PRI STRATEGIC PLAN 2018-21 - MAKING THE BLUEPRINT A REALITY OCTOBER 2017 - Principles for Responsible ...
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PRI STRATEGIC
PLAN 2018-21
MAKING THE BLUEPRINT
A REALITY
OCTOBER 2017
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
1
2018/21 STRATEGY:
THE PRI MISSION AND PRINCIPLES
THE PRI “We believe that an economically efficient, sustainable global
MESSAGE FROM THE financial system is a necessity for long-term value creation. Such
CHAIR
MESSAGE FROM THE
a system will reward long-term, responsible investment and
MANAGING DIRECTOR
benefit the environment and society as a whole.
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS The PRI will work to achieve this sustainable global financial
DELIVERING THE system by encouraging adoption of the Principles and
collaboration on their implementation; by fostering good
BLUEPRINT
2018-21 STRATEGY
governance, integrity and accountability; and by addressing
BUDGET obstacles to a sustainable financial system that lie within market
TIMELINE practices, structures and regulation.”
THE PRI BOARD
GET INVOLVED
PREAMBLE TO THE PRINCIPLES
As institutional investors, we have a duty to act in the best long-term interests of our beneficiaries. In this fiduciary role, we believe that environmental, social,
and governance (ESG) issues can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and
through time). We also recognise that applying these Principles may better align investors with broader objectives of society. Therefore, where consistent
with our fiduciary responsibilities, we commit to the following:
1 3 5
We will incorporate ESG issues We will seek appropriate We will work together to
into investment analysis and disclosure on ESG issues by enhance our effectiveness in
decision-making processes. the entities in which we invest. implementing the Principles.
2 4 6
We will be active owners and We will promote acceptance and We will each report on our
incorporate ESG issues into our implementation of the Principles activities and progress towards
ownership policies and practices. within the investment industry. implementing the Principles.
2
2018/21 STRATEGY:
MESSAGE FROM THE CHAIR
THE PRI Launching the Blueprint for responsible investment – our vision more parts of the world. Our challenge now is to consistently bring
for how the PRI and the wider responsible investment community new value to this varied group – including those we continue to
MESSAGE FROM THE should progress over the next decade – has been an undoubted welcome along the way.
CHAIR
high point of the last three years. In setting this direction of travel
MESSAGE FROM THE
MANAGING DIRECTOR
we surveyed signatories, held workshops around the world and ran As the PRI’s offering has matured, the way that we can deliver
two formal consultations – one on strengthening accountability the most additional value to signatories in future is changing. The
HIGHLIGHTS 2015-18 and recognising diversity, and another on the sustainable financial breadth of resources the PRI now produces is tremendous, and
system, the Sustainable Development Goals (SDGs), the Principles while evolving investor practice will mean there are always new
DEVELOPMENT PROCESS and the PRI’s measures of success. insights to share, signatories tell us that what they want most
in the years ahead is: additional help for responsible investment
DELIVERING THE
BLUEPRINT The Blueprint has provided us with a strong framework within which professionals to challenge the status quo in their organisations, for
to craft this strategy for how we will bring value to signatories over us to communicate about issues that are more relevant to them and
2018-21 STRATEGY the next three years. for the PRI to show leadership – and enable them to show leadership
– on the critical issues the world faces, such as climate change.
BUDGET In line with the Blueprint, the core of the PRI’s work will continue
to be supporting comprehensive ESG incorporation and strong We must therefore bring our core work closer to signatories. This
TIMELINE
stewardship of the companies that investors influence – in all asset will involve increasing local support in under-represented regions,
classes. Empowering asset owners as they set markets’ direction and enhancing the way we communicate with all signatories: across
THE PRI BOARD
from the top of the investment chain will remain fundamental. regions, sizes and stages of responsible investment development.
Martin Skancke Two-way interaction with signatories continues to be essential – we
GET INVOLVED
Chair, PRI Board Ensuring meaningful accountability of all signatories will also be key. will always engage with signatories on the direction of our work.
