POLICY

The Policy team provides tools and insight to international standard setters, signatories and policy makers to advance progress towards a regulatory and investment environment consistent with the six Principles.

REGULATION, POLICY FRAMEWORKS AND COLLABORATION

Responsible Investment Policy Briefing

The PRI policy team provides a monthly briefing on regulation and policy developments relevant to responsible investment. Recent briefings have included: the PRI’s response to the US Financial Choice Act on shareholder rights; our contribution to the EU’s Capital Markets Union; and our fiduciary duty roadmaps for Canada, Brazil, Japan and South Africa.

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Policy briefings

Country Title Partners Year Language
Australia Fiduciary duty Australia roadmap UNEP FI, The Generation Foundation 2016
Brazil Fiduciary duty Brazil roadmap UNEP FI, The Generation Foundation 2017 Available in Portuguese
Brazil TCFD recommendations climate disclosure Brazil review Baker McKenzie 2017
Canada TCFD recommendations climate disclosure Canada review Baker McKenzie 2017
Canada Fiduciary duty Canada roadmap UNEP FI, The Generation Foundation 2017 Available in French
Canada Canadian Pension Regulation Analysis: Alberta SHARE, UNEP FI, The Generation Foundation 2017
European Commission TCFD recommendations climate disclosure EU review Baker McKenzie 2017
European Commission Briefing on the Shareholder Rights Directive N/A 2016
European Commission Briefing on the IORP ii Directive N/A 2016
France French Energy Transition Law Mirova 2016 Available in French
Germany Fiduciary duty Germany roadmap UNEP FI, The Generation Foundation 2017
Japan Fiduciary duty Japan roadmap UNEP FI, The Generation Foundation 2017 Available in Japanese
Japan TCFD recommendations climate disclosure Japan review Baker McKenzie 2017
South Africa Fiduciary duty South Africa roadmap UNEP FI, The Generation Foundation 2017
UK TCFD recommendations climate disclosure UK review Baker McKenzie 2017
UK Fiduciary duty UK roadmap UNEP FI, The Generation Foundation 2016
US Briefing on US policy making and responsible investment regulation N/A 2017
US TCFD recommendations climate disclosure US review Baker McKenzie 2017
US Fiduciary duty US roadmap UNEP FI, The Generation Foundation 2016
Global TCFD recommendations climate disclosure global review Baker McKenzie 2017
G20 Greening Institutional Investment  UNEP FI 2016

current Policy consultations

Region Country Deadline Policy maker/regulator Collaboration Platform link 
Europe UK 4 January 2018 The Department for Business, Energy & Industrial Strategy (BEIS) More details here
Europe N/A 22 January 2018 European Commission  More details here
Europe UK 8 January 2018 UK Parliament Work and Pensions Committee More details here
Europe UK 28 February 2018 The Financial Reporting Council (FRC) More details here
North America US 4 December 2017 Financial Accounting Standards Board More details here

