THE PRI 2016/17 WORK PROGRAMME

THE PRI
2016/17 WORK
PROGRAMME
10 YEARS OF LEADERSHIP IN
RESPONSIBLE INVESTMENT
APRIL 2016
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
1
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE MANAGING DIRECTOR
MESSAGE FROM THE
MANAGING DIRECTOR
As the PRI celebrates 10 years of leadership in responsible investment
in 2016, we are extremely proud of the significant role that we have
played supporting our signatories to promote responsible investment
and develop tools and best practices.
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
While celebration is warranted, there are still many challenges which
stand in the way of a sustainable financial system that integrates
environmental, social and governance (ESG) issues. Now is definitely
not the time to rest on our laurels.
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
In order to respond to the complex needs of our diverse signatory
base, we have grown our global presence, including strengthening
our team outside London so we address issues that are relevant
to signatories on a global, regional and local level. Our work is also
seeking to go ever deeper.
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
REGIONAL
NETWORKS
Fiona Reynolds
Managing Director, PRI
The PRI’s Investment Practices team covers all of the major asset
classes and is consistently looking at new areas in which to advance
responsible investment practices and address barriers to ESG
integration. This year, we launched a project to work with credit rating
agencies to highlight the benefits of them using ESG considerations in
a more systematic way.
Our ESG Engagements team continues to tackle topical issues such
as multinational tax avoidance, political lobbying, climate change,
and human rights in the extractive sector, while the Reporting and
Assessment team is relentless in supporting signatories throughout
the reporting process, fostering continued dialogue on how they can
continue to develop their responsible investment practices.
The PRI Academy, in turn, is now providing education courses which
are more tailored than ever before, meeting the needs of investment
professionals across the globe. The Policy and Research team have
made a record number of submissions; produced guidance for asset
owners on how they can drive responsible investment forward and
have begun new work to address systemic risk in the financial system.
With our signatories and other investor groups, the PRI also played
a key role throughout COP21, ensuring a strong investor voice was
heard. We were especially proud to announce during the conference
that 120 signatories with $10 trillion in assets under management had
signed the Montreal Pledge. With the Climate Bonds Initiative, we
launched the Green Infrastructure Coalition during COP21 to assist
money flowing into the green economy.
“Now, in our anniversary year, it’s time to step
back and say: ‘Yes, we have made a progress,
but there is still a lot to do. How do we reach
that next level? How do we push beyond
awareness to real impact?’ And so, over the
course of 2016, we are consulting across the
globe, culminating in the PRI producing a 10
year blueprint, which will set a clear direction for
the organisation for the next decade and include
metrics that will measure our progress.”
delivered in collaboration with our UN partners. To top off a busy
12 months, an overwhelming majority of signatories, 87 percent,
voiced in our recent survey that being a signatory adds value to their
organisation, and believe the PRI is heading in the right direction.
One of the goals in our three year strategic plan is to expand our
presence across Asia. The region has a considerable appetite for
RI and we are keen to work more closely with key stakeholders to
leverage that momentum. In addition to Asia, we will continue to
focus on the US market and developing ESG knowledge and practices.
The Department of Labor (DOL) updated their guidance in 2015, a
significant step signalling that consideration of ESG factors can be
consistent with fiduciary duty. We complemented this milestone with
a number of legal opinions for the US market on how to document
their ESG considerations. Our hope is that the DOL announcement
will assist in sweeping away the remaining barriers to ESG integration
in the US. We also participated in the launch of the Sustainable
Development Goals (SDG’s) and are now working to effectively
integrate these into our work streams.
The PRI remains your one-stop-shop for responsible investment
expertise, welcoming signatories of all shapes and sizes and at all
stages of their responsible investment journey.
We thank you for your input and continued support. Without our
signatories the PRI would not be in the position it is today and able to
celebrate 10 successful years.
We broke new ground last year on the critical issue of fiduciary duty,
culminating in our publication of Fiduciary Duty in the 21st Century,
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2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
STRATEGY MAP AND OBJECTIVES
The PRI’s annual work programme reflects the priorities outlined in its 2015-18 strategic plan, which came into effect in April 2015 and was
developed through extensive consultation with signatories, UN partners, the PRI Board and staff. It contains 14 strategic objectives, grouped
according to three themes.
