Financing the next phase of responsible investment

Financial report


Between 1 April 2017 - 31 March 2018, total income grew to £10.4 million, up from £8.1 million on 2016/17.

 Actual 2016/17 Actual 2017/18 Budget 2018/19 
  £000s  £000s  £000s 
Membership fee - renewal  7,269  8,414  9,869 
Membership fee - new  538  690  785 
Grants, donations, other  154  462  473 
PRI in Person income surplus  -92  597  307 
PRI Academy  252  285  499 
Total income  8,122  10,448  11,934 

Signatory fees

All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2017/18, income from new and existing signatories came to £9.1 million, up from £7.8 million in 2016/17.

Grants, donations and other income

The PRI received £462,000 in grants and donations. Projects funded include our work with the Rockefeller Foundation on the credit ratings project; UNEP FI on our fiduciary duty work; Ceres on a deforestation workstream; and the Finance Dialogue, who provided a grant for our work on climate change and environmental risk. 


Between 1 April 2017 - 31 March 2018, total expenditure excluding PRI in Person grew to £10.2 million.

 Actual 2016/17 Actual 2017/18Budget 2018/19 
  £000s  £000s  £000s 
Staff costs (including networks, recruitment, training and development)  5,186  6,441  7,795 
Bought-in services, consulting and research  838  1,171  1,343 
Meetings and travel expenses  649  787  1,042 
Premises costs  398  435  531 
IT costs and telephone  386  593  831 
Events, conferences and hospitality  139  220  302 
Legal and professional services  139  124  77 
Subscriptions, reports and printing  99  100  130 
Academy commissions and marketing  54  69  84 
Other expenditure (insurance, postage, office supplies, bank charges)  161  240  152 
Total (PRI in Person expenditure not included)  8,051  10,181  12,287 

Expenditure by area

 Actual 2016/17 Actual 2017/18 Budget 2018/19 
  £000s  £000s  £000s 
Management and operations  1,961  2,305  2,165 
Global outreach and networks  1,765  2,210  2,767 
Communications  887  886  1,165 
Policy and research, climate, academic work  694  1,228  1,279 
Investment practices  722  856  1,061 
ESG engagements  549  642  775 
Reporting and assessment  537  690  936 
Premises costs  398  434  531 
Grants, other  97  394  392 
PRI Academy  297  377  431 
Partnerships  143  157  235 
Consultancy and research (separated in 2018/19)      550 
Total  8,050  10,181  12,287 

Number of staff by department

 June 2017 June 2018 Forecast March 2019 
Signatory services (Reporting and assessment, Investment practices, ESG engagements)  35  37  41 
Networks and global outreach  21  24  27 
Operations, finance, partnerships, PRI Academy  17  17  18 
Communications and events 10  10 
Policy, research and academic network  13  13 
Grants, donations, other income   
Total  94 107  115 

Staff and network costs

Our people are our most important asset. In 2017/18, we increased staff spending to £6.4 million, up from £5.2 million in 2016/17. Total staff numbers grew to 107 as of June 2018.

Staff costs are budgeted to increase to £7.8 million to reflect growing staff numbers - a projected eight additional members of staff.

Bought-in services, consulting and research

External suppliers are contracted where there is a short-term or one-off requirement for support or expertise, and where internal resources or expertise are unavailable.

The PRI incurred costs greater than £10,000 with: Carnstone (who helped create the PRI’s three-year strategy); the London School of Economics (with whom we worked on the just transition project); ERM (with whom we worked on private equity monitoring and reporting guides); Aidenvironement (assessment for collaborative engagement); TIIP (on income inequality), Freshfields (EU regulatory and public affairs service); Energy Transition Advisors (climate transition scoping study and the climate transition work programme); Collaborare Advisory Pty Ltd (on a guide for asset owners on the TCFD recommendations); 2* Investing Initiative (on the customisation of the Paris Agreement Capital Transition Assessment tool); Monfort (social media agency); Ostinato Associates (corporate communications services); PwC (translation of the 2018 Reporting Framework).

Meeting and travel

As a global organisation, travel is critical to ensuring we can fully engage with our signatories around the world. Increases in travel expenditure largely reflect rising staff numbers. Total travel costs increased to £787,000, up from £649,000 in 2016/17.

Premises costs

Premises costs increased to £435,000, up from £398,000 in 2016/17. This is owing to an increase in London business rates.

IT costs and telephone

IT costs increased to £593,000, up from £386,000 in 2016/17. This is because of a number of factors such as enhancements to the Data Portal, additional Salesforce licenses and devices for new joiners.

