The Policy team provides tools and insight to international standard setters, signatories and policy makers to advance progress towards a regulatory and investment environment consistent with the six Principles.
REGULATION, POLICY FRAMEWORKS AND COLLABORATION
The PRI uses analysis of Reporting Framework data, the results of PRI-coordinated engagements and ongoing discussions with investors to respond to policy consultations. You can subscribe to the PRI’s Policy Briefing here.
- Sustainable Stock Exchanges Initiative model guidance (2016): Engaging exchanges to issue guidance to companies on sustainability reporting.
- Financial Stability Board: Task force on Climate-Related Disclosures: Phase 1 Consultation Comment Letter (2016): Developing internationally-relevant climate disclosure advice to help investors take action.
- Financial Stability Board: Task force on Climate-Related Disclosures: Phase 2 consultation response (2017): Developing internationally-relevant climate disclosure advice to help investors take action.
- PRI response to UNFCCC consultation: the roadmap for global climate action (2016): Responding to the UNFCCC’s call for submissions on the roadmap for global climate action and the role of the “high-level champions” for climate action.
- The PRI and Baker McKenzie are publishing a series of climate disclosure country reviews to assist investors in preparing for implementation of the recommendations of the FSB Task Force on Climate-related Financial Disclosures (TCFD). The country reviews map the TCFD's draft recommendations onto existing regulation and guidance.
- Ontario Securities Commission 2017-2018 Draft Statement of Priorities (2017): PRI recommends the integration of ESG factors throughout its programme, particularly to enhance the framework for corporate reporting.
- Department of Labor, EBSA, RIN 1210-AB63: Annual Reporting and Disclosure (2016): Improving governance and transparency of employee benefit plans, including disclosure of ESG incorporation.
- US SEC Business and Finance Disclosure Requirements in Regulation S-K (2016): Revisiting corporate disclosure requirements on ESG factors.
- Corporate Governance Reform and Transparency Act of 2016 H.R. 5311 (2016): PRI recommends this bill is withdrawn.
- Financial Choice Act Rule 14a-8 (2017): PRI recommends this act is withdrawn.
- Bovespa Corporate Governance Review (2016): Strengthening the governance requirements of the Novo Mercado.
- Amec (Brazil) Stewardship Code Consultation (2016): Establishing a stewardship culture in Brazil.
- UK Asset Management Market Study (2017): responding to the interim findings of the Financial Conduct Authority’s market study of the UK asset management industry.
- UK Corporate Governance Reform Green Paper (2017): Strengthening the employee, customer and wider stakeholder voice.
- UK: Law Commission (2016): On social investment options for defined contribution pension schemes.
- Germany: Deutscher Corporate Governance Kodex (German Corporate Governance Code) (2016): Recommending clear terminology and improvements in corporate reporting.
- UK Pensions Regulator: 21st century trusteeship and governance (2016): Promoting better governance of ESG risks and opportunities.
- Revision of the Institutions for Occupational Retirement Provision Directive (2016): Protecting and informing working-age Europeans. See the PRI’s briefing on the directive.
- SIX Swiss Exchange voluntary sustainability reporting consultation (2016): Improving consistency in voluntarily produced sustainability reports.
- French Energy Transition Law (2016), also available in English: Analysing its enabling factors.
- UK Non-Financial Reporting Directive (2016): Transposing the EU’s Non-Financial Disclosure directive into UK law.
- Long-term and Sustainable Investment Consultation (2016): Analysing the state of the market for long-term, sustainable investment across the EU.
- UK Mandatory Gender Pay Gap Reporting (2016): Introducing greater transparency on workplace gender equality.
- Letter to Rt Hon Greg Clark MP, UK Minister for Business, Energy and Industrial Strategy: In July 2016, the PRI wrote to Rt Hon Greg Clark MP, UK Minister for Business, Energy and Industrial Strategy, to introduce the PRI.
- Capital Markets Union: Read the PRI's response to the call for evidence and the 2017 mid-term review using PRI reporting data to demonstrate the importance of ESG issues in investment decision-making.
- Corporate tax disclosure: the PRI has written to the ECON committee, Commission staff and Permanent Representations sharing recommendations from the PRI’s corporate tax working group.
- UK Better Workplace Pensions (2015): Responding to the Department for Work and Pensions’ consultation on changes to the investment regulations following the Law Commission’s report Fiduciary Duties of Investment Intermediaries.
- Supporting the European Commission’s revision of the Shareholder Rights Directive, including establishing a stewardship culture and integrating ESG factors into shareholder engagement. Read the PRI’s policy briefing here and our 2014 response to the Commission.
- Institute of Directors Southern Africa - revision of the King Code (2016): Strengthening corporate governance and expanding the King Code to new sectors.
- Consultation on King Code Sector Supplements: Retirement Funds (2016): Connecting fiduciary duty, ESG and good pension fund governance.
- Fraser Review (2016): Responding to Senator Fraser’s consultation on the governance of Australian pension funds.
- Singapore Sustainability Reporting (2016): Responding to the Singapore Stock Exchange’s consultation on sustainability reporting, with recommendations on reporting ESG data in annual reports, assurance, and the responsibility of the board.
- Japan Corporate Governance Code (2015), also available in English: Supporting the efforts of Japanese regulators to strengthen corporate governance.
