PRI Signatory General Meeting 13 Sept 2023 Key Updates

We joined the PRI’s Signatory General Meeting on 13 September 2023. Key updates below.

Minimum Requirements

• We had anticipated the PRI may discuss plans for increasing minimum requirements for being a PRI signatory. However, the PRI confirmed that they plan to maintain minimum requirements through 2024 and will be reviewed and potentially revised in future years. This is good news as the current minimum requirements we feel are achievable for most alternative investment managers.

Reporting Updates

• Equivalency Initiative to review duplicate reporting frameworks to find efficiencies in reporting. Starting with UK Stewardship Code and later this year TCFD.

• 2023 saw a more simplified framework, clearly still work to do – PRI recognise the technical issues and plan to address them in 2024 platform.

• Structure of the 2024 PRI report not expected to change materially, efforts focused on smooth delivery.

• 2023 reporting data analysis will be used to chart the development of RI industry using 53 indicators – allows benchmarking between peers.

• 2023 assessment reports are still expected to be released in November/December 2023.

• 2024 assessment window is expected to be the same as 2023 (i.e. May/June to Sept).

Administrative Updates and Other Initiatives

• Signatory base reached almost 5,400 by end of March 2023, believed now to have reached saturation in certain markets.

• New Global Support Team for more administrative help, allowing regional reps to focus on more meaningful work.

• Policy engagement team to be split into global and regional groups to focus on specific regional policy development.  

• Progression Pathways Programme – helps signatories progress towards their own RI goals – kicking off in October.

• UN Framework Convention on Climate Change – new recognition and accountability framework will scrutinise initiatives such as NZAMI.

• PRI in Person in 2023 3-5 Oct in Tokyo – will be focused on turning commitments into actions. Also accessible online within 24 hours of the live sessions.

• Voting for the PRI Board of Directors and other administrative decisions runs from 20 Sept to 1 Dec. Signatories will receive a link to vote next week.

If you have any questions about the PRI, please don’t hesitate to get in touch.