OUR ACHIEVEMENTS
OUR PLANS
STRATEGY MAP
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
Support signatories making progress towards
implementation of the Principles
Provide opportunities for signatories to
convene, share knowledge and collaborate for
change and impact
Enhance signatory
accountability mechanisms
Strengthen PRI voice
and brand
Engage with and facilitate dialogue
with key decision makers
Facilitate collaboration between academics and
investors and use our knowledge to educate
signatories and stakeholders
Deepen and strengthen our relationship
with UN partners
Collaborate with key stakeholders
to further our mission
Increase the representation and participation
of Asset Owners
Strengthen capacity and expertise
in key markets
Continue to build a financially
sustainable organisation
Attract, retain and develop the required
human capital
Deliver and support an effective
governance structure
Enhance capacity for transparency and
collaboration through PRI infrastructure
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
From awareness
to impact
BUDGET
CONTACT US
REGIONAL
NETWORKS
Extend our
collective
influence
STRATEGY STATEMENT
Throughout the life of
the 2015-18 strategic
plan, PRI will move
from awareness to
impact with signatories
demonstrating real
progress implementing
the Principles and
increased asset owner
representation. We will
achieve this by working
with our global and
local investor networks
and UN partners to
inform, engage and lead
the financial markets to
mainstream responsible
investment.
Capabilities and
governance
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2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS IN 2015/16
In the past 12 months the PRI has worked tirelessly to support the long-term interests of its signatories. Here are the highlights of what
we accomplished together in 2015/16.
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
IMPLEMENT
CONTACT US
REGIONAL
NETWORKS
■■
The Fixed income case study series, written by
fixed income practitioners from around the world,
highlights examples of interesting and innovative
approaches to responsible investment.
We’ve published 15 case studies over the course
of the year, covering a range of issuer types, ESG
topics, investment approaches and geographic
regions.
■■
The LP Responsible Investment DDQ is an
adaptable list of questions that limited partners
(LPs) can ask general partners (GPs) precommitment, to understand and evaluate how
GPs integrate material ESG factors into their
investment practices. It is accompanied by more
developed discussion points, case studies and
further resources.
COLLABORATE
■■
Engagement guidance on corporate tax
responsibility discusses why and how to engage
with companies on their tax practices, including
a list of red flags to look out for in identifying
which companies to engage with and a list of
suggested questions to choose from when holding
discussions.
Human rights and the extractive industry: Why,
who and how to engage looks at the business
case for engaging extractive companies on human
rights.
Based on the findings of two investor-company
roundtables, and research into the disclosure of
50 extractive companies, the report identifies
six areas for engagement, providing engagement
questions, case studies and further resources.
CONVENE
■■
PRI in Person 2015 was the largest responsible
investment conference ever held, drawing in a
diverse, global audience and attracting significant
media attention.
The comprehensive programme included a series
of inspiring keynote addresses from within and
outside the industry. Delegates participated in a
series of interactive plenaries and roundtables as
well as a range of practical breakout sessions.
■■
We’ve hosted and participated in dozens of other
events around the world, tackling fixed income,
divestment, hedge funds, Islamic finance, fiduciary
duty, private equity and many more key topics.
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2016/17 WORK
PROGRAMME:
OUR ACHIEVEMENTS IN 2015/16
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
SIGNATORY
FEES
ASSET OWNERS
ACCOUNTABILITY
THE PRI
BOARD
■■
BUDGET
CONTACT US
We completed the two-year pilot phase of the
Assessment Methodology and Assessment
Reports.
■■
Unlike the strictly confidential first set of
Assessment Reports, we made the 2015
reports available for signatories to use however
they wished: share publicly to demonstrate
performance against peers, or keep in-house as an
internal learning and development tool.
REGIONAL
NETWORKS
An Asset Owner Advisory Committee consisting
of high-level representatives from asset owner
signatories that have demonstrated leadership
in implementing the six Principles will advise the
strategy and execution of our Asset Owner Insight
work.
Two new bands in the Assessment Methodology
better distinguish the very top-scoring signatories
and those not implementing responsible
investment at all.
■■
■■
We launched a completely revamped fixed income
module, which is expertly tailored to this crucial
asset class.
We’ve established a dedicated Asset Owner
Insight team to examine the specific opportunities
and challenges that asset owners face in
responsible investment, such as selecting,
appointing and monitoring managers, developing
policies, developing strategies and incorporating
ESG factors in passive/index investing.
Our Climate Change Strategy Project resulted
in the Reducing emissions across the portfolio
discussion paper and the Developing an asset
owner climate change strategy pilot framework.
