PRI IN A CHANGING WORLD

PRI IN A

CHANGING

WORLD

SIGNATORY CONSULTATION

December 2022

PRI MISSION AND

PRINCIPLES

THE SIX PRINCIPLES

We will incorporate ESG issues into

investment analysis and decision-making

processes.

We will be active owners and incorporate

ESG issues into our ownership policies and

practices.

We will seek appropriate disclosure on ESG

issues by the entities in which we invest.

We will promote acceptance and

implementation of the Principles within the

investment industry.

We will work together to enhance our

eectiveness in implementing the

Principles.

We will each report on our activities

and progress towards implementing the

Principles.

We believe that an economically ecient, sustainable global nancial system is a necessity for long-term value creation. Such a

system will reward long-term, responsible investment and benet the environment and society as a whole.

The PRI will work to achieve this sustainable global nancial 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

nancial system that lie within market practices, structures and regulation.

PRI'S MISSION

The information contained on this document is meant for the purposes of information only and is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. All content is provided with

the understanding that the authors and publishers are not providing advice on legal, economic, investment or other professional issues and services. PRI Association is not responsible for the content of websites and information resources that may be referenced.

The access provided to these sites or the provision of such information resources does not constitute an endorsement by PRI Association of the information contained therein. PRI Association is not responsible for any errors or omissions, for any decision made or

action taken based on information on this document or for any loss or damage arising from or caused by such decision or action. All information is provided “as-is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use

of this information, and without warranty of any kind, expressed or implied.

Content authored by PRI Association

For content authored by PRI Association, except where expressly stated otherwise, the opinions, recommendations, ndings, interpretations and conclusions expressed are those of PRI Association alone, and do not necessarily represent the views of any

contributors or any signatories to the Principles for Responsible Investment (individually or as a whole). It should not be inferred that any other organisation referenced endorses or agrees with any conclusions set out. The inclusion of company examples does not

in any way constitute an endorsement of these organisations by PRI Association or the signatories to the Principles for Responsible Investment. While we have endeavoured to ensure that information has been obtained from reliable and up-to-date sources, the

changing nature of statistics, laws, rules and regulations may result in delays, omissions or inaccuracies in information.

Content authored by third parties

The accuracy of any content provided by an external contributor remains the responsibility of such external contributor. The views expressed in any content provided by external contributors are those of the external contributor(s) alone, and are neither endorsed

by, nor necessarily correspond with, the views of PRI Association or any signatories to the Principles for Responsible Investment other than the external contributor(s) named as authors.

PRI DISCLAIMER

Since its founding in 2006, the Principles for Responsible

Investment (PRI) has been an essential part of the

responsible investment community – supporting and

encouraging the signicant uptake of responsible

investment policies and practices that we’ve seen across

global markets. Over 5,000 PRI signatories, representing

120$ trillion AUM, across the world have committed to the

six Principles.

With this growth have come dierent interpretations of

what it means to be a responsible investor. This has led to

confusion over what responsible investment is, and what

signatory status represents – including accusations of

greenwashing.

Dierent intentions and approaches to responsible

investment are to be expected based on dierent investor

mandates, dierent client expectations and dierent

regulatory requirements. Each purpose and approach have

a legitimate role in the responsible investment ecosystem.

Signing the PRI Principles does not require an investor to

make a positive contribution to a prosperous world for all, or

ensure that they will.

But the expectations for, and consequences of, those

dierent approaches now require further examination.

In addition, expectations that investors should play a key

role in real-world outcomes are increasing, with rising

demands from clients, beneciaries, regulators and other

stakeholders. This comes in part due to global agreements

and frameworks on key issues – such as the Sustainable

Development Goals (SDGs), the Paris Agreement (2015) and

the UN Guiding Principles on Business and Human Rights –

which are increasingly being translated into national goals.

Crucially, questions about the role and relevance of

responsible investment have grown, as environmental, social

and governance (ESG) risks have increased, not reduced.

