPOWER ASSET OWNERS
GET INVOLVED • SUPPORT INVESTORS
INCORPORATING ESG ISSUES
REGIONAL
• FOSTER A COMMUNITY SUSTAINABLE
NETWORKS
OF ACTIVE OWNERS MARKETS
• SHOWCASE LEADERSHIP AND We will address unsustainable aspects
INCREASE ACCOUNTABILITY of the markets that investors operate
in, to achieve the economically efficient,
• CONVENE AND EDUCATE sustainable global financial system that
RESPONSIBLE INVESTORS responsible investors and beneficiaries
need.
• CHALLENGE BARRIERS TO A PROSPEROUS
A SUSTAINABLE FINANCIAL
SYSTEM WORLD FOR ALL
We will enable signatories to improve the
• DRIVE MEANINGFUL DATA
real world – now and in the future – by
THROUGHOUT MARKETS encouraging investments that contribute
to prosperous and inclusive societies for
current and future generations.
• CHAMPION CLIMATE ACTION
• ENABLE REAL-WORLD
IMPACT ALIGNED WITH THE
SDGs
7
2018/19 PLANS
2018/19 WORK
PROGRAMME:
RESPONSIBLE INVESTORS
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
EMPOWER ASSET SUPPORT INVESTORS FOSTER A COMMUNITY OF
PRI IN PERSON OWNERS INCORPORATING ESG ISSUES ACTIVE OWNERS
THE PRI
BOARD
PROMOTE A STRONGER ROLE BROADEN, DEEPEN AND ‘MAINSTREAM’ INCREASE THE QUALITY OF ACTIVE
SIGNATORY FEES FOR ASSET OWNERS ESG INTEGRATION OWNERSHIP
BUDGET ■■ Enhance asset owner support through more ■■ Continue training aimed at the mainstream ■■ Revise the listed equity and fixed income active
local resources, a dedicated online asset owner investment market with the CFA Institute. ownership modules in the Reporting Framework.
GET INVOLVED hub and guides on asset allocation, strategy, and ■■ Release research on bondholder engagement; ■■ Provide a series of discussion papers on a
appointment and monitoring. ESG integration for corporate, sovereign bonds sustainable financial system and responsible
REGIONAL
NETWORKS ■■ Deliver guidance for asset owners on how to and thematic bonds; monitoring managers in owners covering behaviours, responsibilities,
implement the FSB TCFD recommendations and private equity; infrastructure investing, as well as instruments and strategies.
how to engage with investment managers on establishing a programme of work on real assets. ■■ Release guidance on proxy voting in line with
proxy voting on climate issues. ■■ Using the findings from our series of roundtables, responsible investment policies.
■■ Disseminate the new trustee training module in we will release a report on the challenges of ESG
the PRI Academy to asset owner trustees. consideration in credit risk analysis. We will start
■■ Educate asset owners on how to extract and engagements on oil and gas, methane risks, water
access better information from the Data Portal. risk in the supply chain and climate risk for Asian
companies.
■■ Continue to engage on social issues and release
resources on issues including child labour in
the cobalt supply chain. We will also expand on
our work connecting human rights to financial
performance.
■■ Release governance resources on corporate tax
responsibility, cyber security, anti-bribery and
corruption research.
8
2018/19 WORK
PROGRAMME: RESPONSIBLE INVESTORS
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
SHOWCASE LEADERSHIP AND CONVENE AND EDUCATE
PRI IN PERSON INCREASE ACCOUNTABILITY INVESTORS
THE PRI
BOARD
SHOWCASE BEST PRACTICE AND INTRODUCE REACH NEW MARKETS, NETWORKS AND
SIGNATORY FEES NEW ACCOUNTABILITY MECHANISMS MEMBERS
BUDGET ■■ Implement the accountability programme: ■■ Increase presence in markets where responsible
developing minimum requirements and a signatory investment is under-represented, particularly in
GET INVOLVED watch list and supporting signatories that don’t Asia and the US.
meet the minimum criteria with a view to delist ■■ Hold PRI in Person 2018 and the Academic
REGIONAL
NETWORKS
those that don’t make progress after two years. Network Conference in San Francisco, as well as a
■■ Introduce leadership criteria, produce a leadership programme of events across the globe.
table and develop an awards programme to ■■ Facilitate an investor field trip to visit agriculture
celebrate industry best practices, with the first and infrastructure sites to understand operational
awards to be handed out in Paris in 2019. water management within the California context.
■■ Review the Reporting Framework to see if it’s ■■ Continue to develop the PRI Academy course
shaped to enable signatories to make impact content, as well as increase number of enrolments.
through their responsible investment activities.
