Financial report


Between 1 April 2018 and 31 March 2019, total income grew to £13.2 million, up from £10.4 million in 2017/18.

 Actual 2017/18
Actual 2018/19
Budget 2019/20
Membership fee - renewal 8,414 10,150 11,951
Membership fee - new 690 1,227 775
Grants, donations, other* 462 1,138 1,581
PRI in Person income surplus 597 107 1,011
PRI Academy 285 533 575
Total Income10,44813,15415,892

*Projects funded through grants, donationa and other income included: Transition Pathway Initiative, Inveitable Policy Response: Act Now, ClimateWorks Foundation, Investor Initiative for Sustainable Forests with Ceres, Climate Action 100+ and the ESG in Credit Ratings initiative.

Signatory fees

All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2018/19, income from new and existing signatories came to £11.4 million, up from £9.1 million in 2017/18.

Fee discounts

Asset owners headquartered in a country classified by the IMF as an emerging market or developing economy are entitled[1] to apply for a fee discount. 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.

Account NameHQ CountrySignatory Category
Old Mutual South Africa Asset Owner
Funcef Brazil Asset Owner
FUNCESP Brazil Asset Owner
Government Employees Pension Fund of South Africa South Africa Asset Owner
Infraprev Brazil Asset Owner
Khazanah Nasional Berhad Malaysia Asset Owner
Economus Brazil Asset Owner
LA Retirement Fund South Africa Asset Owner
MMI Group Limited South Africa Asset Owner
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
Retirement Fund (Incorporated) (KWAP) Malaysia Asset Owner
Sanlam Limited South Africa Asset Owner
Valia Brazil Asset Owner
Brasilprev Seguros e Previdência Brazil Asset Owner
The Consolidated Retirement Fund for Local Government South Africa Asset Owner
Normandin Beaudry Canada Service Provider
PBI Actuarial Consultants Ltd. Canada Service Provider


Between 1 April 2018 and 31 March 2019, total expenditure excluding PRI in Person grew to £12.5 million, up from £10.2 million in 2017/18.

 Actual 2017/18
Actual 2018/19
Budget 2019/20
Staff Costs (incl networks, recruitment, training & development) 6,441 7,755 9,342
Bought-in services, consulting and research** 1,171 1,863 2,254
Travel expenses 787 970 1,083
Premises costs 435 564 635
IT costs and telephone 593 665 741
Events, meetings conferences & hospitality 220 297 368
Legal & professional services 124 115 113
Subscriptions, reports & printing 100 139 219
Academy commissions & marketing 69 57 0
Other expenditure (Insurance, postage, office supplies,bank charges) 240 116 251
Total (PRI in Person expenditure not included)10,18112,54115,008

**Significant bought-in services, consulting and research include: Energy Transition Advisors (Climate Transition Work Programme); London School of Economics (Investing in Just Transition); London School of Economics (TPI); Regnan (Environmental Issues); Vivid Economics (IPR Funding); Danyelle Guyatt (Implications for Strategic Asset Allocation); Freshfields (EU Sustainable Finance Action Plan); Clean Returns Pty Ltd (IPR Implementation Guidance).

Expenditure by area

 Actual 2017/18
Actual 2018/19
Budget 2019/120
Management and Operations 2,305 2,582 2,958
Global Outreach and Networks 2,210 2,720 3,123
Communications & Events 886 957 1,319
Policy, Research & Climate 1,228 1,220 837
Content team     563
Investment Practices & SDGs 856 1,033 1,118
ESG Engagements & Stewardship 642 641 893
Reporting and Assessment 690 825 793
Premises costs 434 492 633
Grants, other 394 994 1,581
PRI Academy 377 453 418
Partnerships 157 214 209
Consulting and research (separated in 2018/19)   410 565

Number of staff by department

 March 2019Forecast March 2020
Reporting & Assessment, Investment Practices, SDGs, ESG Engagements 28 38
Global Outreach and Networks 29 33
Management & Operations, HR, Partnerships & PRI Academy 23 25
Communications & Events 10 14
Policy, Research & Climate 9 10
Content team 5 5
Executive 2 3
Grants 6 10

Cash reserves

Cash increased to £6.1 million at the end of the year, up from £4.6 million at the end of 2017/18. This included receiving both sponsorship and delegate fees for PRI in Person Paris.

Reserve policy

The amount of cash designated as a minimum level is regularly reviewed by the board. This has varied over the years. At present it is deemed to be equivalent to four months of payroll.

Operating surplus

After taking into account interest receivable, depreciation and tax, the PRI achieved a surplus of £554,140 for 2018/19, up from £193,185 for 2017/18.

Corporate structure

The PRI group comprises seven entities, with PRI Association being the ultimate holding company. Signatory fees are collected by PRI Association and disbursed across the group. Entities are established where there is a specific operating or regulatory requirement.

PRI Enterprises Ltd is the home of the PRI Academy and is primarily funded by course fees.




Work with our partners generated £995,063 (PRI target: £750,000)

Organisations can partner with the PRI by:

  • sponsoring 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

PRI in Person 2018

  • Lead: MFS Investment Management
  • Gold: Bloomberg, DWS, Hermes Investment Management, RBC Global Asset Management
  • Silver: Comgest, ClearBridge Investments, ISS-ESG, MSCI, Neuberger Berman, Russell Investments, UBS
  • Bronze: Barrow, Hanley, Mewhinney & Strauss, LLC, Beyond Ratings, East Capital, Four Twenty Seven, FTSE Russell, HSBC Global Asset Management, Martin Currie Investment Management, PIMCO, Prosperity Capitla Management, Wellington Management Company LLC

Academic Network Conference 2018

Bursary: S&P Global


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

  • Bloomberg Philanthropies, Ceres, ClimateWorks Foundation, Department for Business, Energy and Industrial Strategy, European Climate Foundation, Generation Foundation, Gordon & Betty Moore Foundation, KR Foundation, the William and Flora Hewlett Foundation

In-kind donations

The PRI also wishes to thank the following organisations for proving in-kind access to data:

  • FTSE Russell, MSCI, RepRisk, Vigeo Eiris