Many ESG risks threaten impacts across nancial, economic

and political systems. Six safe planetary boundaries have

been breached over the last eight years, and greenhouse gas

emissions rose to record levels in 2022.

There is an important role for investors to play in advancing

responsible investment at this time, and it is important for

the PRI to be aligned with investors in this pursuit.

We intend to understand signatory views on these changing

expectations for responsible investors, and how they might

shift PRI’s role in supporting our signatories.

This survey sets out to explore key issues for the future of

responsible investment and signatories, including the PRI’s

vision, mission and purpose and the value we provide to

signatories.

We look forward to hearing your priorities.

EXPECTATIONS OF

RESPONSIBLE INVESTMENT

HAVE CHANGED

1 https://www.stockholmresilience.org/research/planetary-boundaries.html

IN THIS SURVEY WE EXAMINE SEVEN

AREAS:

1. What does responsible investment mean today?

2. Expectations about signatory progression

3. The role of responsible investors in the nancial system,

and in inuencing policy change; and barriers to

signatory action on sustainability outcomes.

4. The PRI’s response to signatory needs – globally and

locally – and the challenges signatories face

5. The PRI’s strategy setting approach and governance

6. The PRI’s mission statement

7. Signatories’ engagement and satisfaction with the PRI

Alongside the survey questions we provide further context

on the issues being discussed, and our thinking following the

earlier parts of this consultation.

As a signatory-based organisation, we encourage all

signatories to participate in this PRI in a Changing World

consultation.

This survey is the second of two parts of the consultation:

Part 1: Signatory conversations

(September – December 2022)

We held a series of signatory workshops in key markets,

providing an opportunity to discuss the consultation themes

with signatories. We conducted 38 in-person workshops

across 30 cities and one online workshop, reaching more

than 650 signatories.

Part 2: Survey

(November 2022 – January 2023)

This online survey is where we are seeking to capture

all signatories’ formal feedback. A link, unique to each

organisation, will be sent to all main and secondary PRI

contacts at each signatory.

• We are asking for one survey submission per

organisation.

• Signatories must submit responses by 17:00 GMT on

27 January 2023.

For ease of analysis, we prefer written responses to be

made in English where possible, but responses in Chinese,

Japanese, French, Portuguese and Spanish will also be

assessed and we will make an eort to assess responses in

other languages.

The PRI Board will review the formal consultation feedback,

discuss any proposals following the analysis and agree next

steps. The PRI will share:

• a formal response from the PRI Board;

• a summary of the survey responses;

• all survey responses in full but not attributed to

individual signatory organisations.

For more information, see the PRI in a Changing World

webpage, and listen to the webinar. If you have any further

questions, please email [email protected].

CONSULTATION PROCESS

AND TIMELINE

PRI FORMAL CONSULTATIONS

This is a formal consultation, which we undertake when discussing or proposing signicant changes to the organisation –

changes that could aect signatories’ expectations, engagement or commitment.

We must hold formal consultations before adopting a three-year strategic plan, or making any material changes to the

governance structure, Objects, Mission, Principles or fee structure. Topics of past formal consultations have included: our

three-year strategic plans, reporting and assessment, signatory accountability and the minimum requirements and our

sustainable nancial system work programme.

For each formal consultation, the PRI must publish a consultation document, allow a consultation period of at least four

weeks, and provide multiple channels for signatories to provide feedback, including at regional events and webinars. We will

always publish a summary of the written feedback received, the full consultation responses (but not attributed to individual

signatory organisations) and a formal response from the PRI Board.

Understanding and expectations of responsible investment

have changed substantially since the PRI was formed 16

years ago.

The PRI is a broad, inclusive organisation, and we recognise

that dierent intentions and approaches to responsible

investment are to be expected based on dierent investor

mandates, dierent client expectations and dierent

regulatory requirements.

The options in section one assume each approach is also

consistent with the relevant nancial objectives of the

responsible investor.

