The PRI acknowledges that today it received correspondence from six Danish pension schemes – ATP, Industriens Pension, PensionDanmark, PFA, PKA and Sampension – advising us of their decision to delist from the PRI citing governance concerns.
“The PRI is deeply disappointed that this has occurred,” said PRI Managing Director, Fiona Reynolds. “At our annual Signatory General Meeting in Cape Town in October, the PRI committed to undertake a review of its governance. The Council’s Governance committee has already begun to define the scope of this review, which will be led by a new Council Chair expected to be appointed in early 2014.”
“The PRI Advisory Council is democratically elected by signatories and is globally diverse, made up of representatives from all three categories of signatory and regions of the world. Members of the Council appoint the directors of the PRI Association Board, who oversee the work of the PRI Secretariat. The Council and the Board take governance seriously and are committed to continued improvements.”
“Accountability and transparency are fundamental to all of the PRI’s work and we have recently launched a new mandatory public Reporting Framework for our 1,200 signatories to ensure both they and the PRI itself continues to lead by example.”
“We had previously arranged to meet with our Danish signatories in Copenhagen on 13 January and we plan to continue with this meeting and hope all of the funds concerned attend.”
“Given the important work of the Danish pension funds in responsible investment, we hope that the funds concerned will reconsider their decision at some point in the near future.”
PRI Governance Review
The PRI Advisory Council and PRI Association Board agreed at their joint meeting in Cape Town on 30 September to carry out a formal review of the PRI’s governance structure and processes. The PRI is committed to ensuring this review is carried out to the highest standards of independence, impartiality, transparency and accountability, and that its findings and recommendations – along with any subsequent changes to PRI governance as a result of the review – are clear, practical, understood and supported by signatories via our decision-making processes.