THE PRI 2018/19 WORK PROGRAMME
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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
Transcript of THE PRI 2018/19 WORK PROGRAMME
THE PRI 2018/19 WORK PROGRAMMEDELIVERING 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
“We believe that an economically efficient, sustainable global financial system is a necessity for long-term value creation. Such a system will reward long-term, responsible investment and benefit the environment and society as a whole.
The PRI will work to achieve this sustainable global financial system by encouraging adoption of the Principles and collaboration on their implementation; by fostering good governance, integrity and accountability; and by addressing obstacles to a sustainable financial system that lie within market practices, structures and regulation.”
1900 702SIGNATORIES:
ASSET OWNERS,INVESTMENT MANAGERS
AND SERVICE PROVIDERS
US$ TRILLION:
ASSETS UNDER MANAGEMENT
UN PARTNERS:
UNEP FINANCE INITIATIVEUN GLOBAL COMPACT
6PRINCIPLES:
RECOGNISING THE MATERIALITY OF
ENVIRONMENTAL, SOCIAL AND CORPORATE
GOVERNANCE ISSUES
1900 702SIGNATORIES:
ASSET OWNERS,INVESTMENT MANAGERS
AND SERVICE PROVIDERS
US$ TRILLION:
ASSETS UNDER MANAGEMENT
UN PARTNERS:
UNEP FINANCE INITIATIVEUN GLOBAL COMPACT
6PRINCIPLES:
RECOGNISING THE MATERIALITY OF
ENVIRONMENTAL, SOCIAL AND CORPORATE
GOVERNANCE ISSUES
1900 702SIGNATORIES:
ASSET OWNERS,INVESTMENT MANAGERS
AND SERVICE PROVIDERS
US$ TRILLION:
ASSETS UNDER MANAGEMENT
UN PARTNERS:
UNEP FINANCE INITIATIVEUN GLOBAL COMPACT
6PRINCIPLES:
RECOGNISING THE MATERIALITY OF
ENVIRONMENTAL, SOCIAL AND CORPORATE
GOVERNANCE ISSUES
1900 702SIGNATORIES:
ASSET OWNERS,INVESTMENT MANAGERS
AND SERVICE PROVIDERS
US$ TRILLION:
ASSETS UNDER MANAGEMENT
UN PARTNERS:
UNEP FINANCE INITIATIVEUN GLOBAL COMPACT
6PRINCIPLES:
RECOGNISING THE MATERIALITY OF
ENVIRONMENTAL, SOCIAL AND CORPORATE
GOVERNANCE ISSUES
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
2
2018/19 WORK PROGRAMME: MESSAGE FROM THE CEO
It’s been another busy year for the PRI as we’ve increasingly focused attention on implementing the nine priority areas highlighted in last year’s Blueprint for responsible investment, our mandate for the next decade. I’m looking forward to working with you all to turn this vision into a reality.
In addition to working on the Blueprint, our teams around the world were busy as usual on projects that we feel bring value to our signatories. We coordinated company-investor engagements on several critical issues, including cyber security and water disclosure; and launched guides on topics such as responsible investment in infrastructure and active ownership in listed equity. We also broke new ground by launching the first industry-standard hedge fund due diligence questionnaire, a tool that will surely help close the ESG gap in hedge funds.
On the policy front, we released roadmaps which make specific recommendations for market-wide ESG incorporation in Germany, Japan and South Africa; published country reviews for TCFD recommendations; and launched an investment consultant services review.
We have also been working closely with the European Commission’s High-Level Expert Group on Sustainable Finance (HLEG), where we contributed as an international observer. We strongly support the recommendations laid out in the HLEG final report, which sets out how to improve the contribution of the financial system to sustainable and inclusive growth. These recommendations set a real backdrop for a realignment of Europe’s capital markets towards true sustainability.
With one eye always on the future, we’ve been busy laying the foundations for our next twelve months. Climate change – 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.
Fiona ReynoldsCEO, PRI
We will of course carry on with our work supporting investors to incorporate the full range of ESG issues, with plans to release guidance around bondholder engagement, infrastructure investing and monitoring managers in private equity. Following the success of our award-winning first credit ratings agency guide, we will also release the second in the three-part series on this subject.
Empowering asset owners is key to our direction over the next ten years. We will ensure we are supporting them by introducing more local resources, a dedicated online asset owner hub and specific guides on asset allocation, strategy, and appointment and monitoring.