QUESTIONS

1.1 Which statement most accurately describes

responsible investment in your organisation?

(Select one option.)

a) Responsible investment involves managing ESG risks.

Example: Using ESG information and data to assess risk

to holdings within the portfolio over the short, medium or

long term, and adjusting the exposures as a result.

b) Responsible investment involves managing ESG risks

and identifying positive and negative sustainability

outcomes in the real world.

Example: Investors reviewing or mapping their portfolios

in terms of how aligned or not they are with dierent

SDGs; or tracking and disclosing greenhouse gas

emissions in line with TCFD; or using a taxonomy to

assess alignment of a portfolio with environmental

objectives and targets.

WHAT DOES RESPONSIBLE

INVESTMENT MEAN TODAY?

c) Responsible investment involves managing ESG risks,

identifying positive and negative sustainability outcomes

and taking action on sustainability outcomes in the

real world.

Example: Seeking to shape outcomes linked to a specic

SDG or other global goal, using capital allocation,

stewardship and/or engagement with policy makers.

The intention may be to reduce negative outcomes or

improve positive outcomes.

1.2 Which statement most accurately describes

what responsible investment in your organisation

should be in the future?

(Select one option.)

a) Responsible investment involves managing ESG risks.

Example: Using ESG information and data to assess risk

to holdings within the portfolio over the short, medium or

long term, and adjusting the exposures as a result.

b) Responsible investment involves managing ESG risks

and identifying positive and negative sustainability

outcomes in the real world.

Example: Investors reviewing or mapping their portfolios

in terms of how aligned or not they are with dierent

SDGs; or tracking and disclosing greenhouse gas

emissions in line with TCFD; or using a taxonomy to

assess alignment of a portfolio with environmental

objectives and targets.

c) Responsible investment involves managing ESG

risks, identifying positive and negative sustainability

outcomes, and taking action on sustainability outcomes

in the real world.

Example: Seeking to shape outcomes linked to a specic

SDG or other global goal, using capital allocation,

stewardship and/or engagement with policy makers.

The intention may be to reduce negative outcomes or

improve positive outcomes.

1.3 Please add any additional comments you have

regarding questions in this section.

(Open question for free text answer)

All PRI signatories are expected to improve their responsible

investment practice. Through reporting and assessment, we

have sought to give all signatories insights into how they can

improve their practices. We have also introduced minimum

requirements and set expectations on advanced practice. The

PRI’s minimum requirements are:

• a responsible investment policy, setting out: overall

approach or guidelines on ESG factors, and which covers

>50% of AUM;

• senior-level oversight of responsible investment;

• sta (internal or external) implementing responsible

investment.

In initiatives such as the Net Zero Asset Owner Alliance and

Climate Action 100+, we ask signatories to act consistent

with ve leadership behaviours: Purposeful; Consistent;

Transparent; Engaged; Responsible (for understanding

outcomes and minimising harm). These behaviours are

embedded in the objectives and terms of reference of such

initiatives.

Between these minimum requirements and leadership

behaviours, while there is guidance and learning

opportunities available for all signatories, the expectations

are somewhat unclear. Accusations of greenwashing indicate

there may be insucient clarity that dierent responsible

investment purposes and approaches are legitimate,

particularly where they can be clearly explained and

transparently validated.

Feedback from the consultation so far indicates that

signatories expect to progress their responsible investment

practice over time. It is also clear that signatories are seeking

more support in doing so, and to be able to demonstrate their

progress in terms that are more relevant to them. For the

PRI, there are dicult trade-os, balancing our resources

and ability to support a large, diverse and growing signatory

base, with a need to avoid being too prescriptive on possible

approaches.

PROGRESSION BY PRI

SIGNATORIES

We are proposing that the PRI, together with signatories,

develops a framework for signatory progression that enables

signatories to opt into areas that describe objectives and

actions that are relevant to their organisation.

If the PRI were to pursue this approach with signatories, we

propose that:

• The progression framework would be co-designed with

signatories.