More than 120 investors committed to The
Montréal Carbon Pledge (both asset owners and
investment managers) representing over US$10
trillion by COP21 in December 2015.
KEY MARKETS
■■
We opened our first office outside the UK in New
York.
A full-time presence in this crucial market
means better support for the efforts of our US
signatories (who comprise nearly a fifth our total
signatory base) and building our influence by
adding new signatories in the home of the world’s
largest economy and financial markets.
■■
We opened a Hong Kong office and joined
forces with the leading responsible investment
association in the region, The Association for
Sustainable and Responsible Investment in Asia
which is now part of the PRI.
This presence in Asia builds on ASrIA’s
achievements, networks and relationships,
conducive to greater impact and progress on
responsible investment in the region.
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2016/17 WORK
PROGRAMME:
OUR ACHIEVEMENTS IN 2015/16
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
SIGNATORY
FEES
UN PARTNERS
VOICE
THE PRI
BOARD
■■
BUDGET
CONTACT US
REGIONAL
NETWORKS
■■
■■
Wall Street Journal
Sustainable investing goes mainstream
“Long viewed as a niche asset class catering to
wealthy individuals and institutions that wanted to
avoid controversial industries such as tobacco and
firearms, sustainable investing seemed to turn a
corner last year.”
Reuters
Sustainable investing a fiduciary duty
for fund managers
“Fund managers that do not incorporate
sustainability criteria into their investment
decisions are failing in their fiduciary duty, a
United Nations-backed report said on Monday.”
Financial Times
Responsible investment: Vice vs nice
“There is a huge range of different ESG investing
approaches, but, globally, more than 30% of
institutionally managed assets have some kind of
social mandate, accounting for US$21.4 trillion in
assets.”
■■
In collaboration with UNEP FI, UNEP Inquiry and
UN Global Compact, we published Fiduciary Duty
in the 21st Century
It is the result of nine months of events,
interviews, case studies and a legal review, and
finds that fiduciary duty is not an obstacle to
action on ESG factors.
(Read about the resulting three-year project on
the next page.)
■■
The Sustainable Stock Exchanges (SSE) initiative
launched its Model guidance on reporting ESG
information to investors at the London Stock
Exchange opening on 8 September 2015. The SSE
now boasts about 50 partner exchanges.
■■
We presented at the UN’s Sustainable
Development Goals summit, bringing the investor
perspective to the table. Further to this aim, we
participated in the Sustainable Stock Exchanges
launch of the SDGs at the New York Stock
Exchange, wrote to companies, and spoke at the
SDG Business Forum.
EDUCATE
■■
PRI Academy relaunched its full suite of courses,
having reviewed all course content to update
and improve it, fully aligning course content with
the PRI’s beliefs and policies, added more PRI
materials throughout and created consistent, easy
to follow terminology.
■■
Improving all aspects the user experience, from
first registration through to completion, has made
the new optimised PRI Academy content more
easily available to an even broader audience.
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2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR PLANS FOR 2016/17
As we move into the second year of our strategic plan, we will continue to focus on further breakthroughs from awareness into impact.
Below are some highlights from each of our strategic objectives within the plan.
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
IMPLEMENT
COLLABORATE
■■
isted equity – a brand new version of the hugely
L
popular Integrated Analysis guide, including
30 case studies of investor practice, is nearing
completion. A series of workshops held around
the world will follow publication.
Major PRI-coordinated investor collaborations will
engage companies on specific environmental, social
and governance issues over the next 12 months, with
the outcomes and the lessons learned shared with
the wider signatory base.
■■
Fixed income – delivering the ESG in credit ratings
initiative, together with UNEP Inquiry, to better
incorporate ESG considerations into credit ratings.
REGIONAL
NETWORKS
■■
Private equity – producing guidance on fund
documentation for limited partners, and on
climate change in private equity (alongside the
Institutional Investors Group on Climate Change
(IIGCC)).
■■
Impact investment – completing a map of the
options available in the themed and impact
investment market.
■■
Hedge funds – the first integration guide for
hedge funds will get off the ground, and a due
diligence tool for absolute return strategies.
■■
Environmental – on water risks and fracking
■■
Social – on labour standards
■■
Governance – on anti-corruption and director
nominations
New collaborative projects will address key topics,
identified by signatories in a detailed consultation.