And to make sure that our signatories continue to lead the way in responsible investment, we will be increasing accountability through the development of minimum requirements that we expect signatories to meet. We will also develop an awards ceremony to showcase our signatories’ best RI practices – watch this space.
Thank you – all 1,900 of you – for your support over the last twelve months. By working together, we will continue taking great strides forwards to advance responsible investment and create a sustainable financial system that benefits everyone.
By working together, we will continue taking great strides forwards to advance responsible investment and create a sustainable financial system that benefits everyone.
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
3
2018/19 WORK PROGRAMME: 2017/18 OVERVIEW
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.
INCORPORATE ENGAGE ACCOUNTABILITY
■ We launched The SDG investment case, which lays out five compelling reasons why the SDGs are relevant to investors. We also produced an SDG landscape map which lists resources investors can use to help them achieve impact through the SDGs.
■ We launched an award-winning credit ratings agency report and introduced a ground-breaking due diligence questionnaire for hedge funds.
■ We launched guides on private equity manager appointment, ESG risk in the supply chain for private market investors, active ownership in listed equity and responsible investment in infrastructure.
■ We launched a consultation on asset owners’ strategic priorities and how the PRI can continue to support them.
■ We launched reports on megatrends, responsible working practices in apparel companies and the benefits of engagement on director nominations.
■ We worked with partners including Carbon Tracker to release research that ranks the oil and gas industry company by company to identify where shareholders’ money could be most exposed to the low-carbon transition.
■ We finished engagements on cyber security, water disclosure and the overuse of antibiotics in livestock supply chains, and began engagements on deforestation, sustainable palm oil and child labour in cocoa supply chains.
■ More than 250 investors signed up to the Climate Action 100+ initiative.
■ We introduced proposals to showcase signatory leadership and developed the accountability programme: a signatory delisting approach and minimum requirements. We also continued our research into assurance of reporting data.
■ We introduced mandatory reporting for service providers. This will provide investors with comparable reports on service provider activity, scope and commitment to the Principles.
■ We enabled signatories to align their climate-related disclosure with the FSB TCFD recommendations in the Reporting Framework.
■ We launched five dynamic snapshot reports on listed equity; fixed income; manager selection, appointment and monitoring; active ownership activities; and assessment.
■ We carried out meetings to support over 300 signatories with the reporting and assessment process.
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
4
2018/19 WORK PROGRAMME: 2017/18 OVERVIEW
EDUCATE GROWTH INFLUENCE
■ We launched the Academic Network Online, a hub for academics and investors to connect and engage with responsible investment research.
■ We issued our first-ever call for research and awarded funding to leading universities to help investors review the effectiveness of their engagement strategies.
■ 1,800 people from 50 countries enrolled on to the PRI Academy, a 159% increase on 2016/17. We also launched our first responsible investment course for trustees.
■ We welcomed 334 new signatories in the 2017 financial year, a net growth of 14%. The signatory base now stands at over 1,900.
■ In the 2017 financial year, we recruited 39 new asset owners from around the world, including Japan, San Francisco, the Netherlands and Indonesia.
■ We met with 694 signatories to support them to implement the six Principles.
■ We expanded our global coverage with local representatives in the Benelux region and China. We also strengthened support for our Francophone network with more French-speaking members of staff.
■ We provided input to the EU High-Level Expert Group on Sustainable Finance (HLEG), whose final report echoes much of the PRI’s work.
■ We launched fiduciary duty roadmaps for Japan, South Africa and Germany. They set out recommendations to fully embed the consideration of ESG factors in the fiduciary duties of investors in those markets.
■ We convened the support of over 400 investors for the FSB TCFD recommendations and gave input to the final report, with the PRI Chair serving on the task force; published country reviews for TCFD implementation; and called on governments to implement the recommendations.
■ We launched an investment consultant services review and held a series of events around our Sustainable Financial System programme.
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
5
2018/19 WORK PROGRAMME: 2017/18 OVERVIEW
PROFILE
■ Financial Times
Schroders issues climate change warning
“There is no doubt that investors are concerned about the material risks around climate change and are feeling pressure to ensure that the companies in which they invest are well-positioned to transition to a 2 degrees world.”
■ Citywire Asia
New horizons: Special report on ESG investing in Asia
“‘I think governments are understanding much more that if they want foreign investment, and the biggest pension funds are now demanding RI standards, they have to get on board.”
CONVENE
■ 1,000 delegates from 39 countries representing over 500 organisations joined us in Berlin for PRI in Person. 95% of delegates rated their experience either “good” or “excellent”.
