Financial report[1]

For the PRI Association Directors’ report, Group strategic report and Consolidated financial statements for the year ended 31 March 2021 click here.


Between 1 April 2020 and 31 March 2021, total income grew to £21.5 million, up from £18.0 million in 2019/20.

 Actual 2019/20Actual 2020/21Budget 2021/22
Membership fees  14,149 17,310 20,265
Grants, donations, other* 1,879 3,214 3,024
PRI in Person/
Digital Forum income surplus
1,231 -231 -
PRI Academy 737 1,213 1,000
Total Income 17,996 21,506 24,288


*Projects funded through grants, donations and other income included: A Legal Framework for Impact, Climate Action 100+, TCFD, IASB opinion on climate change, The Investor Agenda, The Inevitable Policy Response, EU sustainable finance, Transition Pathway Initiative, and the UN Net Zero Asset Owner Alliance. 

Signatory fees

All signatories pay annual fees, based on their total assets under management or, for service providers, number of employees. In 2020/21, income from new and existing signatories came to £17.3 million, up from £14.1 million in 2019/20.

Fee discounts

Asset owners headquartered in a country classified by the IMF as an emerging market or developing economy are entitled[2] 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
AFAP Sura Uruguay Asset Owner
Afore Profuturo Mexico Asset Owner
Afore Sura Mexico Asset Owner
Afore XXI Banorte Mexico Asset Owner
AFP Capital Chile Asset Owner
AFP Crecer Dominican Republic Asset Owner
AFP INTEGRA Peru Asset Owner
AFP PlanVital Chile Asset Owner
AFP Provida Chile Asset Owner
BBVA Bancomer, Fondos de Pensiones Mexico Asset Owner
Brasilprev Seguros e Previdência Brazil Asset Owner
Citibanamex Afore Mexico Asset Owner
Cuprum afp Chile Asset Owner
Economus Brazil Asset Owner
Employees Provident Fund Malaysia Asset Owner
FAPES Brazil Asset Owner
Fondo de Ahorro de Panamá Panama Asset Owner
Fondo Nacional de Infraestructura Mexico Asset Owner
Fundação Atlântico de Seguridade Social 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
Inovar Previdência Brazil Asset Owner
Khazanah Nasional Berhad Malaysia Asset Owner
LA Retirement Fund South Africa Asset Owner
Momentum Metropolitan Life South Africa Asset Owner
NÉOS – Previdência Complementar Brazil Asset Owner
Old Mutual South Africa Asset Owner
OPC CCSS Costa Rica Asset Owner
Pacifico Compañia de Seguros y Reaseguros Peru Asset Owner
Porvenir Colombia 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 Life Insurance South Africa Asset Owner
Skandia Administradora de Fondos de Pensiones y Cesantías Colombia Asset Owner
The Consolidated Retirement Fund for Local Government South Africa Asset Owner
Unión Capital AFAP Uruguay Asset Owner
Valia Brazil Asset Owner
Vivest Brazil Asset Owner
Vivir Seguros Peru Asset Owner


Between 1 April 20120 and 31 March 2021, total expenditure excluding PRI in Person grew to £18.5 million, up from £16.1 million in 2019/20.

 Actual 2019/20Actual 2020/21Budget 2021/22
Staff costs (incl networks, recruitment, training & development) 9,501 11,093 15,718
Bought-in services, consulting and research** 2,773 3,984 4,109
Travel expenses 941 12 159
Premises costs 654 1,033 1,050
IT costs and telephone 1,054 1,022 1,600
Events, meetings, conferences & hospitality 352 189 572
Legal & professional services 252 257 221
Subscriptions, reports & printing 166 149 171
Academy commissions & marketing 7 9 9
Contribution to UNEP FI 200 110 111
Other expenditure (Insurance, postage, office supplies, bank charges) 219 668 286
Total (PRI in Person expenditure not included) 16,119 18,525 24,007

**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 2019/20
Actual 2020/21Budget 2021/22
Management and Operations 3,531 3,905 5,111
Global Outreach and Networks 3,059 3,168 4,017
Communications & Events 1,457 1,793 2,419
Content teams 3,402 3,099 5,115
Reporting and Assessment 1,065 1,624 1,533
Premises costs 654 1,033 1,050
Grants, other 1,761 2,579 2,394
UN Asset Owner Alliance   191 890
PRI Academy 389 458 738
Partnerships 184 142 190
Consulting and research 616 533 550
Total 16,119 18,525 24,007

Number of staff by department

 March 2020March 2021Forecast
March 2022
Content team 54 65 83
Reporting and Assessment 11 14 16
Global outreach and networks 32 33 45
Management and Operations 25 26 35
PRI Academy 2 5 6
Communications and Events 15 18 26
Total 139 161 210

Cash reserves

Cash increased to £11.8 million at the end of the year, up from £8 million at the end of 2019/20. This included receiving restricted funds (£1.9 million) and sponsorship fees from PRI Tokyo (£1.6 million). Our reserve policy is to have enough cash on hand to cover three months of core expenditure.

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 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 £2.6 million, up from £1.8 million for 2019/20.