• Opting into any areas would be voluntary, with no PRI-

imposed consequences for not doing so.

• Signatories could participate in however many areas are

relevant, and change between them when necessary.

• Signatories would not be assessed on their additional

commitments and activities unless they chose to be.

• The system is kept simple, allowing enough options to

accurately describe responsible investment practices,

but not so many that the market is swamped by

complexity.

QUESTIONS

2.1 To what extent do you agree or disagree with

the following statement:

“As a PRI signatory we expect to progress our

responsible investment activities over time.”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

2.2 To what extent do you agree or disagree with

the following statement:

“PRI signatories have dierent intentions and

actions as responsible investors and should be

able to demonstrate their progress in terms

that are more relevant to them than is currently

possible.”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

2.3 Which of the following ways would you choose

to demonstrate your progress?

(Select all that apply.)

a) By describing your responsible investment objective(s)

Example: based on the denitions in section one

b) By your approach to sustainability issues

Example: climate change, human rights governance

c) By progress in your investment activities

Example: stewardship, capital allocation, disclosure,

selection/appointment/monitoring

d) By progress in asset classes

Example: xed income, listed equity, private markets

e) Other (please specify)

2.4 For each of the categories you selected in the previous question, to what extent should you be publicly

transparent about them?

(Select one option on the scale for each area you’ve selected.)

Completely

transparent

Somewhat

transparent

Not

transparent

Don’t

know

By describing your responsible investment objective(s)

Example: based on the denitions in section one

By your approach to sustainability issues.

Example: climate change, human rights governance

By progress in your investment activities

Example: stewardship, capital allocation, disclosure,

selection/appointment/monitoring

By progress in asset classes

Example: xed income, listed equity, private markets

Other (your answer to the previous question)

2.5 Should the PRI establish a signatory-guided

design process for a framework for signatory

progression?

(Answer yes or no.)

a) Yes

b) No

2.6 If the PRI does take this idea forward would

your organisation want to actively participate in

such a process?

(Answer yes or no.)

a) Yes

b) No

2.7 Please add any additional comments you have

regarding questions in section two.

(Open question for free text answer.)

SUSTAINABLE FINANCIAL SYSTEM

The PRI mission statement identies the importance

of a sustainable nancial system, to enable and reward

responsible investment. We dene a sustainable nancial

system as being one that creates, values and transacts

nancial assets in ways that shapes the real economy to

serve the long-term needs of society.

The main way that we and our signatories have sought to

achieve a sustainable nancial system is through changing

investment practice, inuencing market structure and

supporting the development of policy and regulation.

Signatories have increased their engagement in government

policy relating to ESG issues in reporting, nancial regulation

and transitioning the economy to meet sustainability goals.

The PRI’s support for signatories on policy engagement

includes position papers and submissions to governments

and regulators, signatory sign-on letters and participation in

technical working groups.

The consultation feedback to date indicates that the PRI

could do more work on policy and regulation in future. It is

increasingly recognised that responsible investors have a role

in supporting the policy makers, standards and mechanisms

that will aect sustainability outcomes, and that they will

ultimately require policy change from governments to realise

their responsible investment objectives. It is important

to identify the links between the nancial system and

economic, environmental and social systems.

Areas that the PRI and signatories could extend policy

engagement include:

• supporting collaborative engagements with

governments;

• supporting collaborative engagements with investee

companies about their policy activities;

• engaging with standard setters, international institutions

and other nancial system actors to align the nancial

system with sustainability outcomes.

FINANCIAL SYSTEM,

REGULATION AND OUTCOMES

In conducting any further policy engagement activities, the

PRI would ensure:

• we are clear when signatories are speaking in their

names and when they are not;

• policy positions are supported by relevant analysis and

testing with signatories;

• opportunities to participate in policy engagement

activities are available to all signatories.

QUESTIONS

3.1 Which aspects of the nancial system could

the PRI and signatories inuence more to create

the right enabling environment for responsible

investment?