■■ Commission academic research that presents
■■ Introduce TCFD climate reporting and support practical insights on modern portfolio theory,
climate data analysis through the Reporting ‘values to valuation’, and economic inequality.
Framework.
9
2018/19 WORK
PROGRAMME: SUSTAINABLE MARKETS
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
CHALLENGE BARRIERS TO DRIVE MEANINGFUL DATA
PRI IN PERSON A SUSTAINABLE FINANCIAL THROUGHOUT MARKETS
THE PRI SYSTEM
BOARD
ENHANCE SUSTAINABILITY
SIGNATORY FEES ALIGN THE FINANCIAL SYSTEM WITH THE REPORTING
LONG TERM
BUDGET ■■ Build additional transparency and accountability
■■ Launch SFS research streams on trustees, macro through the Reporting Platform by reporting on
GET INVOLVED
risks and megatrends, accounting standards, retail SDGs other than climate; and improving validation
investor duties; deliver a review of the banking and verification methods to ensure data reported
REGIONAL
NETWORKS sector. is credible.
■■ Continue to implement the recommendations of
■■ Collaborate with other reporting organisations
the Fiduciary duty in 21st century programme. to encourage the consolidation of reporting
frameworks to lessen reporting burden.
■■ Work with stakeholders in Brussels and national
governments to support the introduction of the
■■ Grow the Sustainable Stock Exchanges initiative
EU HLEG recommendations. by continuing to work with investors and
companies to encourage exchanges to commit to
■■ Work with the UK Green Finance Taskforce to sustainability.
provide policy recommendations to government
that will enable green growth, and release
recommendations in a report.
■■ Work with the China-UK Taskforce on Green
Finance to enable implementation of TCFD
recommendations.
■■ Continue ongoing policy engagement in Europe,
the UK, the US, Canada and the rest of the world
to promote the introduction of a sustainable
financial system.
102018/19 WORK
PROGRAMME: A PROSPEROUS WORLD FOR ALL
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
CHAMPION CLIMATE ENABLE REAL-WORLD IMPACT
PRI IN PERSON ACTION ALIGNED WITH THE SDGS
THE PRI
BOARD
SECURE COMMITMENT ON CLIMATE CHANGE MAKE THE INVESTMENT CASE
SIGNATORY FEES AND SUPPORTING THE LOW-CARBON FOR THE SDGS
TRANSITION
BUDGET ■■ Organise series of events to discuss the
■■ Encourage our signatories to engage with the top investment case for the SDGs.
GET INVOLVED 100 carbon emitters as part of the Climate Action ■■ Help signatories incorporate SDGs into investor
100+ programme. decision making by providing guides on how to
REGIONAL
NETWORKS ■■ Refresh the data in the 2 degrees of separation integrate them into listed equities, fixed income
project. and infrastructure.
■■ Continue the work of The Investor Agenda to ■■ Produce specific advice to asset owners on the
scale up actions critical to tackling climate change SDGs and asset allocation and in the selection,
and achieving the goals of the Paris Agreement. appointment and monitoring of managers.
■■ Cooperate with the California Climate Summit on ■■ Continue our research project with Harvard
PRI in Person 2018. University on inequality with a series of
■■ Investigate barriers to increasing low-carbon roundtables – results will be presented at PRI in
investments through country reviews and local Person.
roundtables. ■■ Execute research project with London School
of Economics and Harvard University on the just
transition to a low-carbon economy.
■■ Work with The Investment Integration Project
(TIIP) on a toolkit to help investors integrate
systems-level inequality considerations into their
investment policies and practices.
112018/19 WORK
PROGRAMME: ENABLING ENVIRONMENT
THE PRI
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
ENHANCE OUR DIGITAL DEVELOP OUR STAFF EXPAND OUR GLOBAL
PRI IN PERSON CAPACITY TO IMPROVE TO BETTER SUPPORT FOOTPRINT TO SUPPORT
THE PRI COMMUNICATION SIGNATORIES SIGNATORIES
BOARD
SIGNATORY FEES
INVEST IN DIGITAL PLATFORMS TO ENHANCE INVEST IN STAFF TO DELIVER VALUE TO BUILD LOCAL CAPACITY TO SUPPORT
COMMUNICATIONS CAPACITY AND INCREASE SIGNATORIES SIGNATORIES
BUDGET
COLLABORATION
■■ Attract and retain staff motivated by our Mission ■■ Provide dedicated and systematic support to
GET INVOLVED
■■ Introduce a new website with audience-tailored and values. signatories through local signatory account
REGIONAL information. ■■ Develop capability of staff through training management.