■ Over 2,700 delegates from 1,600 organisations attended our other events on subjects including responsible investment in fixed income, how asset owners can support the delivery of the Paris Agreement and ESG in credit risk and ratings.
■ Boersen-Zeitung
Investor initiative wants to strengthen sustainable investment
“The newly elected government in Germany must make sustainability and sustainable investing a priority. Germany has pulled back on its green investment and sustainability focus, it must regain that momentum.”
■ L’Agefi
Towards PRI 2.0
“Responsible investing is starting to become more of a mainstream issue but it’s not there yet. There is a lot of work yet to do. The good news is that investors are starting to think about long-term risks in a more holistic way.”
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
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OUR STRATEGY AND OBJECTIVES
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 consultation with signatories, UN partners and the PRI Board.
THE BLUEPRINT FOR RESPONSIBLE INVESTMENT 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 pressing ESG issues in the world today. Through nine priority areas, we will encourage signatories to become more active owners, to inspire leadership and support sustainable investment strategies, leading to prosperous and inclusive societies for future generations.
RESPONSIBLE INVESTORSWe will strengthen, deepen and expand our core work: to lead responsible investors in their pursuit of long-term value and to enhance alignment throughout the investment chain.
• EMPOWER ASSET OWNERS• SUPPORT INVESTORS
INCORPORATING ESG ISSUES• FOSTER A COMMUNITY
OF ACTIVE OWNERS• SHOWCASE LEADERSHIP AND
INCREASE ACCOUNTABILITY• CONVENE AND EDUCATE
RESPONSIBLE INVESTORS
SUSTAINABLE MARKETSWe will address unsustainable aspects of the markets that investors operate in, to achieve the economically efficient, sustainable global financial system that responsible investors and beneficiaries need.
• CHALLENGE BARRIERS TO A SUSTAINABLE FINANCIAL SYSTEM
• DRIVE MEANINGFUL DATA THROUGHOUT MARKETS
A PROSPEROUS WORLD FOR ALLWe will enable signatories to improve the real world – now and in the future – by 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
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
2018/19 WORK PROGRAMME:
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2018/19 WORK PROGRAMME: 2018/19 PLANS
RESPONSIBLE INVESTORS
EMPOWER ASSET OWNERS
SUPPORT INVESTORS INCORPORATING ESG ISSUES
FOSTER A COMMUNITY OF ACTIVE OWNERS
■ Enhance asset owner support through more local resources, a dedicated online asset owner hub and guides on asset allocation, strategy, and appointment and monitoring.
■ Deliver guidance for asset owners on how to implement the FSB TCFD recommendations and how to engage with investment managers on proxy voting on climate issues.
■ Disseminate the new trustee training module in the PRI Academy to asset owner trustees.
■ Educate asset owners on how to extract and access better information from the Data Portal.
■ Continue training aimed at the mainstream investment market with the CFA Institute.
■ Release research on bondholder engagement; ESG integration for corporate, sovereign bonds and thematic bonds; monitoring managers in private equity; infrastructure investing, as well as establishing a programme of work on real assets.
■ Using the findings from our series of roundtables, we will release a report on the challenges of ESG consideration in credit risk analysis. We will start engagements on oil and gas, methane risks, water 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.
■ Revise the listed equity and fixed income active ownership modules in the Reporting Framework.
■ Provide a series of discussion papers on a sustainable financial system and responsible owners covering behaviours, responsibilities, instruments and strategies.
■ Release guidance on proxy voting in line with responsible investment policies.
PROMOTE A STRONGER ROLE FOR ASSET OWNERS
BROADEN, DEEPEN AND ‘MAINSTREAM’ ESG INTEGRATION
INCREASE THE QUALITY OF ACTIVE OWNERSHIP
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
8
2018/19 WORK PROGRAMME: RESPONSIBLE INVESTORS
SHOWCASE LEADERSHIP AND INCREASE ACCOUNTABILITY
CONVENE AND EDUCATE INVESTORS
■ Implement the accountability programme: developing minimum requirements and a signatory watch list and supporting signatories that don’t meet the minimum criteria with a view to delist those that don’t make progress after two years.
■ Introduce leadership criteria, produce a leadership table and develop an awards programme to celebrate industry best practices, with the first awards to be handed out in Paris in 2019.
■ Review the Reporting Framework to see if it’s shaped to enable signatories to make impact through their responsible investment activities.
■ Introduce TCFD climate reporting and support climate data analysis through the Reporting Framework.