Past policy consultations

Region Country Year Policy maker/regulator Consultation response Description
Africa South Africa 2016 Institute of Directors South Africa Revision of the King Code The PRI recommends the IoD strengthen corporate governance requirements
Africa South Africa 2016 Institute of Directors South Africa Consultation on King Code sector supplements: Retirement funds The PRI recommends clarification of fiduciary duty, ESG and good pension fund governance
Asia Japan 2017 Tokyo Stock Exchange English language survey The PRI recommends Japan Stock Exchange Group develop an ESG reporting guide for issuers
Asia Singapore 2016 Singapore Stock Exchange Consultation on sustainability reporting The PRI recommends ESG disclosure is included in annual reports
Asia Hong Kong 2015 Securities and Futures Commission (SFC) Principles of Responsible Ownership The PRI supports the introduction of the Principles
Asia Japan 2015 Financial Services Agency (FSA) Corporate Governance Code The PRI supports the introduction of the corporate governance code
Australasia Australia 2016 Senator Fraser Fraser review The PRI recommends competence and professionalism on ESG integration is a core element of any ensuing code
Europe European Commission 2017 Financial Stability, Financial Services and Capital Markets Union (FISMA) Mid-term review of the Capital Markets Union The PRI welcomes the Commission's commitment to sustainable finance
Europe UK 2017 Financial Reporting Council (FRC) Consultation on Non-Financial Reporting Guidance The PRI recommends the FRC endorse the FSB TCFD recommendations and integrate the TCFD recommendations into the guidance on the strategic report
Europe UK 2017 Financial Conduct Authority (FCA) (2) Consultation on implementing asset management market study remedies and changes to handbook The PRI recomends the FCA pay substantially more attention to Authorised Fund Manager incorporation of ESG issues
Europe UK 2017 Financial Conduct Authority (FCA) (1) Consultation on the interim findings of the asset management market study The PRI recomends the FCA pay substantially more attention to Authorised Fund Manager incorporation of ESG issues
Europe UK 2017 Department for Business, Energy and Industrial Strategy (BEIS) Corporate Governance Reform Green Paper The PRI recommends the government strengthen the employee, customer and wider stakeholder voice
Europe UK 2017 Law Commission Defined contribution pension funds and social investment The PRI recommends guidance on 'serious financial detriment'
Europe European Commission 2016 Financial Stability, Financial Services and Capital Markets Union (FISMA) Revision of the Institutions for Occupational Retirement Provision Directive The PRI supports implementation of ESG disclosure requirements for occupational pension funds
Europe European Commission 2016 Justice Analysis the state of the market for long-term, sustainable investment across the EU The PRI recommends that the European Commission develop and publish an action plan to remove barriers to long-term, sustainable investment
Europe European Commission 2016 ECON Committee Corporate tax disclosure The PRI recommends the Commission adopt the recommendations of the PRI's corporate tax working group
Europe Germany 2016 Regierungskommission Deutscher Corporate Governance Kodex (German Corporate Governance Code) The PRI recommends clear terminology and improvements in ESG disclosure
Europe Switzerland 2016 SIX Swiss Exchange Consultation on voluntary sustainability reporting The PRI recommends SIX improve consistency in corporate sustainability reporting
Europe UK 2016 The Pensions Regulator (TPR) 21st Century Trusteeship and Governance The PRI recommends TPR promote better governance of ESG risks and opportunities
Europe UK 2016 Department for Business, Innovation and Skills  Non-Financial Reporting Consultation The PRI recommends the government recognise material non-financial disclosures in line with financial information.
Europe UK 2016 Minister for Women Gender pay gap reporting The PRI recommends greater transparency on workplace gender equality
Europe UK 2015 Department for Work and Pensions Investment Regulations The PRI recommends the DWP clarify ESG requirements of pension funds
Multilateral N/A 2017 FSB TCFD: Phase 2 consultation The PRI supports the development of internationally-relevant climate disclosure advice to help investors take action.
Multilateral N/A 2016 UNFCCC Roadmap for global climate action The PRI supports the role of "high-level champions" for climate action
Multilateral N/A 2016 FSB TCFD: Phase 1 consultation The PRI supports the development of internationally-relevant climate disclosure advice to help investors take action.
North America Canada 2017 Canada Department of Finance Potential measures to support a strong and growing economy The PRI recommends the department pays more attention to the incorporaion of ESG issues across its policy programme
North America Canada 2017 Ontario Securities Commission 2017 - 2018 Draft statement of priorities The PRI recommends ESG disclosure to enhance the framework for corporate reporting
North America Canada 2017 Canadian Securities Administrators (CSA) Climate Disclosure Review The PRI recommends the CSA endorse the FSB TCFD
North America Canada 2017 Government of Alberta Alberta Business Corporations Act (ABCA) The PRI recommends the government extend the right to file shareholder proposals
North America US 2017 House Committee on Financial Services Financial Choice Act Rule 14a-8 The PRI recommends the act is withdrawn
North America US 2017 House Committee on Financial Services H.R.4015 - Corporate Governance Reform and Transparency Act of 2017 The PRI strongly opposes this bill
North America US 2016 Department of Labor EBSA RIN 1210-AB63: Annual Reporting and Disclosure The PRI recommends the department improve governance and transparency of employee benefit plans, including disclosure of ESG factors
North America US 2016 Securities and Exchange Commission (SEC) Business and Finance Disclosure Requirements in Regulation S-K The PRI recommends the SEC improve corporate ESG disclosure requirements
North America US 2016 House Committee on Financial Services H.R. 5311 The PRI recommends the bill is withdrawn
North America US 2017 Financial Accounting Standards Boards  Proposed Accounting Standards Update to Income Taxes (topic 740)​

The PRI supports FASB’s proposed disclosure of disaggregated information on taxes and encourages consideration of additional reporting requirements that would enhance tax transparency.