The last three years has seen us build accountability of the board
to signatories and the Executive to the board: we’ve implemented Better sharing the responsible investment message means not only
a simpler, more transparent and accountable governance structure more effectively communicating our work to our core audience, but
including new mechanisms for signatories to hold the board to better telling the story to those it has not yet reached – establishing
account with, and the board has tightened oversight of the Executive the PRI and its signatories as thought leaders on this inevitable
by setting out and monitoring measures of its performance. We direction for investment’s future. We must spread the responsible
will now work on increasing the accountability of signatories to the investment message beyond the responsible investment desks, and
Principles – this is essential to maintaining value in signatory status beyond the signatory base – into the wider investment world, as well
and to driving responsible investment forward. as on to the other players that shape the markets in which investors
operate.
The PRI’s convening power is its unique strength. We bring together
a signatory base that has grown in both scale – now representing Together we have built a powerful message; now we must ensure
a majority of the world’s professionally managed assets – and that we make it meaningful to everyone, and that it motivates all
diversity, reaching around the world and encompassing owners, who hear it to act.
managers and service providers of varying type and size. We have
deepened and strengthened our relationship with our UN partners,
and will continue to do so – coordinating our effort with these and
other partner organisations is critical to our effectiveness.
To deliver for this growing and increasingly diverse signatory base,
the PRI has achieved root-and-branch transformation in the last
three years, evolving into a substantial and global signatory-servicing
organisation. The Executive has expanded the range of services the
PRI can offer signatories, and extended its reach to signatories in
3
2018/21 STRATEGY:
MESSAGE FROM THE MANAGING DIRECTOR
THE PRI A great deal has happened since we embarked on our last three- Group, the EU’s High-Level Expert Group on Sustainable Finance, the
year strategy seeking to move from awareness of responsible UK’s Green Finance Taskforce and Germany’s Hub for Sustainable
MESSAGE FROM THE investment to impact. From our perspective, responsible investment Finance (to name just a few) have been established. Stewardship and
CHAIR
has certainly evolved to new levels: the signatory base has grown governance codes have grown in prevalence and ever more stock
MESSAGE FROM THE exchanges are issuing ESG reporting guidance. We’ve contributed
MANAGING DIRECTOR
in number (expanding to more than 1,800 signatories representing
US$70 trillion) and in diversity, including by reaching into strategic to this momentum with our Fiduciary duty in the 21st century
HIGHLIGHTS 2015-18 new markets. In Asia for example we’ve seen the world’s largest project, and will increase our efforts to do so through our broader
pension fund, Japan’s GPIF, sign the Principles and begin to sustainable financial system programme, aimed at better aligning the
DEVELOPMENT PROCESS implement an extensive ESG incorporation and engagement system to the long-term interests of beneficiaries.
programme, and we’ve seen our first investor signatories from China,
DELIVERING THE
BLUEPRINT amid rising interest in green finance in the country. In our Blueprint for responsible investment, we vow to strengthen
the link between the actions of responsible investors and sustainable
2018-21 STRATEGY Beyond growth in the signatory base, we’ve witnessed – through development in the real world, by connecting our work to the UN’s
submissions to the PRI Reporting Framework – growth in the Sustainable Development Goals (SDGs) and enabling signatories
BUDGET breadth of activities practised, the depth of ESG incorporation to do the same. Doing this well will mean always considering
across asset classes and the sophistication of the techniques used beneficiaries and redoubling our efforts on social issues.
TIMELINE
by those that are most advanced. Highlighting leading practice and
supporting signatories to meet defined minimum standards will be We have successfully started our growth out of London – opening
THE PRI BOARD
critical to further driving practice – throughout the signatory base – offices in New York and Hong Kong, and extending our network staff
Fiona Reynolds in the years ahead. presence into 12 countries. To enhance our effectiveness, relevance
GET INVOLVED
Managing Director, PRI and reach, we will be further expanding our presence across a wider
Empowering asset owners remains key to our success. We will range of the regions our signatories operate in, and making more of
be continuing the asset owner focus of our recruitment – with our material available in more languages, increasing access to our
particular attention on under-represented regions such as the US work.
