Which year’s data will signatories report on when reporting re-opens in 2023?
As in previous years, signatories will be able to choose which 12-month period they report on. Most signatories report on their most recent calendar year and would, therefore, in the 2023 reporting cycle, cover their ESG incorporation practices during 2022. Signatories will not report on both 2021 and 2022 practices (24-months).
PRI has traditionally provided a one-year grace period with no required reporting and assessment to new signatories. Will this grace period change?
Signatories that would have reported voluntarily in 2022 will have their grace period extended to 2023.
Will any other initiatives be impacted by this delay in reporting?
The Leaders’ Group on Stewardship will be postponed. The announcement and implementation of further minimum requirements will also be postponed. Engagement with signatories identified as not meeting the minimum requirements for 2021 will resume in 2022.
What was the overall signatory feedback on the revised reporting framework, including the content and the reporting tool?
Signatories provided a range of valuable feedback on the Reporting Framework content. The feedback received varied between modules and between asset owners and investment managers. There was general acceptance of the content of the Framework and an improvement in the quality of the questions, which allowed signatories to better reflect their responsible investment practices. Many signatories found it a great learning opportunity to improve their responsible investment practices and processes over time. However, signatories found that there was a considerable investment of time and resources required to report on the pilot framework, particularly for asset owners. Some aspects were also less suited to specific signatories, including asset owners and stewardship in private market investors.
Regarding the technical side of the Reporting Tool, whilst some signatories thought the new Reporting Tool interface was clear, many highlighted some user experience and design concerns. The platform navigation was not always intuitive and sometimes behaved in a fixed manner, specifically when moving between questions, and when completing the submission phase. Some signatories found it challenging that the tool only allowed one person to report at a time and highlighted that they were not able to track their progress during the reporting process. These platform limitations contributed to the overall time taken to report. It was noted that the functionality of the Reporting Tool required additional work to fully cater to signatories’ needs. We value all this feedback highly and will take it into account while developing the improved reporting framework for launch in 2023.
When will signatories get their reporting outputs for the 2021 reporting cycle?
Starting in October 2021, we released Transparency Reports privately for signatories to review in the Data Portal. We asked signatories to check their responses for gaps or errors in the indicators affected by data issues. Signatories had a four-week period to review and request changes in line with our Data Change policy. The PRI implemented these changes; signatories did not have to re-enter the Reporting Tool.
In March 2022, we re-uploaded the amended 2021 Transparency Reports privately onto the Data Portal. All signatories that reported in 2021 were given a two-week period to flag potential concerns with their amended reports. Now that this window is closed and the 2021 reporting dataset finalised, the PRI is preparing for the launch of 2021 public Transparency Reports (for investors and service providers) and private Assessment Reports (for investors) in June 2022. We intend to release an updated 2021 assessment methodology and additional guidance towards the time of launch. We will then be seeking feedback on both outputs as part of the 2021 pilot.
Were signatories able to request any changes to their amended 2021 Transparency Reports in March 2022?
During the two-week window in March, the PRI only accepted changes to amendments made incorrectly by the PRI in response to affected data gaps or errors from late 2021. These changes may have addressed amendments made incorrectly following the data collection period, or to formatting and display issues raised by signatories during this period.
The PRI did not accept new changes to the previously identified data gaps or indicator issues that a signatory was late to respond to (i.e., that a signatory did not respond to in October/November 2021). The PRI also did not address ad hoc change requests to reports, such as those due to human error, misreporting, spelling/grammar mistakes, out of date links, etc. Please see the full amended reports policy for more information.