South America Brazil 2016 BOVESPA Corporate Governance Review The PRI recommends BOVESPA strengthen the governance requirements of the Novo Mercado
South America Brazil 2016 The Association of Capital Market Investors (AMEC) Stewardship Code Consultation The PRI recommends AMEC establish a stewardship culture in Brazil

The Global Policy Reference Group allows the PRI and policy professionals of our signatories to exchange information on policy and regulation in real time, including policy proceses, such as regulatory consultations, hearings and implementation. Members of the group can be found here.

RESEARCH AND REPORTS

THE CASE FOR INVESTOR ENGAGEMENT IN PUBLIC POLICY

Based on interviews with an international group of investors, The case for investor engagement in public policy analyses how investors can effectively engage with policymakers. It proposes a five-step approach to better integrate investor perspectives on ESG factors into the public policymaking process.

Click here for the PRI’s governance on public communications policy.

How asset owners can drive responsible investment

In March 2016, the PRI published How asset owners can drive responsible investment, demonstrating how asset owners can contribute to the implementation of responsible investment at scale and depth, creating a multiplier effect through the investment chain. Weak implementation of responsible investment by asset owners sends signals to the investment market that it is not a priority, limiting investment consultant and manager willingness to focus on it in their strategies and advice.

The report sets out a seven-step plan, enabling asset owners to ensure they have the governance processes in place to reflect their investment beliefs and strategies, and to implement them in contracts with investment managers.

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For any questions, please contact policy@unpri.org.

MEET THE POLICY TEAM:

Nathan Fabian

Nathan Fabian

Director, Policy and Research

See more on the  PRI Executive team

Sagarika Chatterjee

Sagarika Chatterjee

Associate Director, Head of Climate Policy 

See more on the  PRI Executive team


Will Martindale

Will Martindale, Head of Policy

Will joined the PRI in February 2014. He leads PRI’s global regulatory affairs and public policy programme, our flagship fiduciary duty project and the implementation of PRI’s sustainable financial system activities in national policy reform.

Previously Will worked for Oxfam advising on financial sector policy. He has a background in banking, joining JPMorgan's graduate programme in June 2004. In September 2010, Will joined French bank, BNP Paribas, as a business manager for their credit trading desk.

Will holds a MSC in Comparative Politics from the London School of Economics and a BSC in Maths from King’s College London.


Alyssa Heath

Alyssa Heath, Senior Policy Analyst 
    
Alyssa joined the PRI in July 2013.

Before joining the PRI, Alyssa worked at CDP (formerly Carbon Disclosure Project). She started her career at the Energy Saving Trust, the UK’s domestic energy agency, working with local councils, in particular on attracting private investment into domestic energy retrofitting.

Alyssa holds a BA in Physics (Mansfield College, University of Oxford) and an MSc in Atmospheric, Oceanic and Climate Physics (University of Reading).


Morgan Slebos

Morgan Slebos, Head of Sustainable Financial System Programme 

Morgan joined the PRI in July 2016. He is responsible for the PRI’s work on a sustainable financial system.

Morgan has previously held a range of policy roles in the financial sector, including policy manager for resource and environment issues at the Institute and Faculty of Actuaries and as a policy advisor at the Association of British Insurers. He started his career at the New Zealand Treasury, working in areas such as international economic policy and fiscal strategy and management.

He holds an MA in Political Studies and BCom in International Trade from the University of Auckland.  


Danielle Chesebrough

Danielle Chesebrough, Senior Analyst, Investor Relations with UNGC, Policy & Research 

Danielle Chesebrough started working in her dual role with the PRI and UN Global Compact in May 2011. She facilitates collaboration between UN Global Compact companies and PRI signatories and co-organises the Sustainable Stock Exchanges initiative with three UN partner organisations. 

Previously, Danielle worked in ESG client services at MSCI. Prior to joining the client services team, she conducted ESG analysis and led engagements with publicly listed companies. 

She has a BA in Political Science from Clemson University and a master's degree in Social Work, with a focus on Policy and International Studies, from the University of Connecticut.


Melanie Paty

Melanie Paty, Policy Analyst

Melanie joined the PRI in October 2015. She supports work engaging policy makers and regulators, particularly the Sustainable Stock Exchanges (SSE) Initiative and the Fiduciary Duty work programme.  

Prior to joining the PRI, Melanie worked in wealth management at Veris Wealth Partners, a US-based firm focused on investing with impact.

Melanie holds a BA in Environment, Economics and Politics from Claremont McKenna College in California.