NETWORKS ■■ Develop a more comprehensive digital strategy and development to deliver high performance ■■ Recruit additional staff in local markets,
and enhance digital media presence. throughout the organisation. particularly in Southern Europe, Spanish-speaking
■■ Deliver an enhanced Collaboration Platform. ■■ Implement new HR, payroll and time management Latin America and the UK.
■■ Enhance the Reporting Framework and provide systems. ■■ Deliver selected PRI resources in top five priority
automated signatory support. ■■ Review employee benefits package. languages: French, Spanish, Portuguese, Japanese
and Chinese and translate other materials in other
■■ Improve the Data Portal and increase the use of ■■ Actively manage diversity (culture, age and languages on an ad-hoc basis.
PRI data for research and analysis. gender) among our staff.
■■ Continue to build the global expertise of our policy
team in Europe and the US.
122018/19 WORK
PROGRAMME: JOIN US AT PRI IN PERSON 2018
THE PRI PRI IN PERSON
MESSAGE FROM JOIN US IN SAN FRANCISCO FROM 12-14 SEPTEMBER AT THE WORLD’S LARGEST RESPONSIBLE
THE CEO
INVESTMENT EVENT.
2017/18 OVERVIEW
OUR STRATEGY AND
PRI in Person offers a platform for PRI signatories and other investment professionals to learn, network and collaborate in person over a
OBJECTIVES three-day period. The annual event allows attendees to discuss topical issues and share experiences from their own organisation and region
with peers from around the world.
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
We are delighted that the 2018 conference will run alongside the Global Climate Action Summit, a major event organised by the State of
A PROSPEROUS WORLD
FOR ALL California, which will bring together leaders from government, business and the global community to inspire greater global ambition to act on
ENABLING ENVIRONMENT climate. In line with this, investor action on climate change will be a key focus for PRI in Person 2018, but we will also cover a wide range of
other themes including ESG integration, active ownership and emerging E, S and G issues.
PRI IN PERSON
THE PRI
Apply for your place now via www.unpri.org/sanfran2018.
BOARD
SIGNATORY FEES
BUDGET PARTNER WITH US AT THE ACADEMIC NETWORK CONFERENCE 2018
The PRI Academic Network Conference 2018 will take place on Tuesday 11 September at the San Francisco Marriott Marquis, in collaboration
GET INVOLVED
with Haas School of Business, University of California, Berkeley and University of California, Davis. The conference precedes PRI in Person
REGIONAL 2018, taking place at the same venue between 12-14 September. Click here to view materials from last year’s conference.
NETWORKS
Connect with the Academic Network via the PRI Academic Network Online, a platform that brings together academics and investors for
dialogue and relationship building. It is a community of interest on responsible investment. Join the Academic Network here.
If your organisation is interested in showcasing itself at the conference, we have a number of partnership opportunities available. Please
contact the partnerships team with enquiries here.
13THE PRI BOARD
2018/19 WORK
PROGRAMME:
THE PRI
CHAIR DIRECTORS ELECTED BY ASSET OWNERS
MESSAGE FROM
THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND
OBJECTIVES
Martin Skancke Angela Emslie Eva Halvarsson Marcus Madureira Priya Sara Mathur Hiro Mizuno Renosi Mokate, Xander den Uyl
RESPONSIBLE INVESTORS Chair, PRI Chair, Hesta Chief Executive Planning Director, Board president, Executive Managing Chairperson of the Trustee, ABP
Appointed until 2020 Superfund Officer, Second PREVI CalPERS Director and Chief Board of Trustees, Elected until 2018
SUSTAINABLE MARKETS Elected until 2018 Swedish National Investment Officer, Government
INDEPENDENT Elected until 2020 Elected until 2020 THE NETHERLANDS
AUSTRALIA Pension Fund (AP2) BRAZIL US Government Pension Employees Pension
A PROSPEROUS WORLD
Elected until 2018 Investment Fund Fund (GEPF)
FOR ALL
SWEDEN (Japan) Elected until 2020
ENABLING ENVIRONMENT Elected until 2019 SOUTH AFRICA
JAPAN
PRI IN PERSON
THE PRI
BOARD DIRECTORS ELECTED BY NON-ASSET OWNERS PERMANENT UN ADVISORS
SIGNATORY FEES
UNGC UNEP
BUDGET
GET INVOLVED
REGIONAL Sandra Carlisle Tycho Sneyers Peter Webster
Head of Responsible Managing Partner, Director of
NETWORKS
Investment, HSBC LGT Capital Partners International Affairs,
Asset Management Elected until 2020 Vigeo Eiris & CEO Lise Kingo Eric Usher
Elected until 2018 SWITZERLAND EIRIS Foundation CEO & Executive Head, UNEP FI
UK Elected until 2019 Director
UK
YOUR RIGHTS AS A SIGNATORY CHAIR PRIORITIES 2018 BOARD ELECTIONS
We encourage signatories to participate actively in The PRI Board has approved the Chair priorities for There are three director positions up for election in
all areas of PRI governance and there are regular 2018/19: 2018: two asset owner positions and one investment
opportunities to do so. Mechanisms are in place to manager position. In late May, the PRI will publish the
encourage structured dialogue between signatories 1. board leadership; formal election notice and invitation to nominate.
