Briefings

Region  Month Briefing  PRI briefing 

US

June

Financial factors in selecting plan investments

On June 23, the Department of Labor issued a notice of proposed rulemaking entitled “Financial Factors in Selecting Plan Investments” (“Proposal”) aimed at clarifying the obligations related to consideration of environmental, social and governance (ESG) factors by fiduciaries who oversee private sector pension and defined contribution plans covered by the Employee Retirement Income Security Act (ERISA). This briefing document summarizes the proposal and provides information on how to respond.


See briefing here

EU

June

PRI Roundtable on the European Green Recovery

On 2 July, the PRI will host a roundtable to discuss Europe's green recovery, exploring the proposed recovery package and the key opportunities for investors to contribute to a sustainable and equitable recovery. This briefing provides an overview of the context and intended outcome of the roundtable.


See briefing here

UK

June

How government and investors can deliver net zero in the UK

This briefing sets out the key policy priorities to put the UK on a trajectory to meet net zero emissions by 2050, and the role that investors can play. These priorities are consistent with a green recovery from the COVID-19 crisis.


See briefing here

EU

April

Report: Investor priorities for the EU Green Deal

The report sets out recommendations to ensure that investors can scale up their contribution to the EU Green Deal and sustainability goals more broadly. The report is part of a research programme run by the PRI throughout 2019 and early 2020, drawing from interviews with investors and the PRI’s own programmatic research.


See report here

EU

March

EU Regulation on sustainability-related disclosures in the financial services sector

The regulation (EU) 2019/2088 (Sustainability Disclosures Regulation) introduces new requirements and clarifies the sustainability-related disclosure obligations in the financial services sector. The briefing explains the reporting requirements under the regulation and the complementary reporting requirements under the taxonomy regulation.


See full briefing

EU

January

EU Sustainable Finance: Where next?

This briefing provides an overview on the progress to date on EU Sustainable Finance Policy and presents an outlook of the political implication of the European Green Deal.


See full briefing

Consultations and letters

Region Month Consultation or letter PRI response
EU July

Renewed Sustainable Finance Strategy

To support the success of this strategy, the PRI makes four overarching recommendations, with further detailed commentary.


See full response

US June

Department of Labor Rule Proposal, ““Financial Factors in Selecting Plan Investments”

Request for extension of comment deadline


See full response

UK June

Labour Party | Green Recovery Consultation

The PRI sets out four key areas for an inclusive green recovery in the UK, focusing on areas with a high economic multiplier – transport, land use, energy efficiency and power.


See full response

EU June

2030 Climate Target Plan

The PRI welcomes the opportunity to submit a consultation response on the EU climate ambition for 2030 and for the design of certain climate and energy policies of the European Green Deal. The PRI recommends to increase the EU’s 2030 target to reduce greenhouse gas domestically to at least 55% and suggests to focus action on priority sectors and policy areas pointed out in the response.


See full response

EU June

Consultation on the review of the non-financial reporting directive (NFRD)

The PRI welcomes the opportunity to submit a consultation response under the review of the Non-Financial Reporting Directive and makes recommendations how the NFRD and the EU non-financial reporting standards can increase the availability of high quality, relevant and comparable data.


See full response

US May

Heather Slavkin Corzo Remarks on the COVID-19 Pandemic on US Capital Markets

Remarks by Heather Slavkin Corzo, Head of US Policy, Principles for Responsible Investment to the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets of the House Committee on Financial Services on Examining the Impacts of the COVID-19 Pandemic on US Capital Markets, May 26, 2020.


Remarks by Heather Slavkin Corzo

China May

Energy Law Consultation

The PRI welcomes the inclusion in the new law of the topics of climate change and low-carbon transition. Setting up a comprehensive policy framework for the energy sector is an important step for China in managing a sustainable energy transition aligned with the Paris agreement.


See full response in English and Chinese

US May

SEC Request for Comments on Fund Names

The PRI's comment argues two main points: 1. ESG integration is universal, and as such, should not be included in the fund names rule. (And to enable good practice, the SEC should require corporate ESG disclosure). 2. Where the fund has a specific ESG objective, that could be included in the fund name on a case-by-case basis.


See full response

EU May

Interim Report of the Sustainable Finance Committee of the German federal government

The PRI welcomes the opportunity to submit comments on the Interim Report: “The Significance Of Sustainable Finance To The Great Transformation”. The interim report suggests that policy making should align with sustainability goals such as the Paris Climate Agreement and the Sustainable Developments Goals (SDGs). The PRI strongly supports this approach. The PRI recommends that the sustainable finance committee provide further clarity on the processes necessary to achieve alignment.


See full response

US April

SEC Proposed Rule: Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information

The PRI's comment on the SEC's Proposed Rule: Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information in Regulation S-K. The PRI is concerned about two issues in particular with the Proposed Rule: First, its failure to quantify the costs and benefits of the proposed new principles-based disclosures in the MD&A of issuers’ annual filings, and second, its failure to require any new climate-risk disclosures in the Proposed Rule.


See full response

UK April

Environmental Audit Committee | Possible Future Inquiries

The PRI responded to a call for evidence on potential future focus areas for the EAC over the upcoming year. The PRI recommended focusing in particular on:

  • The sustainability of the pension system, in particular contract-based pension schemes and master trusts
  • Holding government accountable for meeting afforestation targets
  • Ensuring a smooth transition from traditional vehicles to electric vehicles over the next decade

See full response

OECD March

OECD | BEPS Action 13 public consultation (2020 review)

Working together in the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), over 135 countries are implementing 15 Actions to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment.

In response to the OECD consultation on BEPS Action 13, the PRI commends OECD’s coordinated efforts in tackling tax avoidance through the BEPS initiative and recommends that the requirements for country-by-country reporting be extended to public disclosure.


See full response

OECD February

Business responsibilities and investment treaties

The PRI provides comments to the chapter 5, “Investor, business, trade union and civil society action”, specifically on the topic of “sustainable or ‘environmental, social and governance’ (ESG) investing”.


See full response

US

February

SEC Sign-On Letter

The PRI organized a sign-on letter for signatories and supporting organizations to oppose both of the SEC's Proposed Rules.


SEC Sign-On Letter

US

February

SEC Shareholder Proposal Rule

The PRI's comment on the SEC's Proposed Rule on Rule 14a-8. The PRI believes that the rule would significantly impede the accountability of management to their shareholders. (Shareholder Proposal Rule).


See full response

US

February

SEC Proxy Voting Advice

The PRI's comment on the SEC's Proposed Rule on Proxy Voting Advice. The PRI has serious concerns that the Proposed Rule would significantly weaken the role institutional investors play in corporate governance.


See full response

Japan January

Financial Services Agency| Stewardship Code consultation

The PRI welcomes the introduction of sustainability into the stewardship responsibilities of Code signatories. The PRI’s key recommendations include:


  • Sustainability should be defined as including externalities and impacts generated by company activities.
  • Provisions on proxy advisors should avoid introducing delays into the compressed proxy advice process.
  • The FSA should clarify rules around acting in concert and collaborative engagement on ESG issues.

See full response

Chile January

General Rule 386 – environmental and social disclosures consultation by CMF

The PRI welcomes the proposed update of General Rule 386 by CMF. The update introduces mandatory disclosures on key environmental and social issues which will contribute to building standardised and comparable ESG data for investors in the Chilean market.


Full response here

See consultation responses for 2019, 2018, 2017, 2016 and 2015.