and Asia – and will provide asset owners with more guidance, tools
and collaboration opportunities. We can make our work more relevant to signatories and better
engage others we need to reach by being innovative in what we
Climate change is the issue our signatories are most focused on. produce, in how we share it and how we talk about it. Continually
The Paris Agreement marked the start of a new phase in the world’s taking advantage of the cutting edge of digital technology can bring
response, and our efforts in coordinating and supporting investors’ us closer to our signatories, but will also bring our signatories and
indispensable role will continue to grow. We will collaborate with other stakeholders closer to each other: facilitating collaboration;
global climate groups such as through the Climate Action 100+ strengthening relationships between owners and managers; and
initiative, we will bring the investor voice to global forums such as connecting investors with the wider world.
the G7, G20, OECD and COP meetings, and we will align our work
with leading initiatives such as the FSB’s Task Force on Climate- Bringing together the responsible investment community is a
related Financial Disclosure (TCFD). highlight of what we do. We’ve convened signatories in the world’s
largest responsible investment conference ever, with more than
As with so many areas we look to address, we cannot be effective on 1,000 responsible investment professionals attending PRI in
climate change working alone. Our relationships with our two closest Person 2015 in London. We look forward to continuing to take the
partners, UN Global Compact and UNEP Finance Initiative, are critical conference around the world.
to our success, as are our joint projects with the numerous other
partners we enjoy support from around the world. We have an ambitious agenda. Together there is a great deal to
achieve, and we look forward to working with our signatories over
Over the past three years, the idea that financial policy and the next three years towards our vision of supporting responsible
regulation should encourage sustainability has gained momentum. investors, sustainable markets and a more prosperous world for all.
As well as the TCFD, groups such as the G20 Green Finance Study
4
2018/21 STRATEGY:
HIGHLIGHTS 2015-18 (I)
THE PRI A REVIEW OF PROGRESS FROM OUR LAST STRATEGY IS THE STARTING POINT FOR SETTING THE NEXT.
MESSAGE FROM THE
CHAIR
2015-18 THEME: FROM AWARENESS TO IMPACT
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
DELIVERING THE
BLUEPRINT
2018-21 STRATEGY
BUDGET
SUPPORT ENGAGE ACCOUNTABILITY INFLUENCE EDUCATE
TIMELINE
SUPPORTED PROVIDED ENHANCED ENGAGED WITH FACILITATED
THE PRI BOARD
SIGNATORIES OPPORTUNITIES ACCOUNTABILITY AND FACILITATED COLLABORATION
GET INVOLVED MAKING PROGRESS FOR SIGNATORIES MECHANISMS DIALOGUE WITH KEY BETWEEN
TOWARDS THE TO CONVENE, SHARE New Articles of DECISION MAKERS ACADEMICS AND
IMPLEMENTATION OF KNOWLEDGE AND Association, including INVESTORS AND USED
Launched the Fiduciary
THE PRINCIPLES COLLABORATE FOR a single PRI Board, duty in the 21st century OUR KNOWLEDGE
Agenda-setting guidance CHANGE AND IMPACT Chair and dedicated programme, implementing TO EDUCATE
on ESG implementation Board Committees. roadmaps for eight SIGNATORIES AND
Coordinated 15
across asset classes, New accountability countries supported by STAKEHOLDERS
collaborative
including listed equity, mechanisms for the Board an extensive roll-out
engagements across Facilitated RI-focused
fixed income, private to signatories and the programme to clarify
ESG issues with listed academic research
equity and real estate. Executive to the Board. investors’ obligations
companies through and exchanges
ESG in listed equities Developed standard- and duties. Contributed
the PRI Collaboration between academics
report downloaded more setting reporting to over 30 policy
Platform. Launched the and practitioners.
than 20,000 times. 80% framework holding the submissions aligned with
Montréal Carbon Pledge, Purchased, repurposed
of signatories indicate largest global data set on the Principles.
attracting commitment and relaunched the PRI
that they integrate ESG responsible investment, Supported the Task
from over 120 investors Academy, attracting 1,600
to some extent into active which has been used to Force on Climate-related
with over US$10 trillion enrolments and offering
ownership and investment drive good practice. Financial Disclosure and
AUM to take action on completely new and
decisions. Launch of the Data committed to drive the
climate change. revised materials.