and the board at regular intervals. This is so the board 2. climate strategy;
remains accountable to signatories and that decision For more details, contact Christopher Sperling.
3. Sustainable Development Goals strategy; and
making remains transparent. For a full list of signatory
rights, visit the PRI website. 4. strategic asset owner recruitment.
To raise matters with the PRI Board please email
governance@unpri.org.
14SIGNATORY FEES
2018/19 WORK
PROGRAMME:
THE PRI The annual signatory fee is due each April and is adjusted per each signatory’s category and assets under management or number of
employees. The PRI Board approved fee increases in line with UK inflation for 2018/19 at its September 2017 meeting.
MESSAGE FROM
THE CEO
2017/18 OVERVIEW FEE SCHEDULE 2018/19
OUR STRATEGY AND
OBJECTIVES
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETS
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON
THE PRI Asset owners Investment managers Service providers
BOARD
SIGNATORY FEES
AUM AUM
Fee (£) Fee (£) Employees Fee (£)
BUDGET
(US$ billion) (US$ billion)
GET INVOLVED
> 50 8,440 >50 13,670 >200 8,440
REGIONAL
NETWORKS
30 - 50 8,440 30 – 50 12,020 51 – 200 6,400
> 10 8,440 10 – 29.99 10,930 26 – 50 2,950
5 - 9.99 6,400 5 – 9.99 7,650 11 – 25 840
1 - 4.99 2,950 1 – 4.99 4,370BUDGET
2018/19 WORK
PROGRAMME:
THE PRI The Blueprint for responsible investment sets
Forecast 2017/18 Budget 2018/19 out our high-level ambitions for the next decade.
INCOME
MESSAGE FROM (£000s) (£000s) Broken down into more detailed three-year
THE CEO
plans, the 2018/19 budget represents the first of
Signatory fee income renewal 8,477 9,869 the 2018-2021 planning cycle. More specifically,
2017/18 OVERVIEW
Signatory fee income new members 598 785 the next financial year provides for:
OUR STRATEGY AND
OBJECTIVES
Grants, donations & other income 240 392 ■■ growth in policy and research work;
RESPONSIBLE INVESTORS
PRI in Person surplus (deficit) 597 306 ■■ further development of our digital capabilities,
SUSTAINABLE MARKETS
including ongoing development of a new
A PROSPEROUS WORLD PRI Academy 280 499 collaborative engagement platform;
FOR ALL
ENABLING ENVIRONMENT
TOTAL INCOME 10,192 11,851 ■■ strengthening of our capacity and expertise in
key markets such as managers for Southern
PRI IN PERSON
Europe and Spanish-speaking Latin America.
THE PRI China and Benelux network managers were
BOARD
Forecast 2017/18 Budget 2018/19 Staff added in 2017.
EXPENDITURE
SIGNATORY FEES (£000s) (£000s) 31.03.2019 ■■ growth of the Sustainable Financial System
and SDG work programmes;
BUDGET Management and operations 1,952 2,147 14 ■■ a continuing investment in education and the
Partnerships 224 235 3 PRI Academy;
GET INVOLVED
Premises costs 352 412
■■ improvement in the company pension scheme,
REGIONAL which also reflects new auto-enrolment
NETWORKS Reporting and assessment 639 936 13 legislation.
Real assets, public markets and AO-alt 784 1,061 16
Grants, donations and other income 242 392 3
Environmental, social and governance 677 775 12
Networks 2,360 2,876 27
Communications and events 776 1,165 10
Research, policy, climate and SFS 931 1,224 13
PRI Academy 334 431 4
Consultancy and research 465 550
TOTAL EXPENDITURE 9,736 12,205 115
Surplus (deficit) before interest, tax and
456 (354)
depreciation
Cash 31 March 3,892 2,957
16GET INVOLVED
2018/19 WORK
PROGRAMME:
There are several ways to get involved with the PRI or learn more about us. You could come along to one of our events, join an advisory
committee or working group, or sign up to some of our newsletters. Visit our website for more information.