(Open question for free text answer)

3.2 Should the PRI support its signatories by

playing an even more active policy engagement

role?

(Select one option.)

a) Yes, the PRI should take a more active role in policy

engagement.

b) No, the current level of policy engagement is appropriate.

c) No, the PRI should have a less active role in policy

engagement.

d) N/A – I’m not aware of the PRI’s policy engagement

work.

SUSTAINABILITY OUTCOMES

Despite clearer global sustainability goals, there is a

widening gap between these stated goals and the real-world

outcomes being achieved.

The growing gap, and a rapidly growing market for

sustainable nance, is leading to more scrutiny by market

supervisors on nancial practices and claims, including

prosecutions for egregious failures.

In some jurisdictions, investors are expected to play a major

role in the transition to a sustainable economy, with emerging

policies, laws and tools paving the way for a wider pursuit of

sustainability impact goals by investors.

More broadly, our Legal Framework for Impact project, found

that investors across an even wider range of jurisdictions

are likely to have a legal obligation to consider engaging in

investing for sustainability impact where it can help pursue

their nancial objectives – as well as nding that, in some

circumstances, investors can pursue sustainability goals for

reasons other than achieving nancial goals and in parallel

with them.

QUESTIONS

3.3 What do you consider the most signicant

barriers to investor action on sustainability

outcomes?

(Please select all that apply.)

a) Data and information

b) Regulatory and legal context

c) Client/beneciary demand or mandate

d) Clear standards and expectations

e) Investment opportunities/pipeline

f) Ability to inuence

g) Capabilities and culture

h) Other (please specify)

3.4 Why did you select these options?

(Open question for free text answer.)

3.5 Please add any additional comments you have

regarding questions in section three.

(Open question for free text answer.)

The PRI’s current approach is to support signatories with a

generalised, global approach that includes:

1. Thought leadership on emerging issues or topics

2. Guidance, tools and training

3. Clear expectations and accountability

4. Recognition of action and progress over time

5. Ability to track progress and identify areas for

improvement

6. Opportunities to inuence norms and the enabling

environment for responsible investors

7. Opportunities to collaborate and engage (including

through PRI-facilitated activities and initiatives)

8. Opportunities to come together and network

The growth of the PRI has been rapid (recently at 25%

year-on-year), and the signatory base is becoming ever more

diverse. Signatories have dierent depths of responsible

investment implementation, dierent local regulatory and

operational contexts and dierent investment approaches.

To date, however, except for specic local policy solutions,

the PRI oers a single set of global tools to all signatories in

all markets. Many signatories appreciate the global nature

of the PRI’s oering as a key connector to global best

practice, but others have called for support that addresses

their specic investor type, regional context and experience

level. The PRI must balance these needs against its ability to

deliver services at scale.

The following questions explore the elements of signatory

value, as well as which are particular to the global and or

local level.

THE PRI’S RESPONSE TO

SIGNATORY NEEDS

QUESTIONS

4.1 Which part of the PRI’s oering is most

important to you?

(Select all that apply.)

a) Thought leadership on emerging issues or topics

b) Guidance, tools and training

c) Clear expectations and accountability

d) Recognition of action and progress over time

e) Ability to track progress and identify areas for

improvement

f) Opportunities to inuence norms and the enabling

environment for responsible investors

g) Opportunities to collaborate and engage (including

through PRI-facilitated activities and initiatives)

h) Opportunities to come together and network

i) Other (your answer in the previous section)

4.2 For each of the previous options, would you

like the PRI to oer the same, more or less than

it does today?