Portal. Consultation on implementation of its
Proposals and methods to recommendations.
strengthen PRI signatory
accountability.
52018/21 STRATEGY:
HIGHLIGHTS 2015-18 (II)
THE PRI
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
DELIVERING THE
BLUEPRINT
2018-21 STRATEGY PROFILE UN LINKS ASSET OWNERS KEY MARKETS SFS
BUDGET
STRENGTHENED DEEPENED AND INCREASED THE STRENGTHENED INITIATED THE
TIMELINE THE PRI VOICE AND STRENGTHENED OUR REPRESENTATION CAPACITY AND SUSTAINABLE
BRAND RELATIONSHIP WITH AND PARTICIPATION EXPERTISE IN KEY FINANCIAL SYSTEM
THE PRI BOARD
Significant increase in UN PARTNERS OF ASSET OWNERS MARKETS (SFS) PROGRAMME
GET INVOLVED by-lined articles and social Worked with UN Accelerated growth of Extended the PRI To address nine key risks
media. Three annual PRI in partners on five key asset owner signatories. networks presence into and challenges that could
Person events in London, projects: Fiduciary Convened the Asset Australia, China, Canada, undermine a sustainable
Singapore and Berlin. The Duty, Sustainable Stock Owner Advisory France and the Benelux. financial system.
London event was the Exchanges, Sustainable Committee and launched Opened PRI offices in
largest ever RI conference. Development Goals, resources on investment Hong Kong and New York.
Climate Change and strategy, investment
Long-Termism. policy and aligning
expectations.
6A CONSULTATIVE DEVELOPMENT PROCESS
2018/21 STRATEGY:
THE 2018-21 STRATEGY FOLLOWS NATURALLY FROM THE CONSULTATION TO DEVELOP THE BLUEPRINT
THE PRI
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
AND, AS SUCH, IT DRAWS ON THE
HIGHLIGHTS 2015-18
RESEARCH AND FEEDBACK THAT
DEVELOPMENT PROCESS From Principles INFLUENCED THE BLUEPRINT FOR
to Performance RESPONSIBLE INVESTMENT:
DELIVERING THE
BLUEPRINT – independent
evaluation of the
■■ Focus on creating greater depth in ESG
2018-21 STRATEGY
PRI’s achievements integration.
10-year vision laid ■■ Move past listed equities and focus on ESG
BUDGET
PRI Board out in A Blueprint integration across all asset classes.
originates 10-year for responsible
TIMELINE ■■ Create tools, guidance and evidence that help
vision investment make the case for RI “inside my organisation”.
THE PRI BOARD
■■ Create more asset owner-relevant guidance
GET INVOLVED and opportunities for them to come together.
■■ Work with corporate reporting initiatives to
align their data with RI requirements.
2016 2017 ■■ Create guidance on climate change action -
ranked by signatories as their #1 issue - and
ensure that the investor voice is heard.
■■ Work to address the short-term nature of the
2018-21 strategy financial system.
Large-scale
programme to deliver the first ■■ Bring the Sustainable Development Goals to
of signatory stages of that responsible investment.
consultation vision ■■ Increase accountability to the Principles and
address greenwashing. And reward those that
are leading, highlighting best practice among
our signatories.
■■ Keep a focus on mainstreaming responsible
investment.
72018/21 STRATEGY:
DELIVERING THE BLUEPRINT
THE BLUEPRINT FOR RESPONSIBLE INVESTMENT DEFINES THREE STRATEGIC AREAS OF IMPACT
THE PRI
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS RESPONSIBLE
DELIVERING THE
BLUEPRINT
INVESTORS
We will strengthen, deepen and expand
2018-21 STRATEGY
our core work: to lead responsible
investors in their pursuit of long-term value
BUDGET
and to enhance alignment throughout the
TIMELINE
investment chain.