Major themes include climate change, cyber-security
and the materiality of human rights.
CONVENE
■■
In the PRI’s tenth anniversary year, 2016, we
will be bringing the world’s leading responsible
investment event to Asia for the first time since
2008. PRI in Person will take place in Singapore,
from 6-8 September.
■■
Anniversary events in New York and London will
gather signatories and stakeholders to reflect on
the past 10 years and look ahead to the next.
■■
A broad array of regional events will continue right
across the globe.
An enhanced Collaboration Portal (formerly
Clearinghouse) will better support collaboration
amongst signatories when it is launched later this
year.
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2016/17 WORK
PROGRAMME:
OUR PLANS FOR 2016/17
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
BUDGET
■■
We are redeveloping modules in the Reporting
Framework that capture interactions between
asset owners and investment managers, to better
reflect current practice, and best practice.
■■
This year we will begin developing service provider
reporting, so that in future reporting cycles
service provider signatories will join investors in
reporting on their activities to support responsible
investment.
CONTACT US
REGIONAL
NETWORKS
ASSET OWNERS
ACCOUNT FOR PROGRESS
SIGNATORY
FEES
■■
ccess to reporting data will be improved, and
A
signatories will be better able to compare their
own performance against peer groups and
benchmarks.
■■
Long-term research continues into continually
improving the quality of reported data.
■■
■■
Our new Asset Owner Insight team will work
closely with the Reporting and Assessment team
to develop the PRI Transparency Tool, providing
asset owners with Reporting Framework data on
investment managers’ responsible investment
performance.
Guidance documents will outline how ESG
considerations can be integrated into the
development of an investment policy and ways
in which investors can develop, formulate and
implement investment strategies.
KEY MARKETS
With new regional offices in the US and Asia, our
outreach and support for local signatories in these
markets will increase in 2016/17.
The majority of the PRI’s 38 existing signatories
in Asia (ex Japan) are based in Hong Kong and
Singapore, and our focus will be on creating local
communities of responsible investment practitioners
via the Sustainable Stock Exchange initiative, and on
improving ESG disclosure by companies.
In Asia, sustainable assets under management account
for less than 1% - there is huge scope for growth. And
so we continue to raise broader awareness of the PRI
and its benefits through events and the media.
8
2016/17 WORK
PROGRAMME:
OUR PLANS FOR 2016/17
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
BUDGET
CONTACT US
UN PARTNERS
VOICE
SIGNATORY
FEES
Our media strategy will see us:
■■
REGIONAL
NETWORKS
Gain greater visibility with major media outlets
in Continental Europe, particularly France and
Germany;
Following the launch of Fiduciary duty in the 21st
century, the PRI, UNEP Finance Initiative and The
Generation Foundation have launched a three-year
project on investor duties, which will:
■■
■■
Strengthen PRI’s voice across UK and US media
outlets
■■
Position PRI spokespeople in key media outlets
across Asia, particularly Hong Kong, Singapore,
Malaysia and Japan.
■■
Highlight and showcase signatories and their work
across global media channels
ublish and implement roadmaps on the policy
P
changes required to achieve full integration of ESG
issues in investment processes and practices across
eight countries;
■■
xtend research into five major Asian markets:
E
China, India, Korea, Malaysia and Singapore;
■■
Work with investors, governments and
intergovernmental organisations to develop and
publish an international statement on fiduciary duty.
EDUCATE
■■
The PRI Academy is analysing how best to extend
its reach to educate trustees on responsible
investment and what it means for the beneficiaries
they represent.
■■
Webinars and podcasts will continue to share
knowledge on topical ESG issues such as modern
slavery, the emissions scandal, COP 21, political
activities, culture at banks and
US proxy access.
