Financial report


Between 1 April 2019 and 31 March 2020, total income grew to £18.0 million, up from £13.2 million in 2018/19.

 Actual 2018/19Actual 2019/20Budget 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
PRI Academy 533 737 700
Total Income 13,154 17,996 19,328

*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

Signatory fees

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.

Fee discounts

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 NameHQ CountrySignatory 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
Economus Brazil Asset Owner
FAPES Brazil Asset Owner
Fondo Nacional de Infraestructura Mexico Asset Owner
Funcef Brazil Asset Owner
FUNCESP Brazil Asset Owner
Government Employees Pension Fund of South Africa South Africa Asset Owner
Government Pension Fund of Thailand Thailand Asset Owner
Infraprev Brazil 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
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
Valia Brazil 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 2018/19Draft Actual 2019/20Budget 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
Travel expenses 970 941 1,091
Premises costs 564 654 1,081
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 2018/19Actual 2019/20Budget 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
Content teams 2,894 3,402 3,962
Reporting and Assessment 825 1,065 1,406
Premises costs 564 654 1,081
Grants, other 994 1,761 2,114
PRI Academy 452 389 459
Partnerships 214 184 206
Consulting and research 410 616 500
Total 12,541 16,119 19,094

Number of staff by department

 Marcn 2019March 2020Forecast
March 2021
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
Content team 5 4 6
Executive 2 2 2
Grants 6 9 9
Total 112 139 161

Cash reserves

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).

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.


Operating surplus

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.