THE PRI BOARD
GET INVOLVED
SUSTAINABLE
MARKETS
We 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.
A PROSPEROUS
WORLD FOR ALL
We 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.
82018/21 STRATEGY:
2018-21 STRATEGY: AT A GLANCE
A STRATEGY TO DELIVER THE ELEMENTS IN THE BLUEPRINT – WITH THREE IMPORTANT ENABLERS
THE PRI
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS Principle 4 Principle 1 Principle 2 Principle 6 Principle 5
STRATEGY
STATEMENT Support Showcase
RESPONSIBLE
DELIVERING THE
BLUEPRINT Foster a Convene
Empower asset investors leadership
community of and educate
The 2018-21 strategy
2018-21 STRATEGY
centres on making the INVESTORS owners incorporating
ESG issues
active owners
and increase
accountability
investors
BUDGET Blueprint for Responsible
Investment a reality. This
TIMELINE
10-year vision will guide PRI Mission Principle 3
our actions and our
THE PRI BOARD
programmes. Challenge
GET INVOLVED
SUSTAINABLE barriers to a
Drive meaningful
data throughout
We will use our unique MARKETS sustainable
financial system
markets
convening power to
work collaboratively
in pursuit of our aims;
with our signatories, Principle 1 PRI’s mission
UN partners and other
Enable real-
stakeholders at a global,
regional and local level.
A PROSPEROUS Champion world impact
WORLD FOR ALL climate action aligned with the
SDGs
We will strengthen our
organisation to better
deliver this vision,
supporting responsible
investors both in person Develop our Enhance our Expand our
and digitally. ENABLING staff to better digital capacity global footprint
ENVIRONMENT support
signatories
to improve
communication
to support
signatories
92018/21 STRATEGY:
2018-21 STRATEGY: INITIATIVES (I)
EACH AREA HAS A THREE-YEAR OBJECTIVE AND PLANNED INITIATIVES
THE PRI
MESSAGE FROM THE
CHAIR RESPONSIBLE INVESTORS
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
Empower asset Support investors Foster a Showcase Convene and
DELIVERING THE
owners incorporating ESG Community of leadership educate investors
BLUEPRINT
issues active owners and increase
2018-21 STRATEGY
Strategy objective: accountability Strategy objective:
Promote a stronger role for Reach new markets,
BUDGET Strategy objective: Strategy objective:
asset owners networks, and members
Broaden, deepen and Increase the quality of active
TIMELINE Strategy objective:
‘mainstream’ ESG integration ownership
Showcase best practice and
THE PRI BOARD ■■ Provide further guidance, introduce new accountability ■■ Increase presence in
including trustee training, mechanisms markets where RI is under-
GET INVOLVED ■■ Develop new and refresh ■■ Give greater guidance and
to support beneficiary- represented, particularly in
existing ESG integration insights on Principle 2
aligned outcomes Asia and the US
resources by asset class Increase engagement
■■ Build a dedicated AO
■■ ■■ Develop leadership criteria ■■ Introduce an Associate
■■ Provide thought leadership practices across asset and best practice sharing
online resource hub Membership category
on areas where there are classes
Support global and ■■ Launch an awards Develop a comprehensive
■■
gaps in ESG incorporation Provide guidance on
■■
regional knowledge-
■■
programme to celebrate trustee education
■■ Introduce tools and proxy voting in line with RI industry best practices
sharing groups for AOs programme
training aimed at the policies
Understand mega trends ■■ Develop minimum Train practitioners online
■■
mainstream investment Advise on improving the
■■
to better inform asset
■■
requirements, introduce through the PRI Academy
market with others, voting chain
owners’ asset allocation a watch list and support
including the CFA Institute ■■ Introduce investor/
■■ Deliver an enhanced signatories that do not
■■ Support asset owners academic collaboration to
collaboration platform meet the criteria
in their dialogue with evolve investment theory