- Hong Kong Principles of Responsible Ownership (2015): Responding to the Hong Kong Securities and Futures Commission’s consultation on the introduction of principles to support investor stewardship.
See all public policy submissions.
RESEARCH AND REPORTS
THE CASE FOR INVESTOR ENGAGEMENT IN PUBLIC POLICY
Based on interviews with an international group of investors, The case for investor engagement in public policy analyses how investors can effectively engage with policymakers. It proposes a five-step approach to better integrate investor perspectives on ESG factors into the public policymaking process.
FIDUCIARY DUTY in the 21st century
Based on interviews with investors, industry associations, lawyers and policymakers in eight countries – Australia, Brazil, Canada, Germany, Japan, South Africa, UK and US – Fiduciary duty in the 21st century concludes that failing to integrate long-term investment value drivers, including ESG issues, in investment practice is a failure of fiduciary duty. Also available in Portuguese and Japanese.
Among other recommendations, the report finds that progress is needed by institutional investors to engage policymakers on issues relevant to long-term performance, including strengthened corporate reporting.
In March 2016, the PRI, UNEP FI and The Generation Foundation launched a three-year project on investor duties, including:
- publishing and implementing roadmaps on the policy changes required to achieve full integration of ESG issues in investment processes and practices across eight countries;
- extending the research into fiduciary duties – and, more broadly, investor duties – to six major Asian markets: China, Hong Kong, India, Korea, Malaysia and Singapore. Also available in Chinese.
- working with investors, governments and intergovernmental organisations, to develop an international statement on fiduciary duty (see who has signed our statement) which includes the requirement to integrate ESG issues into investment processes and practices. Also available in Chinese.
For further details about the fiduciary duty programme, see our fiduciary duty website here: www.fiduciaryduty21.org.
How asset owners can drive responsible investment
In March 2016, the PRI published How asset owners can drive responsible investment, demonstrating how asset owners can contribute to the implementation of responsible investment at scale and depth, creating a multiplier effect through the investment chain. Weak implementation of responsible investment by asset owners sends signals to the investment market that it is not a priority, limiting investment consultant and manager willingness to focus on it in their strategies and advice.
The report sets out a seven-step plan, enabling asset owners to ensure they have the governance processes in place to reflect their investment beliefs and strategies, and to implement them in contracts with investment managers.
MEET THE POLICY TEAM:
Will Martindale, Head of Policy
Will joined the PRI in February 2014. He leads PRI’s global regulatory affairs and public policy programme, our flagship fiduciary duty project and the implementation of PRI’s sustainable financial system activities in national policy reform.
Previously Will worked for Oxfam advising on financial sector policy. He has a background in banking, joining JPMorgan's graduate programme in June 2004. In September 2010, Will joined French bank, BNP Paribas, as a business manager for their credit trading desk.
Will holds a MSC in Comparative Politics from the London School of Economics and a BSC in Maths from King’s College London.
Alyssa Heath, Senior Manager, Policy
Alyssa joined the PRI in July 2013.
Before joining the PRI, Alyssa worked at CDP (formerly Carbon Disclosure Project). She started her career at the Energy Saving Trust, the UK’s domestic energy agency, working with local councils, in particular on attracting private investment into domestic energy retrofitting.
Alyssa holds a BA in Physics (Mansfield College, University of Oxford) and an MSc in Atmospheric, Oceanic and Climate Physics (University of Reading).
Morgan Slebos, Senior Policy Analyst
Morgan joined the PRI in July 2016. He is responsible for the PRI’s work on a sustainable financial system.
Morgan has previously held a range of policy roles in the financial sector, including policy manager for resource and environment issues at the Institute and Faculty of Actuaries and as a policy advisor at the Association of British Insurers. He started his career at the New Zealand Treasury, working in areas such as international economic policy and fiscal strategy and management.
He holds an MA in Political Studies and BCom in International Trade from the University of Auckland.
Danielle Chesebrough, Senior Manager, Investor Relations (UN Global Compact)
Danielle Chesebrough started working in her dual role with the PRI and UN Global Compact in May 2011. She facilitates collaboration between UN Global Compact companies and PRI signatories and co-organises the Sustainable Stock Exchanges initiative with three UN partner organisations.
Previously, Danielle worked in ESG client services at MSCI. Prior to joining the client services team, she conducted ESG analysis and led engagements with publicly listed companies.
She has a BA in Political Science from Clemson University and a master's degree in Social Work, with a focus on Policy and International Studies, from the University of Connecticut.
Karen Williams, Officer
Karen joined the PRI in August 2014, She supports work on engaging investors and policy makers, particularly on Climate and the Sustainable Development Goals work programme.
Karen holds a BA (Hons) in Business Management & Corporate Social Responsibility. She studied issues in relation to corporate governance and regulation in the global community.
Melanie Paty, Officer
Melanie joined the PRI in October 2015. She supports work engaging policy makers and regulators, particularly the Sustainable Stock Exchanges (SSE) Initiative and the Fiduciary Duty work programme.
Prior to joining the PRI, Melanie worked in wealth management at Veris Wealth Partners, a U.S.-based firm focused on investing with impact.
Melanie holds a BA in Environment, Economics and Politics from Claremont McKenna College in California.