Legal and professional costs decreased to £124,000, down from £139,000 in 2016/17.

Operating surplus

After taking into account interest receivable, depreciation and tax, the PRI achieved a surplus of £193,185 for 2017/18.

Cash reserves

Cash increased to £4.6m at the end of the year. This included receiving both sponsorship and delegate fees for PRI in Person San Francisco.

Fee 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. Please refer to the IMF’s World Economic Outlook 2016 (Statistical Appendix, p.209) for a full list of eligible countries.

The PRI will bill service providers based on only their investment staff, where that service provider has distinct divisions that provide distinct services. If one of those divisions provides a service that is not relevant to investors (and therefore the principles), this division will be excluded from the fee calculation.

The PRI previously offered discounts for joint UNEP FI-PRI members and reciprocal fee arrangements. These were discontinued in 2017.

Account NameHQ CountrySignatory Category
Aquila Capital Green Assets GmbH Germany Investment Manager
Brasilprev Seguros e Previdência Brazil Asset Owner
Ceres United States  
ClearBridge Investments United States Investment Manager
Earth Capital Partners LLP United Kingdom Investment Manager
Economus Brazil Asset Owner
FASERN Brazil Asset Owner
Funcef Brazil Asset Owner
FUNCESP Brazil Asset Owner
Global Sustain United Kingdom Service Provider
Government Employees Pension Fund of South Africa South Africa Asset Owner
Hermes Investment Management United Kingdom Investment Manager
Inflection Point Capital Management U.K. Ltd. United Kingdom Service Provider
Infraprev Brazil Asset Owner
Interfaith Center on Corporate Responsibility (Delisted) United States Service Provider
International Corporate Governance Network (ICGN) United Kingdom Service Provider
Khazanah Nasional Berhad Malaysia Asset Owner
LA Retirement Fund South Africa Asset Owner
Lendlease Australia Investment Manager
Mirova France Investment Manager
Mitsubishi Corp. - UBS Realty Inc. Japan Investment Manager
MMI Group Limited South Africa Asset Owner
Normandin Beaudry Canada Service Provider
Northern Trust Asset Management United States Investment Manager
Pax World United States Investment Manager
PBI Actuarial Consultants Ltd. Canada Service Provider
Petros - Fundação Petrobras de Seguridade Social Brazil Asset Owner
PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil Brazil Asset Owner
Real Grandeza Brazil Asset Owner
Sanlam Limited South Africa Asset Owner
State Street Global Advisors (SSGA) United States Investment Manager
ThomasLloyd Group United Kingdom Investment Manager
Tomorrow’s Company United Kingdom Service Provider
Tribe Impact Capital LLP United Kingdom Investment Manager
Trillium Asset Management United States Investment Manager
Valia Brazil Asset Owner
VicSuper Australia Asset Owner

Directors’ report and consolidated financial statements

The directors present their report and the consolidated financial statements of PRI Association and its subsidiaries for the year ended 31 March 2018.






Work with our partners generated £794,000 (PRI target: £500,000)

Organisations can partner with the PRI by:

  • partnering or exhibiting at PRI in Person and other events;
  • working with the PRI on research or a publication;
  • hosting a signatory event;
  • supporting the PRI Network in their region;
  • collaborating with the PRI Academy, Academic Network and Research Forum.

The PRI thanks the following organisations for providing financial or in-kind support during the year, such as providing complementary access to research and data, and sponsoring or hosting PRI events and publications.

Our partners this year

Partnerships income

PRI in Person 2017

  • Diamond: DWS (formerly Deutsche Asset Management)
  • Gold: Amundi, Bloomberg, Deka
  • Silver: Aberdeen Standard Investments, BNP Paribas, Clearbridge Investments, Martin Currie Investment Management, MFS Investments, MSCI, UBS
  • Bronze: Bank of America Global Wealth and Investment Management, Beyond Ratings, BMO Global Asset Management, FTSE Group, HSBC Global Asset Management, Oekom-Research, Russell Investments, Sustainalytics, Vigeo Eiris, Wellington Management Company

PRI Academic Network Conference 2017

  • Union Investments


The PRI wishes to acknowledge the following organisations for their support: 

Carbon War Room, Ceres, ClimateWorks Foundation, European Climate Foundation, Finance Dialogue, Generation Foundation, GIZ Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH, Gordon and Betty Moore Foundation and Rockefeller Foundation, We Mean Business and UNCTAD.

In-kind donations

The PRI also wishes to thank the following organisations for proving in-kind access to data: FTSE Russell, MSCI, RepRisk and Vigeo Eiris.



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