investment managers ■■ Delist signatories that do
not meet minimum criteria
■■ Build asset owner trustee
after two-year period
network
■■ Align reporting framework
■■ Enable asset owners to
with international
engage with investment
standards
managers on proxy voting
■■ Review the reporting
■■ Help asset owners
framework to improve the
to implement TCFD
quality of reported data
recommendations
102018/21 STRATEGY:
2018-21 STRATEGY: INITIATIVES (II)
EACH AREA HAS A THREE-YEAR OBJECTIVE AND PLANNED INITIATIVES
THE PRI
MESSAGE FROM THE
CHAIR SUSTAINABLE MARKETS A PROSPEROUS WORLD
MESSAGE FROM THE
MANAGING DIRECTOR FOR ALL
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
Challenge Drive meaningful Champion Climate Enable Real-
DELIVERING THE
barriers to a data throughout Action World Impacts
BLUEPRINT
sustainable markets aligned with the
2018-21 STRATEGY
financial system Strategy objective: SDGs
Secure commitment
BUDGET Strategy objective:
on climate change and
Enhance sustainability
TIMELINE Strategy objective: supporting the low carbon Strategy objective:
reporting
Align the financial system transition Make the investment case
THE PRI BOARD with the long term for the SDGs
GET INVOLVED ■■ Build additional
■■ Educate investors on
transparency and
■■ Build understanding of the portfolio transition to a ■■ Introduce new guidance
accountability through the
purpose of sustainable low-carbon economy on the investment case for
reporting platform
financial system ■■ Encourage supply of green the SDGs
■■ Grow the Sustainable
■■ Identify ways to better investment opportunities ■■ Help signatories
Stock Exchanges initiative
align interests along the Launch the 2020 action incorporate SDGs into
and increase the role ■■
investment chain agenda investor decision making
of stock exchanges in
■■ Review the contribution responsible investment ■■ Advance tools that ■■ Build tools to help
of brokers, advisors incorporate deep insights investors integrate SDGs in
■■ Encourage listing rules that
and consultants to a on climate-related the selection, appointment
demand ESG factors and
sustainable financial investment practices and monitoring of
assessment in corporate
system managers
reporting ■■ Work with global bodies
■■ Collaborate with expert to advance climate change ■■ Provide investors’ insights
■■ Encourage the
reference groups to align policies and regulation to governments on their
consolidation of reporting
policies with a sustainable national SDG plans,
frameworks ■■ Increase climate reporting
financial system including how to make
by supporting the TCFD
■■ Encourage a deeper them investable
guidelines
understanding of fiduciary
duty in 21st century
112018/21 STRATEGY:
2018-21 STRATEGY: INITIATIVES (III)
EACH AREA HAS A THREE-YEAR OBJECTIVE AND PLANNED INITIATIVES
THE PRI
MESSAGE FROM THE
CHAIR ENABLING ENVIRONMENT
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
Enhance our Develop our staff Expand our REGIONAL TEAM GROWS FROM 24
DELIVERING THE
digital capacity to better support global footprint TO 33 STAFF BY END OF THREE-YEAR
BLUEPRINT
to improve signatories to support STRATEGY (2021)
2018-21 STRATEGY
communication signatories
BUDGET Strategy objective:
Invest in staff to deliver value
TIMELINE Strategy objective: Strategy objective:
to signatories
Invest in digital platforms to Build local capacity to
THE PRI BOARD enhance communications support signatories
capacity and increase
GET INVOLVED ■■ Organise ourselves around
collaboration
our core capabilities with a ■■ Recruit additional staff in
focus on signatory value
local markets to support
■■ Upgrade the PRI ■■ Focus on our value signatories in new and
Collaboration Platform proposition to attract and existing markets
for easier signatory retain staff motivated by ■■ Continue to build the
participation and improved our mission and values
