Between 1 April 2019 and 31 March 2020, total income grew to £18.0 million, up from £13.2 million in 2018/19.
|Actual 2018/19||Actual 2019/20||Budget 2020/21|
|Membership fee - renewal||10,150||12,582||15,108|
|Membership fee - new||1,227||1,567||1,250|
|Grants, donations, other*||1,138||1,879||2,178|
|PRI in Person income surplus||107||1,231||92|
*Projects funded through grants, donations and other income included: Transition Pathway Initiative, Driving Forward TCFD Implementation, A Legal Framework for Impact, Building RI Market in China, Climate Action100+, Investor Initiative for Sustainable Forests, IPR Phase 2
All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2019/20, income from new and existing signatories came to £14.1 million, up from £11.4 million in 2018/19.
Asset owners headquartered in a country classified by the IMF as an emerging market or developing economy are entitled1 to apply for a fee discount. We 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 Name||HQ Country||Signatory Category|
|Afore Profuturo||Mexico||Asset Owner|
|Afore Sura||Mexico||Asset Owner|
|AFP Capital||Chile||Asset Owner|
|AFP INTEGRA||Peru||Asset Owner|
|AFP Provida S.A.||Chile||Asset Owner|
|BBVA Bancomer, Fondos de Pensiones||Mexico||Asset Owner|
|Brasilprev Seguros e Previdência||Brazil||Asset Owner|
|Cuprum afp||Chile||Asset Owner|
|Fondo Nacional de Infraestructura||Mexico||Asset Owner|
|FUNDACION WWB COLOMBIA||Colombia||Asset Owner|
|Government Employees Pension Fund of South Africa||South Africa||Asset Owner|
|Government Pension Fund of Thailand||Thailand||Asset Owner|
|GRUPO FINANCIERO BANORTE S A B DE C V||Mexico||Asset Owner|
|Khazanah Nasional Berhad||Malaysia||Asset Owner|
|LA Retirement Fund||South Africa||Asset Owner|
|Momentum Metropolitan Life Ltd||South Africa||Asset Owner|
|Old Mutual||South Africa||Asset Owner|
|Petros - Fundação Petrobras de Seguridade Social||Brazil||Asset Owner|
|PONTIFICIA UNIVERSIDAD JAVERIANA||Colombia||Asset Owner|
|PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil||Brazil||Asset Owner|
|PRIMA AFP||Peru||Asset Owner|
|Proteccion SA||Colombia||Asset Owner|
|Real Grandeza||Brazil||Asset Owner|
|Retirement Fund (Incorporated) (KWAP)||Malaysia||Asset Owner|
|Sanlam Limited||South Africa||Asset Owner|
|The Consolidated Retirement Fund for Local Government||South Africa||Asset Owner|
|Unión Capital AFAP S.A.||Uruguay||Asset Owner|
Between 1 April 2019 and 31 March 2020, total expenditure excluding PRI in Person grew to £16.1 million, up from £12.5 million in 2018/19.
|Actual 2018/19||Draft Actual 2019/20||Budget 2020/21|
|Staff costs (incl networks, recruitment, training & development)||7,755||9,501||11,501|
|Bought-in services, consulting and research**||1,863||2,773||3,482|
|IT costs and telephone||665||1,054||850|
|Events, meetings, conferences & hospitality||297||352||432|
|Legal & professional services||115||252||171|
|Subscriptions, reports & printing||139||166||181|
|Academy commissions & marketing||57||7||5|
|Contribution to UNEP FI||0||200||0|
|Other expenditure (Insurance, postage, office supplies, bank charges)||116||219||299|
|Total (PRI in Person expenditure not included)||12,541||16,115||19,094|
**Significant bought-in services, consulting and research include: AECOM (SDG in Infrastructure), Sustainability in Finance (SDG Flagship report), Clean Return (IPR programme), Contrast Capital (Reporting Framework Indicators), London School of Economics (TPI), Freshfields (EU Sustainable Finance Action plan), Globalbalance Ltd (Biodiversity project), Mantle 314 Inc (LP Guidance Revision), Smart Cube (ESG Structures Credit report).
Expenditure by area
|Actual 2018/19||Actual 2019/20||Budget 2020/21|
|Management and Operations||2,602||3,531||3,666|
|Global Outreach and Networks||2,629||3,059||3,781|
|Communications & Events||957||1,457||1,920|
|Reporting and Assessment||825||1,065||1,406|
|Consulting and research||410||616||500|
Number of staff by department
|Marcn 2019||March 2020||Forecast |
|Reporting & Assessment, Investment Practices, SDGs, ESG||28||40||51|
|Global Outreach and Networks||29||31||37|
|Management & Operations, HR, Partnerships & PRI Academy||23||25||24|
|Communications & Events||10||15||19|
|Policy, Research & Climate||9||13||13|
Cash increased to £8 million at the end of the year, up from £6.1 million at the end of 2018/19. This included receiving restricted funds (£1.9 million) and sponsorship fees from PRI Tokyo (£1.5 million).
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.
After taking into account interest receivable, depreciation and tax, we achieved a surplus of £1.8 million, up from £554,140 for 2018/19.
For the Directors’ report, Group strategic report and Consolidated financial statements for year ended 31 March 2020 click here.
1 See IMF’s World Economic Outlook 2016 (Statistical Appendix, p.209) for a full list of eligible countries.