The Board has taken the decision to bring in a more flexible approach for 2024 reporting, as highlighted by outgoing chair Martin Skancke last week.
Below we share the letter sent to signatories, which highlighted:
- the changing regulatory landscape
- the Board’s decision to make 2024 reporting more flexible
- updates on the Board leadership and composition
Letter from Martin Skancke, outgoing chair
It has been one of the greatest privileges of my professional career to have served our signatories as PRI Chair. As my third and final term draws to a close, I would like to take this opportunity to reflect on my time at the PRI, and to share some important updates for next year’s reporting process.
Over nine years we have observed seismic changes in our industry - what we thought would not be possible is now accepted practice. To say that responsible investment has evolved is a considerable understatement.
The PRI is first and foremost a signatory-centric organisation. Our promise is to serve our signatories and to shape and adapt our offering according to your evolving needs.
The changing regulatory landscape
What is clear is that the world in which the PRI was first set up is virtually unrecognisable. Our signatory base is now large and diverse, operating in various regulatory contexts with differing needs.
Similarly, the regulatory landscape has changed across many jurisdictions since the PRI first launched its Reporting and Assessment framework. We see that some signatories are reporting through frameworks that exist within their market in ways that at least partially overlap with PRI reporting.
2024 reporting: a more flexible approach
In light of the changing regulatory disclosure requirements in different markets and following feedback from signatories, the Board has taken the decision to bring in a more flexible approach for 2024. In short, Reporting and Assessment next year will be voluntary for all investor signatories that reported in 2023 and for those in their grace period. For investor signatories that have yet to report, reporting will be mandatory. In addition, the framework will remain unchanged and pre-filling will now be available for all signatories who reported in 2023, making the process significantly more efficient. Full details of this decision, including FAQs and how it will work in practice, will be shared with you in early January.
While we have introduced this level of flexibility for 2024, we still encourage all signatories to take advantage of the PRI’s reporting offering to support their commitment to the six Principles. We recognise that PRI’s Reporting and Assessment remains an accountability, transparency and learning mechanism that many signatories find valuable. This year we saw more than 1,000 signatories who were not yet required to report choose to do so regardless. This clearly demonstrates that reporting remains a valued tool for many, and we are happy to confirm that we will be sending out your Assessment and Transparency Reports in the coming days.
Looking further ahead to 2025 and beyond, the PRI is working hard to collect insights from across the signatory base to evolve our offering and deliver the Progression Pathways.
We are committed to co-designing these with you, and we will set up a parallel workstream to determine how we embed accountability mechanisms within them. We encourage you to participate in these consultations to help shape what I believe will be an exciting future for the PRI, our signatories and responsible investment more widely.
Final reflections, new board leadership and members
As I reflect on the past nine years, I feel honoured to have worked with talented and dedicated people at the PRI. My special thanks to Fiona Reynolds and David Atkin, the two PRI CEOs that I have worked with, for their invaluable determination and commitment to the organisation. I would like to congratulate Conor Kehoe on his appointment as the new Chair of the PRI, and I am leaving in the knowledge that the organisation is in safe hands. I also want to extend a warm welcome to Torben Möger Pedersen and Lebogang Mokgabudi, who are beginning their first term on the Board.
Throughout my time at the PRI, I have benefited from engaged and constructive Board members, always willing to give their time and effort to further the PRI’s purpose and signatory value – and ultimately to contribute to the advancement of responsible investment.
Finally, I would like to thank you, our signatories, for your ongoing commitment to our shared mission. None of this would be possible without you.
Beyond this chapter of my career, I know that continuing to champion the PRI’s goals is something that will always remain close to my heart.
As we say in Norway, Ha det bra! (goodbye!) for now.
We will share more information about 2024 reporting in the new year - please check the R&A Updates page for further detail.
