Our submitted data for the 2021 reporting cycle is incorrect. What is the PRI’s change request policy in this case? Can we request a change to our 2021 reports?
The 2021 Transparency Reports and Assessment Reports are based on self-reported data. Once the reporting period is closed, the PRI begins generating reports and scores, and are from that point unable to change signatories’ responses in the Reporting Tool. Due to the data issues identified in signatories’ 2021 reports following the end of the 2021 reporting cycle, the PRI engaged in a comprehensive data collection and change request process to improve the accuracy of signatories’ reports, and postponed the release of 2021 outputs as a result. The 2021 dataset was finalised to launch signatories’ reporting outputs in September, and as a result of the strict change request policy we have in place, the PRI is unable to retrospectively make additional changes to 2021 reports.
The next reporting cycle will open in 2023, and signatories will have a chance to provide their updated data submission during this next reporting period.
I think there is a scoring error in our 2021 Assessment Report. What is the PRI’s change request policy in this case? What should I do?
The 2021 dataset was finalised to launch signatories’ reporting outputs in September, and as a result of the strict change request policy we have in place, the PRI is unable to retrospectively make changes to 2021 reports. However, we will investigate potential scoring errors and answer queries from signatories about their reports and their scores, providing an explanation of any potential identified errors.
Please contact us at firstname.lastname@example.org for clarification, detailing the reporting organisation’s name, the indicator in question, and with as much specific information as you can provide on the identified error.
Although it will not be possible to republish 2021 reports, a written response will be provided on a case-by-case basis either to confirm that the received score is correct, or to explain any scoring discrepancies if applicable . Our response times may vary depending on the number of queries the team are handling and the complexity of the score in question, and will be communicated to you in our follow up email.
We also recommend periodically checking R&A Updates, where an issues log is available for signatories to self-identify issues in their reports.
The 2021 reports do not reflect our most recent responsible investment practices. What is the PRI’s change request policy in this case? Can we update our reports with the latest information?
The 2021 reporting data was finalised for the launch of reporting outputs in early September. As a result of the strict change request policy we have in place, the PRI is unable to make additional changes to 2021 reports allowing signatories to amend data that was previously submitted. The upcoming reporting cycle in 2023 will be the next opportunity for signatories to provide their most recent RI practices.
Please be assured that it is adequately signposted that the information in your report relates to previously submitted data. The front cover of your public Transparency Report reads 2021, as this was the year of submission. Indicator OO 3 specifies the reporting year, so that readers will understand the timeframe of the report, and that practices may have changed since the time of submission.
When is the next reporting cycle?
The next reporting cycle will open in 2023. However, unlike previous years, the reporting cycle will not take place in Q1 (January to March) of 2023. Given the ongoing work to deliver the 2021 reporting outputs, we feel it is prudent to take the decision to move reporting out of Q1 of 2023 to ensure that the PRI is able to effectively deliver this process for signatories. In lieu of opening reporting in Q1, we will devote further resources towards delivering an optimised framework which reflects signatory feedback and delivers improved tools and functionality for the 2023 reporting season. Please rest assured reporting will still take place in 2023.
Signatories will have access to the updated Reporting Framework in advance of the 2023 reporting cycle to prepare. We will continue to work closely with signatories to provide support and guidance during the 2023 window.
Our aim now is to finalise the period for 2023 reporting as soon as possible and as part of our ongoing work to deliver a revised and improved Reporting Framework. We will communicate more with signatories about the timing of the 2023 reporting timeframe following the September Board meeting. Further updates on the upcoming reporting cycle will also be available through R&A Updates.
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).
The 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.
What other initiatives were impacted by the delay in 2021 reporting?
The Leaders’ Group on Stewardship has been postponed. The announcement and implementation of further minimum requirements has also been postponed. Updates on these projects will be shared on R&A Updates ahead of the 2023 reporting cycle. Engagement with signatories identified as not meeting the minimum requirements for 2021 has resumed 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.
Were signatories able to request any changes to their 2021 Transparency Reports as a result of the data issues identified in their reports?
The PRI reached out to all signatories in October 2021 to highlight areas of their reports where information was missing, allowing them one month to request changes. We only accepted changes in line with our change request policy. All changes were made by the PRI on behalf of signatories in the Reporting Tool. In March, signatories were given a last opportunity to confirm that changes were made correctly on their behalf before we finalised the 2021 reporting dataset.