■ Increase presence in markets where responsible investment is under-represented, particularly in Asia and the US.
■ Hold PRI in Person 2018 and the Academic Network Conference in San Francisco, as well as a programme of events across the globe.
■ Facilitate an investor field trip to visit agriculture and infrastructure sites to understand operational water management within the California context.
■ Continue to develop the PRI Academy course content, as well as increase number of enrolments.
■ Commission academic research that presents practical insights on modern portfolio theory, ‘values to valuation’, and economic inequality.
SHOWCASE BEST PRACTICE AND INTRODUCE NEW ACCOUNTABILITY MECHANISMS
REACH NEW MARKETS, NETWORKS AND MEMBERS
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
9
2018/19 WORK PROGRAMME: SUSTAINABLE MARKETS
CHALLENGE BARRIERS TO A SUSTAINABLE FINANCIAL
SYSTEM
DRIVE MEANINGFUL DATA THROUGHOUT MARKETS
■ Launch SFS research streams on trustees, macro risks and megatrends, accounting standards, retail investor duties; deliver a review of the banking sector.
■ Continue to implement the recommendations of the Fiduciary duty in 21st century programme.
■ Work with stakeholders in Brussels and national governments to support the introduction of the EU HLEG recommendations.
■ Work with the UK Green Finance Taskforce to 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.
■ Build additional transparency and accountability through the Reporting Platform by reporting on SDGs other than climate; and improving validation and verification methods to ensure data reported is credible.
■ Collaborate with other reporting organisations to encourage the consolidation of reporting frameworks to lessen reporting burden.
■ Grow the Sustainable Stock Exchanges initiative by continuing to work with investors and companies to encourage exchanges to commit to sustainability.
ALIGN THE FINANCIAL SYSTEM WITH THE LONG TERM
ENHANCE SUSTAINABILITY REPORTING
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
10
2018/19 WORK PROGRAMME: A PROSPEROUS WORLD FOR ALL
CHAMPION CLIMATE ACTION
ENABLE REAL-WORLD IMPACT ALIGNED WITH THE SDGS
■ Encourage our signatories to engage with the top 100 carbon emitters as part of the Climate Action 100+ programme.
■ Refresh the data in the 2 degrees of separation project.
■ Continue the work of The Investor Agenda to scale up actions critical to tackling climate change and achieving the goals of the Paris Agreement.
■ Cooperate with the California Climate Summit on PRI in Person 2018.
■ Investigate barriers to increasing low-carbon investments through country reviews and local roundtables.
■ Organise series of events to discuss the investment case for the SDGs.
■ Help signatories incorporate SDGs into investor decision making by providing guides on how to integrate them into listed equities, fixed income and infrastructure.
■ Produce specific advice to asset owners on the SDGs and asset allocation and in the selection, appointment and monitoring of managers.
■ Continue our research project with Harvard University on inequality with a series of roundtables – results will be presented at PRI in Person.
■ 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.
SECURE COMMITMENT ON CLIMATE CHANGE AND SUPPORTING THE LOW-CARBON
TRANSITION
MAKE THE INVESTMENT CASE FOR THE SDGS
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
11
2018/19 WORK PROGRAMME: ENABLING ENVIRONMENT
ENHANCE OUR DIGITAL CAPACITY TO IMPROVE
COMMUNICATION
DEVELOP OUR STAFF TO BETTER SUPPORT
SIGNATORIES
■ Introduce a new website with audience-tailored information.
■ Develop a more comprehensive digital strategy and enhance digital media presence.
■ Deliver an enhanced Collaboration Platform. ■ Enhance the Reporting Framework and provide
automated signatory support. ■ Improve the Data Portal and increase the use of
PRI data for research and analysis.
■ Attract and retain staff motivated by our Mission and values.
■ Develop capability of staff through training and development to deliver high performance throughout the organisation.
■ Implement new HR, payroll and time management systems.
■ Review employee benefits package. ■ Actively manage diversity (culture, age and
gender) among our staff.
INVEST IN DIGITAL PLATFORMS TO ENHANCE COMMUNICATIONS CAPACITY AND INCREASE
COLLABORATION
INVEST IN STAFF TO DELIVER VALUE TO SIGNATORIES
EXPAND OUR GLOBAL FOOTPRINT TO SUPPORT
SIGNATORIES
■ Provide dedicated and systematic support to signatories through local signatory account management.