9
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS OF THE PRI AND
SHAPING THE NEXT DECADE
Signatory survey:
satisfaction &
engagement
Present preliminary
findings and
recommendations
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
DEC
2015
JAN
2016
FEB
2016
MAR
2016
APR
2016
MAY
2016
JUN
2016
JUL
2016
AUG
2016
SEP
2016
OCT
2016
NOV
2016
DEC
2016
JAN
2017
FEB
2017
MAR
2017
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
Consultation period:
Accountability &
Diversity
REGIONAL
NETWORKS
ANNIVERSARY CONFERENCES
TO BRING THE RESPONSIBLE
INVESTMENT COMMUNITY TOGETHER
On 14 April 2016, we return to New York to launch our
anniversary celebrations with a conference and dinner at
the beautiful 583 Park Avenue. On 21 June we celebrate
in London at Central Hall Westminster. Festivities will
move to Singapore on 6-8 September as part of our
flagship annual conference, PRI in Person. We will also
host more than 20 regional workshops, roundtables
and webinars around the world between April and
September. Check the PRI website for further details
as they are confirmed – www.unpri.org
Consultation period: RI
Blueprint - systemic issues,
sustainability challenges,
revisions to the Principles
Publish RI Blueprint:
final recommendations,
implementation plan,
timeline and measures
of success
STRENGTHENING ACCOUNTABILITY,
RECOGNISING DIVERSITY
BLUEPRINT FOR RESPONSIBLE
INVESTMENT
We published a consultation paper in December last year
outlining several options for increasing accountability
and promoting diversity across the signatory base. Our
signatories should be able to voice whether additional
accountability mechanisms need to be introduced to
incentivise signatories currently making little or no
progress to do more, and whether those who show
no progress over time should be delisted. Preliminary
findings will be discussed at our regional workshops with
signatories between April and September 2016, and final
recommendations will be presented at the Signatory
General Meeting in Singapore on 6 September as part of
PRI in Person.
We are developing a Statement of Purpose for the
financial system that will lead to new projects to address
systemic risks and sustainability challenges. Signatories
will be consulted on the direction of this work and how
it should best be reflected in the PRI’s Principles through
a consultation paper and workshops throughout 2016. A
Blueprint for Responsible Investment will be published
in early 2017, shaped by the consultations and surveys of
our anniversary year, 2016, and will showcase the ESG
issues and sustainability challenges we will prioritise,
and how the PRI will measure its impact over the coming
decade.
10
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
JOIN US AT PRI IN PERSON
PRI IN PERSON
In the PRI’s tenth anniversary year, 2016, we will be bringing the world’s leading responsible investment event to Asia for the first time in eight
years. PRI in Person will take place in Singapore, from 6-8 September, and forms part of us strengthening our capacity and expertise in Asia.
Singapore is a global financial centre at the leading edge of sustainability, and has established a series of long-term goals to reconcile rapid
economic development and environmental sustainability. Held at Marina Bay Sands, the event has been formally recognised for its ecofriendly initiatives and efforts towards sustainability and efficiency.
For more details and to register, see the PRI in Person website.
PARTNERSHIP OPPORTUNITIES
The Partnerships team reaches out to signatories and beyond to collaborate on projects, events and publications, thereby leveraging
resources to make strides in responsible investment across the globe. Partnering with the PRI allows organisations to showcase their
commitment, associate themselves with expertise and leadership in responsible investment, and gain exposure to peers and potential clients
through branding, speaking engagements and more. Nikola Sobot can provide tailored advice for interested signatories.
CONTACT US
REGIONAL
NETWORKS
11
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
WHAT YOU TOLD US ABOUT OUR WORK
Close to 400 signatories responded to the global signatory satisfaction and engagement survey in early 2016, which the PRI commissioned
Opinium Research to carry out.
The results of the survey show that signatories remain engaged and are increasingly satisfied with the PRI’s work. Almost all signatories value
their relationship with the PRI and recommend the benefits of being a signatory to their peers.
