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 our further minimum requirements will also be postponed and engagement with signatories identified as not meeting the minimum requirements for 2021 will also be delayed. However, the annual PRI Awards will proceed as planned in 2021 along with all other core programmes and signatory services.
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?
In October 2021 we will release the Transparency Reports privately. We will ask signatories to check their responses for gaps or errors in the indicators affected by the identified issues, allowing four weeks to review and request changes to those indicators. The PRI will make the requested changes. This must be completed for all signatories before we can launch the public Transparency Reports and annual Assessment. Our intention is to deliver these by June 2022, earlier if possible, subject to the volume of data changes flagged by signatories. We will then be seeking feedback on both outputs as part of the pilot.