2018 PRI Board election
Main contacts have been sent - from firstname.lastname@example.org - an invitation to vote on behalf of their organisations. The deadline for casting votes is 17:00 (GMT) on 23 November. If you have any questions about the voting process, please email email@example.com.
Asset owner candidates
- Angela Emslie, independent chair of the board, HESTA Super Fund (Australia):
- Renato Proença Lopes, equity director, PREVI (Brazil):
- Laetitia Tankwe, advisor to the President of the Board of Trustees, Ircantec (France):
- Xander den Uyl, trustee, ABP (the Netherlands):
Investment manager candidates
- Runa Alam, co-founding partner and CEO, Development Partners International (UK):
- Sandra Carlisle, director, senior responsible investment specialist, HSBC Global Asset Management (UK):
- Wendy Cromwell, vice chair, director, sustainable investment, senior managing director and portfolio manager, Wellington Management (US):
Signatory rights and the PRI Board
Nominating candidates for the annual elections and electing PRI Board directors are important signatory rights and responsibilities. The PRI encourages signatories to participate in our annual board nomination and election process to maintain a vibrant and representative PRI Board.
The board is collectively responsible for the long-term success of the PRI and in particular for: establishing the PRI’s mission, vision and values; setting the strategy, risk appetite and structure; delegating the implementation of the strategy to the PRI Association Executive (the Executive); monitoring the Executive’s performance against the strategy; exercising accountability to signatories and being responsible to relevant stakeholders.
The board is composed of: one independent chair (confirmed by a signatory vote) and ten directors (seven elected by asset owner signatories, two by investment manager signatories and one by service provider signatories). The chair and all elected directors are the Statutory Members of the Company. There are two permanent UN advisors to the board, representatives from the PRI’s founding UN partners: UN Global Compact and UNEP Finance Initiative.
Current board directors are all CEOs, CIOs, board members, or ‘relevant officers’ of signatory organisations. Part of the role of the board is to be ambassadors for the PRI and for responsible investment. The PRI considers it important to have high-level C-suite engagement and champions to help bring responsible investment into the mainstream. For information on the current board directors, including directors at the end of their three-year terms (in bold) see below.
Current board directors
Directors can serve up to three elected terms. Angela Emslie, Xander den Uyl and Sandra Carlisle have all served one elected term and therefore all are eligible to nominate for the 2018 elections.
2018 election open positions
The 2018 PRI Board election is for:
- three asset owner positions; and
- one investment manager position.
Asset owner signatories vote for asset owner candidates. Each asset owner signatory will have three votes. The three candidates who receive the highest number of votes are elected.
Investment manager signatories vote for investment manager candidates. Each investment manager signatory will have one vote. The candidate who receives the highest number of votes is elected.
Skills, experience and diversity
As part of its commitment to strengthen the rigour and accountability of the election process, the PRI is providing more guidance and information to candidates and signatories in advance of their votes.
The board should have the appropriate balance of skills, diversity, experience, independence and knowledge of the organisation to enable it to discharge its duties and responsibilities effectively. This necessary diversity encompasses a sufficient mix of relevant skills, competence, and diversity of perspectives. It may include but is not limited to: geographical diversity of signatory representation to bring regional knowledge and perspectives to the board; diversity of geographical origin, ethnicity, language and culture, and also gender diversity.
The board needs to be appropriately representative of the diversity of PRI signatories in order to generate effective debate and discussion around the key issues that the Board considers, and to deliver the broadly-founded leadership that the initiative requires. The PRI is a global organisation, and aims for global representation on its board, particularly within the asset owner positions. For the extra asset owner position, due to the resignation of Marcus Madureira (PREVI, Brazil), the board is encouraging candidates from South America.
The board is encouraging candidates with leadership and governance experience. Candidates will also be asked to elaborate in their statements on their demonstrated leadership within responsible investment, ESG expertise and other experience relevant to the long-term success of the PRI. This information – as well as information on the nominating signatory, the candidate biography and statement – will enable the signatory electorate to more easily compare the skills, experience and diversity of the respective candidates.
The current gender balance amongst the elected directors is fairly evenly balanced (six males; five females). However two female directors are coming to the end of their terms in 2018. The board is therefore also encouraging female candidates.
To be eligible to stand for the election, candidates must be a ‘relevant officer’, a person who is employed or otherwise serving as:
- the CEO of a signatory;
- the CIO of a signatory;
- in the case of a signatory that does not have the offices of CEO or CIO, the most senior investment professional of that signatory;
- a director serving on the main governing board (and not merely any subsidiary boards, subordinate boards or committees) of a signatory;
- a trustee of a signatory;
- an executive employee of a signatory in a role where his or her immediate line manager is a relevant officer; or
- a former relevant officer.
Candidates must be nominated by their signatory organisation and seconded by another signatory within the same signatory category. An asset owner candidate for example needs to be nominated by their signatory organisation and seconded by another asset owner.
The signatory putting a candidate forward must have contributed the invoiced financial contribution in the current financial year, and must have participated in the PRI reporting and assessment process.
2018 election timetable
Formal publication of the election notice and invitation for signatories to nominate candidates
Final day for nominations
Announcement of the election candidates at the Signatory General Meeting, PRI in Person, San Francisco
w/c 1 October
Election voting opens
w/c 19 November
Election voting closes
w/c 26 November
Board announcement of the election results
Directors are nominated by a signatory organisation and elected by signatories, from a signatory category, but have a responsibility to fulfil their duties as an individual and in the best interests of the PRI as a whole.
The directors elected in this election will commence their terms on 1 January 2019. Each director who is elected in an annual election is elected for a term of three calendar years.
The board has four planned in-person one to two day meetings per year and one conference call, typically:
- One meeting in London (February/March);
- One meeting in a location decided by the Board (June/July).
- One meeting immediately before the annual PRI in Person conference (September); and
- One meeting in a location decided by the Board (December).
The expectation is that directors will participate in every in-person meeting and planned conference calls. Signatory events are usually organised around board meetings as they are an opportunity for directors to meet signatories in the local markets and share expertise.
Board members are typically appointed to one or two board committees. The committees (Ethics; Finance, Audit and Risk; Human Resources and Remuneration; Policy; Signatory and Stakeholder Engagement; and Skills, Diversity and Elections) facilitate the discussions and workings of the board and are critical to the effectiveness of the board. The workload of each committee is varied, but on average a committee will have three one hour conference call meetings per year. The expectation is that each committee member will participate in every respective committee meeting, with a requirement to participate in a majority of meetings of that board committee in a calendar year.
The time commitment for board and committee meetings together with PRI in Person conference and allied signatory events is typically 12-14 days per year excluding travel. Directors are also expected to dedicate additional reading and preparation time leading up to meetings.
Attendance at planned and ad hoc board meetings and conference calls, and committee meetings and conference calls will be recorded in the annual Signatory General Meeting papers and on the PRI website.
The PRI will offer to make a contribution towards the travel expenses of directors that attend in person meetings.
For more information on the role and responsibilities of directors see the Directors’ Terms of Reference.
For more information on the role of the board, expectations of directors and the application process:
Email Christopher Sperling to arrange a 1-1 call about the role, organise a call with a current board director in your local market, and/or register your interest