expertise of local network
communication ■■ Develop the capabilities of managers to support
■■ Build on capabilities of existing staff to grow their signatories
new PRI website platform expertise and skills ■■ Increase translation
to segment signatories ■■ Build a high-performing, services to allow
and deliver targeted culturally and gender- distribution of resources in Allocated resources for the year 2018-19
information diverse workforce multiple languages Additional resources by the year 2020-21 (tentatively allocated
■■ Develop a dedicated asset ■■ Deliver value to all ■■ Continue to build the to a specific region)
owner platform signatory groups across global expertise of our Part-time position
categories, sizes and policy team * Based in London
regions
122018/21 STRATEGY:
PROGRESS AGAINST OUR COMMITMENTS
MEASURING THE PROGRESS AT THE END OF THE 2018-21 THREE-YEAR STRATEGY PERIOD AGAINST
OUR OWN 10-YEAR COMMITMENTS AS SET OUT IN THE BLUEPRINT FOR RESPONSIBLE INVESTMENT
THE PRI
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS Empower asset owners
DELIVERING THE
BLUEPRINT
Support investors incorporating ESG issues
2018-21 STRATEGY
BUDGET
Foster a community of active owners
TIMELINE
THE PRI BOARD Showcase leadership and increase accountability
GET INVOLVED
Convene and educate responsible investors
Challenge barriers to a sustainable financial system
Drive meaningful data throughout the markets
Champion climate change
Enable real-world impact aligned with the SDGs
0% 100%
132018/21 STRATEGY:
BUDGET 2018-2021
STRATEGY IS BASED ON INFLATION-ONLY GROWTH IN FEES BUT A STEADY INCREASE IN THE SIGNATORY
BASE
THE PRI
MESSAGE FROM THE
CHAIR ■■ Projection: number of signatories increasing from 1,800 now to 2,350 by March 2021.
MESSAGE FROM THE
MANAGING DIRECTOR
■■ Projection: fees increase with inflation only and this budget allows for further emerging markets discounts.
■■ Principle: the fees fund core expenditure. Grants will be treated as additional funding and are always aligned with our strategy.
HIGHLIGHTS 2015-18
DEVELOPMENT PROCESS
DELIVERING THE
BLUEPRINT
INCOME (£M) PLANNED EXPENDITURE (%)
2018-21 STRATEGY
BUDGET 4% 6%
2021
TIMELINE
THE PRI BOARD
4% 5% Enabling activities includes:
GET INVOLVED
■■ Communications & events
32%
■■ Partnerships
■■ Board support
36%
2018
■■ Executive management
10.4 11.5 12.5 ■■ Finance, operations and
professional fees
■■ HR
55% ■■ IT costs and rent
58%
Responsible investors* Prosperous world
2018-19 2019-20 2020-21 Sustainable markets Enabling activities
*Includes regional team
142018/21 STRATEGY:
TIMELINE
THE PRI
MESSAGE FROM THE
CHAIR Board to approve
MESSAGE FROM THE Signatory General three-year strategy Board to sign off
MANAGING DIRECTOR
Meeting (SGM) and strategic 2018/19 annual
HIGHLIGHTS 2015-18 measures budget
Board
DEVELOPMENT PROCESS
discussed
DELIVERING THE draft Development of
BLUEPRINT strategy strategic measures
2018-21 STRATEGY
BUDGET
TIMELINE
Sept 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018
THE PRI BOARD
GET INVOLVED
Open from 18 October
to 15 November
SIGNATORY CONSULTATION: SHARE YOUR VIEWS
The Blueprint is a 10-year vision, so while the overall direction is set, important questions remain concerning the next three years.
Question 1 Question 2 Question 3 Question 4
WILL THE PROPOSED ARE THE STRATEGY DOES IT WORK FOR YOU? ARE THE ENABLERS
STRATEGY EFFECTIVELY OBJECTIVES THE RIGHT How will this proposed strategy RIGHT?
START THE DELIVERY OF ONES? affect or influence your Is the PRI taking the right
THE BLUEPRINT? Are we focusing on the right organisation? To what extent actions for the delivery of the
Are the proposed initiatives the objectives in each of the nine will it support you in your work strategy?
right ones and the right level of Blueprint areas? to integrate ESG issues?
ambition for this initial period?