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
Engagement, %
PRI IN PERSON
WHAT YOU
TOLD US
87%
Engagement
81%
THE PRI
BOARD
2016
SIGNATORY
FEES
BUDGET
2014
Satisfaction, %
CONTACT US
REGIONAL
NETWORKS
69%
75%
78%
64% 65%
Assets Under Management
(AUM) US$bn
Year
2014
72%
83% 84% 83%
2016
0-0.09
5-9.99
50>
0.1-0.99
10-29.99
1-4.99
30-50
63%
71% 70%
82%
88%
Year of Membership
2006-2007
2010-2011
2014-2015
2008-2009
2012-2013
The results also pinpointed several areas where PRI could improve its offering for signatories and which ESG issues need more focus. For
example, larger organisations, and those who have been signatories for longer, tend to be less engaged. The PRI will be exploring how it can
address these in regional workshops with signatories in 2016. Please join the discussion and visit our events page to register for a workshop
near you – www.unpri.org/events/
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2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
THE PRI BOARD
CHAIR
DIRECTORS ELECTED BY ASSET OWNERS
OUR ACHIEVEMENTS
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
Martin Skancke
Chair, PRI
Appointed until 2017
INDEPENDENT
Marcel Barros
Board member,
PREVI
Elected until 2017
BRAZIL
WHAT YOU
TOLD US
Mark Chaloner
Assistant Director
(Investments), West
Midlands Pension
Fund
Elected until 2017
UK
Angela Emslie
Chair, Hesta
Superfund
Elected until 2018
AUSTRALIA
Priya Sara Mathur
Board member,
CalPERS
Elected until 2016
US
Renosi Mokate,
Chairperson of the
Board of Trustees,
Government
Employees Pension
Fund (GEPF)
Elected until 2017
SOUTH AFRICA
Niels Erik Petersen
CIO, Unipension
FAIF A/S
Elected until 2016
NORWAY
Xander den Uyl
Trustee, ABP
Elected until 2018
THE NETHERLANDS
THE PRI
BOARD
PERMANENT UN ADVISORS
DIRECTORS ELECTED BY NON-ASSET OWNERS
SIGNATORY
FEES
UNGC
BUDGET
UNEP
CONTACT US
REGIONAL
NETWORKS
Geeta Aiyer
President and
Founder, Boston
Common
Elected until 2017
US
Colin Melvin
Chair, Hermes Equity
Ownership Services
Elected until 2016
UK
Sandra Carlisle
Head of Responsible
Investment,
Newton Investment
Management
Elected until 2018
UK
Peter Webster
Director of
International Affairs
Vigeo Eiris
Elected until 2016
UK
YOUR RIGHTS AS A SIGNATORY
We encourage signatories to participate actively in all areas of PRI governance, and
there are regular opportunities for all categories of signatory to do so. Mechanisms
are in place to encourage structured dialogue between signatories and the Board
at regular intervals, so that the Board remains accountable to signatories and that
decision-making remains transparent. For a full list of signatory rights, visit the PRI
website, where recent board meeting reports are also available to all signatories. To
raise matters with the PRI Board please email [email protected].
BOARD WORK PLAN
The focus of the PRI Board will be on the following areas in 2016/17:
■■ Overseeing the Blueprint for Responsible Investment consultation and
recommendations this project will take forward
Gavin Power
Deputy Director
US
Eric Usher
Head (acting),
UNEP FI
SWITZERLAND
■■
Actions following the Recognising Diversity, Strengthening Accounting consultation
■■
Oversight of the PRI Executive’s work streams and strategic measures
■■
Ongoing review of the 2016/17 budget
■■
Board self-assessment actions
Copies of Board meeting reports are available on the PRI website.
ANNUAL ELECTIONS
Two positions on the PRI Board are opening up for election in 2016, 1 asset owner and
1 service provider position.
The PRI will be calling for nominations from eligible candidates in May 2016.
For more details, contact Christopher Sperling.
13
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
SIGNATORY FEES
The annual signatory fee is payable each April and is scaled according to each signatory’s category, type and assets under management.
The PRI Board approved signatory fee increases in line with UK inflation for 2016/17 at its September 2015 meeting.
OUR ACHIEVEMENTS
FEE SCHEDULE 2016/17
OUR PLANS
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
REGIONAL
NETWORKS
Asset Owners
Investment Managers
Service Providers
AUM
(US$ billion)
Fee (£)
AUM
(US$ billion)
Fee (£)
Employees
Fee (£)
>50
7,950
>50
12,880
>200
7,950
30 – 50
7,950
30 – 50
11,330
51 – 200
6,030
10 – 29.99
7,950
10 – 29.99
10,300
26 – 50
2,780
5 – 9.99
6,030
5 – 9.99
7,210
11 – 25
800
1 – 4.99
2,780
1 – 4.99
4,120
<10
440
0.1 – 0.99
800
0.1 – 0.99
1,550
0 – 0.09
440
0 – 0.09
1,030
DISCOUNTS AND WAIVERS
Asset owners headquartered in a country classified by the IMF as an emerging market or developing economy are entitled to apply for a fee
discount for up to two years.
For further details or to apply for fee waivers or discounts, please contact Katherine Pruski.
14
2016/17 WORK
PROGRAMME:
BUDGET
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
INCOME
OUR ACHIEVEMENTS
Signatory fee income renewal
OUR PLANS
Signatory fee income new members
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
Grants, donations and other income
Forecast 2015/16
(£000s)
Budget 2016/17
(£000s)
6,467
7,314
473
483
The PRI’s audited financial report for the
financial year ending 31 March 2016 will be
published in the PRI’s 2016 Annual Report in
July.