(Select a drop-down option for each item: same; more; less.)

a) Thought leadership on emerging issues or topics

b) Guidance, tools and training

c) Clear expectations and accountability

d) Recognition of action and progress over time

e) Ability to track progress and identify areas for

improvement

f) Opportunities to inuence norms and the enabling

environment for responsible investors

g) Opportunities to collaborate and engage (including

through PRI-facilitated activities and initiatives)

h) Opportunities to come together and network

i) Other (please specify)

4.3 To what extent do you agree or disagree with

the following statement:

“The PRI should further support the development

of local or regional responsible investment

communities of practice (where this is focused on

collaboration with organisations working towards

similar aims and seeks to avoid duplication of

eort).”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

4.4 How important is a local delivery focus

(in addition to existing global delivery) on

each of the following for your organisation?

(Select all that apply.)

a) Thought leadership on emerging topics or issues

b) Guidance, tools, and training

c) Clear expectations and accountability

d) Recognition of action and progress over time

e) Ability to track progress and identify areas for

improvement

f) Opportunities to inuence norms and the enabling

environment for responsible investors

g) Opportunities to collaborate and engage (including

through PRI-facilitated activities and initiatives)

h) Opportunities to come together and network

i) Other (please specify)

4.5 What is the biggest challenge you face

as a responsible investor?

(Open question for free text answer.)

4.6 What could best help you overcome this

challenge?

(Open question for free text answer.)

4.7 Please add any additional comments you have

regarding questions in section four.

(Open question for free text answer.)

STRATEGY SETTING APPROACH

Currently the PRI has a three-year strategy setting

process. This process includes a formal consultation with

signatories that asks signatories for their initial input into,

and subsequent feedback on, the proposed strategy. This

formal consultation is a signatory right, codied in the PRI’s

Articles of Association.

The pace of change within the responsible investment

ecosystem is changing rapidly. This consultation is therefore

considering whether, for the PRI to remain relevant and

continue to provide value to our signatories, we need to move

away from a rigid three-year strategy cycle to a more agile

approach. As a growing organisation with 5,000+ signatories,

it is increasingly questionable whether a formal consultation

on the strategy every three years is the right cadence or

format for setting organisational priorities.

It is the role of the elected PRI Board to set the strategy

and direct, within a framework, the organisational priorities

agreed and understood by signatories.

Feedback in the consultation process to date indicates that

signatories would welcome:

• the opportunity to suggest priorities for the strategy

setting process on a more regular basis;

• more transparency about the role and decisions of

the PRI Board;

• more PRI Board accountability for the delivery of

the strategy.

THE PRI’S STRATEGY

SETTING APPROACH AND

GOVERNANCE

QUESTIONS

5.1 What do you think are the best ways to

achieve more signatory input into the PRI’s

strategy and priorities?

(Select all that apply.)

a) A more accessible PRI Board

b) Regional forums that identify priorities on an annual

basis, as input to the PRI Board

c) Using signatory advisory committees to identify

priorities, as input to the PRI Board

d) Common global signatory groupings, for example by

investor type or asset class, to identify priorities, as input

to the PRI Board

e) Other (please specify)

PRI GOVERNANCE (FOR ASSET OWNER

SIGNATORIES ONLY)

In addition to considering ways to strengthen signatory input

into the PRI’s strategy and priorities, we are also considering

the composition of the PRI Board.

The PRI was founded by asset owners, and the composition

of the PRI Board is:

• one independent chair (conrmed by a signatory vote);

• ten elected directors:

• seven directors elected by asset owner signatories;

• two directors elected by investment manager

signatories;

• one director elected by service provider signatories;

and

• two permanent UN advisors who are representatives

from the PRI’s founding UN partners: UN Global

Compact and UNEP Finance Initiative.

Since the last governance review in 2014, the composition of

the signatory base has changed, and investment managers

have grown as a proportion of the signatory base. The PRI as

an organisation has also grown in size and complexity, and the

PRI Board is reliant on board committees to support its work.

With only three non-asset owners on the PRI Board, it can be

dicult to ensure that signatory diversity is fully represented,

particularly at committee discussions.

In part one of the consultation, most investment managers

and service providers said they would like to see more

representation of non-asset owner signatories on the

PRI Board.

Any decision to enable this approach would require

the agreement of a majority of asset owners voting.