15THE PRI BOARD
2018/21 STRATEGY:
THE PRI
CHAIR DIRECTORS ELECTED BY ASSET OWNERS
MESSAGE FROM THE
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
HIGHLIGHTS 2015-18
Martin Skancke Marcel Barros Angela Emslie Eva Halvarsson Priya Sara Mathur Hiro Mizuno Renosi Mokate, Xander den Uyl
DEVELOPMENT PROCESS Chair, PRI Board member, Chair, Hesta Chief Executive Board member, Executive Managing Chairperson of the Trustee, ABP
Appointed until 2017 PREVI Superfund Officer, Second CalPERS Director and Chief Board of Trustees, Elected until 2018
INDEPENDENT Elected until 2017 Elected until 2018 Swedish National Elected until 2017 Investment Officer, Government THE NETHERLANDS
DELIVERING THE Government Pension Employees Pension
BRAZIL AUSTRALIA Pension Fund (AP2) US
BLUEPRINT Elected until 2019 Investment Fund Fund (GEPF)
(Japan) Elected until 2017
SWEDEN
2018-21 STRATEGY Elected until 2019 SOUTH AFRICA
JAPAN
BUDGET
TIMELINE DIRECTORS ELECTED BY NON-ASSET OWNERS PERMANENT UN ADVISORS
THE PRI BOARD UNGC UNEP
GET INVOLVED
Geeta Aiyer Sandra Carlisle Peter Webster
President and Head of Responsible Director of
Founder, Boston Investment, HSBC International Affairs,
Common Global Asset Vigeo Eiris & CEO Gavin Power Eric Usher
Elected until 2017 Management EIRIS Foundation Deputy Director Head, UNEP FI
Elected until 2018 Elected until 2019 UNHQ SWITZERLAND
US
UK UK
The Board is collectively responsible for the long-term success of the The Board encourages signatories to participate actively in all areas of PRI governance, and there are
PRI, in particular: regular opportunities for all categories of signatory to do so. There are several mechanisms to encourage
structured dialogue between signatories and the Board at regular intervals, to ensure that the Board
■■ establishing the PRI’s mission, vision and values; remains accountable to signatories and that decision making remains transparent.
■■ setting the strategy, risk appetite and structure;
One key mechanism is a formal consultation with signatories before adopting a three-year strategic plan
■■ delegating the implementation of the strategy to the PRI or making any material changes to the governance structure, Objects, Mission, Principles or fee structure.
Association Executive (the Executive); As part of this feedback mechanism, the PRI must publish a formal consultation document and allow
■■ monitoring the Executive’s performance against the strategy; at least four weeks for consultation. The Board must also publish a document setting out the directors’
■■ exercising accountability to signatories; proposals and decisions in light of the formal consultation feedback.
■■ being responsible to relevant stakeholders.
The Board encourages you to participate in this formal consultation on the three-year strategic plan and
provide your signatory feedback.
16GET INVOLVED
2018/21 STRATEGY:
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
CHAIR
MESSAGE FROM THE
MANAGING DIRECTOR
Principles for Responsible Investment PRI Association (Hong Kong) Limited PRI US, Inc.
5th Floor, 25 Camperdown Street, Level 9 Central Building, 1–3 Pedder Street, 45 Rockefeller Plaza, Suite 2000
HIGHLIGHTS 2015-18 London, E1 8DZ, UK Central Hong Kong New York, NY 10111
DEVELOPMENT PROCESS
T: +44 (0) 20 3714 3141 T: +852 3958 2946 T: +212 332 3437
DELIVERING THE info@unpri.org - www.unpri.org
BLUEPRINT
2018-21 STRATEGY
BUDGET
TIMELINE
THE PRI BOARD
OUR UN PARTNERS
GET INVOLVED 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
The United Nations Global Compact is a call to companies everywhere to align their operations and strategies with ten universally accepted
principles in the areas of human rights, labour, environment and anti-corruption, and to take action in support of UN goals and issues embodied
in the Sustainable Development Goals. The UN Global Compact is a leadership platform for the development, implementation and disclosure
of responsible corporate practices. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 9,500
companies and 3,000 non-business signatories based in over 160 countries, and more than 70 Local Networks.
More information: www.unglobalcompact.org
An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
17You can also read