■ Recruit additional staff in local markets, particularly in Southern Europe, Spanish-speaking Latin America and the UK.
■ Deliver selected PRI resources in top five priority languages: French, Spanish, Portuguese, Japanese and Chinese and translate other materials in other languages on an ad-hoc basis.
■ Continue to build the global expertise of our policy team in Europe and the US.
BUILD LOCAL CAPACITY TO SUPPORT SIGNATORIES
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
12
2018/19 WORK PROGRAMME: JOIN US AT PRI IN PERSON 2018
PRI IN PERSON JOIN US IN SAN FRANCISCO FROM 12-14 SEPTEMBER AT THE WORLD’S LARGEST RESPONSIBLE INVESTMENT EVENT.
PRI in Person offers a platform for PRI signatories and other investment professionals to learn, network and collaborate in person over a 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.
We are delighted that the 2018 conference will run alongside the Global Climate Action Summit, a major event organised by the State of California, which will bring together leaders from government, business and the global community to inspire greater global ambition to act on 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.
Apply for your place now via www.unpri.org/sanfran2018.
PARTNER WITH US AT THE ACADEMIC NETWORK CONFERENCE 2018The PRI Academic Network Conference 2018 will take place on Tuesday 11 September at the San Francisco Marriott Marquis, in collaboration with Haas School of Business, University of California, Berkeley and University of California, Davis. The conference precedes PRI in Person 2018, taking place at the same venue between 12-14 September. Click here to view materials from last year’s conference.
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.
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
13
2018/19 WORK PROGRAMME: THE PRI BOARD
CHAIR
UNGC
Lise KingoCEO & Executive Director
Martin Skancke Chair, PRIAppointed until 2020INDEPENDENT
PERMANENT UN ADVISORS
UNEP
Eric UsherHead, UNEP FI
DIRECTORS ELECTED BY ASSET OWNERS
Angela EmslieChair, Hesta SuperfundElected until 2018AUSTRALIA
Marcus MadureiraPlanning Director, PREVIElected until 2020BRAZIL
Hiro MizunoExecutive Managing Director and Chief Investment Officer, Government Pension Investment Fund (Japan)Elected until 2019JAPAN
Priya Sara MathurBoard president, CalPERSElected until 2020US
Sandra CarlisleHead of Responsible Investment, HSBC Asset Management Elected until 2018UK
DIRECTORS ELECTED BY NON-ASSET OWNERS
Peter WebsterDirector of International Affairs, Vigeo Eiris & CEO EIRIS FoundationElected until 2019UK
Renosi Mokate, Chairperson of the Board of Trustees, Government Employees Pension Fund (GEPF)Elected until 2020SOUTH AFRICA
Xander den UylTrustee, ABPElected until 2018THE NETHERLANDS
YOUR RIGHTS AS A SIGNATORYWe encourage signatories to participate actively in all areas of PRI governance and there are regular opportunities to do so. Mechanisms are in place to encourage structured dialogue between signatories and the board at regular intervals. This is so the board remains accountable to signatories and that decision making remains transparent. For a full list of signatory rights, visit the PRI website.
To raise matters with the PRI Board please email [email protected].
CHAIR PRIORITIES The PRI Board has approved the Chair priorities for 2018/19:
1. board leadership; 2. climate strategy; 3. Sustainable Development Goals strategy; and4. strategic asset owner recruitment.
2018 BOARD ELECTIONSThere are three director positions up for election in 2018: two asset owner positions and one investment manager position. In late May, the PRI will publish the formal election notice and invitation to nominate.
For more details, contact Christopher Sperling.
Eva HalvarssonChief Executive Officer, Second Swedish National Pension Fund (AP2)Elected until 2018SWEDEN
Tycho SneyersManaging Partner, LGT Capital PartnersElected until 2020SWITZERLAND
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
14
2018/19 WORK PROGRAMME: SIGNATORY FEES
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.
DISCOUNTS AND WAIVERSAsset owners with headquarters in a country classified by the IMF as an emerging market or developing economy can apply for a discount.For further details, contact [email protected].