THE PRI
For more information, get in touch:
MESSAGE FROM
THE CEO
2017/18 OVERVIEW Principles for Responsible Investment PRI Association (Hong Kong) Limited PRI US, Inc.
OUR STRATEGY AND
5th Floor, 25 Camperdown Street, Room 3, 11/F, 244 – 248 Des Voeux Road 45 Rockefeller Plaza, Suite 2000
OBJECTIVES London, E1 8DZ, UK Central, Sheung Wan, Hong Kong New York, NY 10111
RESPONSIBLE INVESTORS
T: +44 (0) 20 3714 3141 T: +852 3958 2946 T: +212 332 3437
SUSTAINABLE MARKETS
info@unpri.org - www.unpri.org
A PROSPEROUS WORLD
FOR ALL
ENABLING ENVIRONMENT
PRI IN PERSON
OUR UN PARTNERS
THE PRI
BOARD
SIGNATORY FEES
BUDGET
United Nations Environment Programme Finance Initiative (UNEP FI)
GET INVOLVED UNEP FI is a unique partnership between the United Nations Environment Programme (UNEP) and the global financial sector. UNEP FI works
closely with over 200 financial institutions that are signatories to the UNEP FI Statement on Sustainable Development, and a range of partner
REGIONAL organisations, to develop and promote linkages between sustainability and financial performance. Through peer-to-peer networks, research
NETWORKS
and training, UNEP FI carries out its mission to identify, promote, and realise the adoption of best environmental and sustainability practice at all
levels of financial institution operations.
More information: www.unepfi.org
UN Global Compact
Launched in 2000, the United Nations Global Compact is a both a policy platform and a practical framework for companies that are committed
to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and
strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to catalyse actions
in support of broader UN goals. With 7,000 corporate signatories in 135 countries, it is the world’s largest voluntary corporate sustainability
initiative.
More information: www.unglobalcompact.org
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
172018/19 WORK
PROGRAMME: REGIONAL NETWORKS GLOBAL
Graeme Griffiths
Co-Director
GLOBAL
Lorenzo Saa
Co-Director
graeme.griffiths@unpri.org lorenzo.saa@unpri.org
THE PRI AMERICAS CONTINENTAL EUROPE
Chris Fowle Dustin Neuneyer
MESSAGE FROM Head of Americas Head of Continental Europe
THE CEO CANADA chris.fowle@unpri.org dustin.neuneyer@unpri.org
Nalini Feuilloley
2017/18 OVERVIEW Head of Canada
nalini.feuilloley@unpri.org UK & IRELAND
OUR STRATEGY AND Anastasia Guha
OBJECTIVES CANADA
Head of UK & Ireland
anastasia.guha@unpri.org
RESPONSIBLE INVESTORS Kelly Krauter NORDICS
Associate UK & IRELAND
SUSTAINABLE MARKETS Yulia Sofronova
kelly.krauter@unpri.org
A PROSPEROUS WORLD Gregory Kearney Head of Nordic, CEE & CIS
FOR ALL Network Manager yulia.sofronova@unpri.org
JAPAN
gregory.kearney@unpri.org
ENABLING ENVIRONMENT US
Michiyo Morisawa
Carol Jeppesen GERMANY, AUSTRIA & SWITZERLAND Head of Japan
PRI IN PERSON BENELUX michiyo.morisawa@unpri.org
Senior Network Manager
carol.jeppesen@unpri.org Don Gerritsen Melanie Klebeck
THE PRI Head of Benelux Network Manager
melanie.klebeck@unpri.org JAPAN
BOARD don.gerritsen@unpri.org
US
Minako Yoneyama
SIGNATORY FEES Ophir Bruck CHINA Network Manager
Network Manager FRANCE minako.yoneyama@unpri.org
ophir.bruck@unpri.org Nan Luo
BUDGET Marie Luchet Head of China
Head of France nan.luo@unpri.org JAPAN
marie.luchet@unpri.org
GET INVOLVED Kaori Nomura
Associate
kaori.nomura@unpri.org
REGIONAL
NETWORKS AFRICA & ME
ASIA (excl. China & Japan)
Nicole Martens
Head of Africa & Middle East James Robertson
nicole.martens@unpri.org Head of Asia excl. China & Japan
james.robertson@unpri.org
LATIN AMERICA
Tatiana Assali
Head of Latin America
tatiana.assali@unpri.org
AUSTRALASIA
Matthew Mcadam
Head of Australia & New Zealand
matthew.mcadam@unpri.org
CENTRAL SUPPORT CENTRAL SUPPORT
Ben Leblique Alex Caldwell
Associate Associate
ben.leblique@unpri.org alex.caldwell@unpri.org
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