This question is therefore provided to asset

owners only.

QUESTIONS

5.2 Which of the following statements do you

agree with?

(Select one option.)

a) I agree with the current balance of representation of

asset owner, investment manager and service provider

signatories on the PRI Board.

b) I would agree with greater representation of non-asset

owner signatories on the PRI Board, while maintaining

the overall asset owner majority.

5.3 Please add any additional comments you have

regarding questions in section ve.

(Open question for free text answer.)

The PRI’s current mission statement includes many

relevant elements for responsible investment today, but

may not adequately guide the PRI or signatories in an agile

or responsive way. The mission statement guides the PRI

Board and executive on setting the PRI’s strategy, and

prioritising support for signatories in implementing the six

PRI Principles.

THE PRI MISSION

We believe that an economically ecient, sustainable

global nancial system is a necessity for long-term

value creation. Such a system will reward long-term,

responsible investment and benet the environment and

society as a whole.

The PRI will work to achieve this sustainable global

nancial 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 nancial

system that lie within market practices, structures and

regulation.

Where the mission statement was designed to have wide

appeal in a more formative stage of responsible investment,

greater clarity is now needed to ensure continued relevance

of the PRI in a changing world.

In the early stages of this consultation, most signatories

said that they thought the PRI mission statement should be

updated to distil and clarify the vision, purpose, and mission

of the PRI.

Breaking the current mission statement down into separate

statements about our vision, purpose and mission could

provide clearer direction for the responsible investment

community, and clearer parameters for the PRI organisation’s

THE PRI’S VISION, PURPOSE

AND MISSION

support for signatories. Alongside a more regular strategy

setting cycle – for example on a rolling annual basis, looking

forward three years – and less formality on the signatory

engagement processes involved, signatories would benet

from a more responsive approach to changes in market

developments.

If a signicant proportion of signatories agree or strongly

agree with the proposal, we would engage with signatories

on proposed vision, purpose and mission statements, and any

signicant changes to the mission would require a signatory

vote of approval.

QUESTIONS

6.1 To what extent do you agree that the PRI

mission statement should be claried into

separate vision, purpose and mission statements?

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

6.2 Please add any additional comments you have

regarding questions in section six.

(Open question for free text answer.)

While not the focus of this particular consultation, the PRI

would like to take the opportunity to gauge signatories’

overall engagement and satisfaction levels with the PRI.

QUESTIONS

7.1 To what extent do you agree or disagree with

the following statement:

“Being a PRI signatory brings value to my

organisation.”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

7.2 To what extent do you agree or disagree with

the following statement:

“I would recommend the benets of being

a PRI signatory to other similar organisations.”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

SIGNATORY ENGAGEMENT

AND SATISFACTION WITH

THE PRI

7.3 To what extent do you agree or disagree with

the following statement:

“My organisation is committed to continue as a

PRI signatory.”

(Select one option.)

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

The PRI is an investor initiative in partnership with

UNEP Finance Initiative and the UN Global Compact.

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 8,800

companies and 4,000 non-business signatories based in over 160 countries, and more than 80 Local Networks.

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

nancial sector. UNEP FI works closely with over 200 nancial 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 nancial 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 nancial institution operations.

More information: www.unep.org

The Principles for Responsible Investment (PRI) Initiative

The PRI works with its international network of signatories to put the six Principles for Responsible Investment into

practice. Its goals are to understand the investment implications of environmental, social and governance (ESG)

issues and to support signatories in integrating these issues into investment and ownership decisions. The PRI

acts in the long-term interests of its signatories, of the nancial markets and economies in which they operate and

ultimately of the environment and society as a whole.

The six Principles for Responsible Investment are a voluntary and aspirational set of investment principles that oer

a menu of possible actions for incorporating ESG issues into investment practice. The Principles were developed

by investors, for investors. In implementing them, signatories contribute to developing a more sustainable global

nancial system.

More information: www.unpri.org