FEE SCHEDULE 2018/19
Asset owners
AUM (US$ billion) Fee (£)
> 50 8,440
30 - 50 8,440
> 10 8,440
5 - 9.99 6,400
1 - 4.99 2,950
0.1 - 0.99 840
0 - 0.1 460
Service providers
Employees Fee (£)
>200 8,440
51 – 200 6,400
26 – 50 2,950
11 – 25 840
<10 460
Investment managers
AUM (US$ billion) Fee (£)
>50 13,670
30 – 50 12,020
10 – 29.99 10,930
5 – 9.99 7,650
1 – 4.99 4,370
0.1 – 0.99 1,650
0 – 0.09 1,090
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
15
2018/19 WORK PROGRAMME: BUDGET
INCOME Forecast 2017/18 (£000s)
Budget 2018/19 (£000s)
Signatory fee income renewal 8,477 9,869
Signatory fee income new members 598 785
Grants, donations & other income 240 392PRI in Person surplus (deficit) 597 306
PRI Academy 280 499
TOTAL INCOME 10,192 11,851
EXPENDITURE Forecast 2017/18 (£000s)
Budget 2018/19 (£000s)
Staff 31.03.2019
Management and operations 1,952 2,147 14
Partnerships 224 235 3
Premises costs 352 412
Reporting and assessment 639 936 13
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 depreciation 456 (354)
Cash 31 March 3,892 2,957
The Blueprint for responsible investment sets out our high-level ambitions for the next decade. Broken down into more detailed three-year plans, the 2018/19 budget represents the first of the 2018-2021 planning cycle. More specifically, the next financial year provides for:
■ growth in policy and research work; ■ further development of our digital capabilities,
including ongoing development of a new collaborative engagement platform;
■ strengthening of our capacity and expertise in key markets such as managers for Southern Europe and Spanish-speaking Latin America. China and Benelux network managers were added in 2017.
■ growth of the Sustainable Financial System and SDG work programmes;
■ a continuing investment in education and the PRI Academy;
■ improvement in the company pension scheme, which also reflects new auto-enrolment legislation.
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
16
2018/19 WORK PROGRAMME:
UN Global CompactLaunched 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
United Nations Environment Programme Finance Initiative (UNEP FI)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 organisations, to develop and promote linkages between sustainability and financial performance. Through peer-to-peer networks, research 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
OUR UN PARTNERS
GET INVOLVED
Principles for Responsible Investment5th Floor, 25 Camperdown Street,London, E1 8DZ, UK
T: +44 (0) 20 3714 [email protected] - www.unpri.org
PRI Association (Hong Kong) LimitedRoom 3, 11/F, 244 – 248 Des Voeux Road Central, Sheung Wan, Hong Kong
T: +852 3958 2946
PRI US, Inc.45 Rockefeller Plaza, Suite 2000New York, NY 10111
T: +212 332 3437
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
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.
For more information, get in touch:THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
17
2018/19 WORK PROGRAMME: REGIONAL NETWORKS Graeme Griffiths
GLOBAL
Yulia SofronovaHead of Nordic, CEE & [email protected]
NORDICS
Dustin NeuneyerHead of Continental [email protected]
CONTINENTAL EUROPE
Melanie KlebeckNetwork Manager
GERMANY, AUSTRIA & SWITZERLAND
Tatiana AssaliHead of Latin America
LATIN AMERICA
Carol JeppesenSenior Network [email protected]
US
Chris FowleHead of Americas
AMERICAS
Anastasia GuhaHead of UK & Ireland
UK & IRELAND
James RobertsonHead of Asia excl. China & Japan
ASIA (excl. China & Japan)
Michiyo MorisawaHead of Japan
JAPAN
Alex CaldwellAssociate
CENTRAL SUPPORT
Lorenzo SaaCo-Director
Kelly KrauterAssociate
CANADA
GLOBAL
Nalini FeuilloleyHead of Canada
CANADA
Ophir BruckNetwork Manager
US
Marie LuchetHead of France
FRANCE
Matthew McadamHead of Australia & New Zealand
AUSTRALASIA
Gregory KearneyNetwork Manager
UK & IRELAND
Nicole MartensHead of Africa & Middle East
AFRICA & ME
Ben LebliqueAssociate
CENTRAL SUPPORT
Nan LuoHead of China
CHINAMinako YoneyamaNetwork Manager
JAPAN
Don GerritsenHead of Benelux
BENELUX
THE PRI
RESPONSIBLE INVESTORS
PRI IN PERSON
SIGNATORY FEES
BUDGET
GET INVOLVED
REGIONAL NETWORKS
THE PRIBOARD
MESSAGE FROM THE CEO
2017/18 OVERVIEW
OUR STRATEGY AND OBJECTIVES
SUSTAINABLE MARKETS
A PROSPEROUS WORLD FOR ALLENABLING ENVIRONMENT
Kaori NomuraAssociate
JAPAN
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