28
-
380
(86)
165
210
7,513
7,921
Forecast 2015/16
(£000s)
Budget 2016/17
(£000s)
1,904
2,026
13
113
126
2
Premises costs
386
398
Reporting and Assessment
416
601
Investment Practices
428
922
13
ESG Engagements
443
498
10
1,327
1,768
22
PRI in Person surplus
PRI Academy
TOTAL INCOME
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
REGIONAL
NETWORKS
EXPENDITURE
Management and Operations
Partnerships
Networks
Staff forecast
31.03.2017
10
Communications & Events
614
836
8
Research, Public Policy & Academic
Networks
405
729
8
PRI Academy
323
292
3
6,360
8,196
88
1,153
(275)
2,767
2,559
TOTAL EXPENDITURE
Surplus before interest, tax and
depreciation
Cash reserves at 31 March
Staff costs are the predominant driver of
the increase in expenditure, with headcount
increasing from 84.6 full time equivalent (FTE)
staff in March 2016 to 88.3 in March 2017. New
hires planned for the coming year include:
Network Managers in Canada, Australia/
New Zealand and the UK/EMEA, to improve
relationship management and front-line, onthe-ground support for signatories in these
countries; a Hedge Funds Manager to increase
capacity and expertise in this asset class within
the Investment Practices team; a Marketing
Manager to drive sales of education and training
by the PRI Academy; and a Digital Projects
Manager within the Communications team to
deliver ongoing enhancements to the PRI’s
website and other digital platforms.
15
2016/17 WORK
PROGRAMME:
MESSAGE FROM THE
MANAGING DIRECTOR
STRATEGY MAP AND
OBJECTIVES
OUR ACHIEVEMENTS
OUR PLANS
PRI OFFICES
PRI Secretariat
PRI Association (Hong Kong) Limited
PRI US, Inc.
5th Floor, 25 Camperdown Street,
London, E1 8DZ, UK
Level 9-10, 1-3 Pedder Street,
Central Hong Kong
20th Floor, #54, 45 Rockefeller Plaza
New York, NY 10111-0100 USA
[email protected]
www.unpri.org
T: +852 3796 7188
T: +212 332 3437
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
OUR UN PARTNERS
BUDGET
CONTACT US
REGIONAL
NETWORKS
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
UN Global Compact
Launched in 2000, the United Nations Global Compact is both a policy platform and 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
16
2016/17 WORK
PROGRAMME:
DIRECTOR
REGIONAL NETWORKS
MESSAGE FROM THE
MANAGING DIRECTOR
Lorenzo Saa
Director, Networks and Global Outreach
[email protected]
EMEA
AMERICAS
STRATEGY MAP AND
OBJECTIVES
Maria Lettini
Associate Director
[email protected]
OUR ACHIEVEMENTS
Graeme Griffiths
Associate Director
[email protected]
OUR PLANS
ASIA (excl. JAPAN)
CELEBRATING 10 YEARS
OF THE PRI
PRI IN PERSON
WHAT YOU
TOLD US
THE PRI
BOARD
SIGNATORY
FEES
BUDGET
CONTACT US
REGIONAL
NETWORKS
CANADA
Jessica Robinson
Head of Asia (excl. Japan)
[email protected]
NORDICS
Yulia Sofronova
Network Manager
[email protected]
Yulia Sofronova
Network Manager
[email protected]
US
Dustin Neuneyer
Head of Continental Europe
[email protected]
US
JAPAN
Michiyo Morisawa
GERMANY
John Du
Project Manager
[email protected]
[email protected]
Melanie Klebeck
Network Officer
[email protected]
AFRICA
SOUTH AMERICA
Tatiana Assali
Head of South America
[email protected]
Katherine Pruski
Senior Manager
[email protected]
James Robertson
Project Manager
[email protected]
CONTINENTAL EUROPE
Carol Jeppesen
Senior Network Manager
[email protected]
OPERATIONS
ASIA (excl. JAPAN)
OPERATIONS
Nikolaj Halkjaer
Manager
[email protected]
Adrian Bertrand
Head of Africa
[email protected]
AUSTRALASIA
Anastasia Guha
Network Manager
[email protected]
OPERATIONS
Alex Caldwell
Officer
[email protected]
17