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Dear signatories,

In recent months, we’ve been following the growing anti ESG discourse – particularly in some markets – very closely. This narrative has doubtless been on your radar too, and our response is outlined in my blog Criticising ESG incorporation does not make it any less essential. A version of this also ran in the Business Times (Singapore) under the headline ‘Despite the backlash, ESG is here to stay’.

As PRI signatories, you commit to integrating ESG factors into investment and ownership decisions. In the past three months we surpassed 5,000 signatories representing US$121tn of AUM. To have such a significant portion of the world’s capital committed to responsible investing is both a milestone for PRI and provides a very strong counterpoint to the anti-ESG narrative.

To turn to the content and tools we’ve shared with you in the past three months, the follow-on report for EU policymakers to last year’s Legal Framework for Impact (LFI) report was published. We also opened applications to join Advance, our collaborative human rights initiative, in May. Initiatives continued apace, with the Net Zero Asset Owners Alliance releasing three new papers and the Net Zero Asset Managers initiative publishing targets for 43 firms.

As ever, Reporting and Assessment has been a key focus, with additional investment in software development and an improvement in quality assurance processes completed ahead of the release of 2021 reporting outputs. Given this additional work, 2021 public Transparency Reports and private Assessment Reports are expected to be released in early September 2022.

Turning to the PRI team supporting you, we are very pleased to welcome this month a new Chief Reporting Officer, Cathrine Armour, and a Chief Operations Officer, Esther Teeken. These appointments strengthen the depth of experience in our Executive Team. We also brought PRI colleagues globally to London for four days in the past quarter, to coalesce in person around our strategy and execution. I’m confident that you, our signatories, will benefit from this investment in our people.

Finally, we’re really looking forward to welcoming you to PRI in Person & Online taking place between 30 November and 2 December 2022 at the CCIB in Barcelona. We aim to bring together an in-person audience of over 2,000 investors, policymakers and other sustainable finance stakeholders from around the world, with a large audience also participating remotely via our digital platform. If you haven’t already, please register here to secure your place. We’ll be sharing more details on the agenda including plenary speakers soon.

Best,

David Atkin

Executive summary

Flagship programmes

Following last year’s Legal Framework for Impact (LFI) report, we published a follow-on report for EU policymakers. The Net Zero Asset Owners Alliance released three new papers, while the Net Zero Asset Managers initiative assisted in the setting of public targets for 43 firms. We completed a major review of stewardship practices in China. Applications to join Advance, our collaborative human rights initiative, opened in May.

Initiatives, tools and resources

We invested in additional software development and improved quality assurance processes prior to releasing 2021 reporting outputs. As a result, 2021 public Transparency Reports and private Assessment Reports are expected to be released in early September 2022. We launched a new webpage hosting all current opportunities to get involved with PRI’s work and made enhancements to the Collaboration Platform.

Signatory update

We added 118 global organisations as new signatories, including 13 asset owners, in the last quarter. The PRI now has 5,020 signatories, representing US$121tn of AUM. New signatories include NN Group, Carlyle & LGT Private Banking, as well as Advantage Insurance Company Ltd and Puerto Asís Investments, our first asset owners from Gibraltar and Argentina.

Organisation update

Registration for PRI in Person & Online, to be held in Barcelona from 30 November to 2 December 2022, is now open. We appointed a new Chief Reporting Officer and a Chief Operations Officer, both of whom will join the organisation in August. Nominations for one asset owner and one service provider to join the PRI Board are now open until 16 September.