The Policy team provides tools and insight to international standard setters, signatories and policy makers to advance progress towards a regulatory and investment environment consistent with the six Principles.
REGULATION, POLICY FRAMEWORKS AND COLLABORATION
The PRI uses analysis of Reporting Framework data, the results of PRI-coordinated engagements and ongoing discussions with investors to respond to policy consultations. You can subscribe to the PRI’s RI Policy Briefing here.
- Sustainable Stock Exchanges initiative model guidance (2016): Engaging exchanges to issue guidance to companies on sustainability reporting
- Financial Stability Board: Task force on Climate Related Disclosures: Phase 1 Consultation Comment Letter (2016): Developing internationally-relevant climate disclosure advice to help investors take action.
- PRI response to UNFCCC consultation: the road map for global climate action (2016).
- US SEC Business and Finance Disclosure Requirements in Regulation S-K (2016): Revisiting corporate disclosure requirements on ESG factors
- Corporate Governance Reform and Transparency Act of 2016 H.R. 5311 (2016): PRI recommends this bill is withdrawn.
- Bovespa Corporate Governance Review (2016): Strengthening the governance requirements of the Novo Mercado.
- Amec (Brazil) Stewardship Code Consultation (2016): Establishing a stewardship culture in Brazil
- Revision of the Institutions for Occupational Retirement Provision (IORP) Directive (2016): Protecting and informing working age Europeans. See PRI’s briefing on the Directive here.
- SIX Swiss Exchange voluntary sustainability reporting consultation (2016): Improving consistency in voluntarily produced sustainability reports.
- French Energy Transition Law (2016) and in English: Analysing the enabling factors for the introduction of this French law.
- UK Non-Financial Reporting Directive (2016): Transposing the EU’s Non-Financial Disclosure directive into UK law.
- Long-term and Sustainable Investment Consultation (2016): Analysing the state of the market for long-term, sustainable investment across the EU.
- UK Mandatory Gender Pay Gap Reporting (2016): Introducing greater transparency on workplace gender equity.
- Capital Markets Union Call for Evidence (2016): Using the PRI reporting data and analysis to demonstrate the importance investors assign to sustainability in investment decision making.
- UK Better Workplace Pensions (2015): Responding to the UK Department for Work and Pensions’ consultation on changes to the investment regulations following the Law Commission’s report ‘Fiduciary Duties of Investment Intermediaries’.
- Revision of the Shareholder Rights Directive (2014): Responding to the European Commission’s consultation on the revision of the Shareholder Rights Directive, including establishing a stewardship culture and integrating ESG factors in shareholder engagement.
- Institute of Directors Southern Africa - revision of the King Code (2016): Strengthening corporate governance and expanding the King Code to new sectors
- Consultation on King Code Sector Supplements: Retirement Funds (2016): Connecting fiduciary duty, ESG and good pension fund governance.
- Fraser Review (2016): Responding to Senator Fraser’s consultation on the governance of Australian pension funds.
- Singapore Sustainability Reporting (2016): Responding to the Singapore Stock Exchange’s consultation on sustainability reporting, with recommendations on reporting ESG data in annual reports, assurance, and the responsibility of the board.
- Japan Corporate Governance Code (2015): Supporting the efforts of Japanese regulators to strengthen corporate governance.
- Hong Kong Principles of Responsible Ownership (2015): Responding to the Hong Kong Securities and Futures Commission’s consultation on the introduction of principles to support investor stewardship.
RESEARCH AND REPORTS
THE CASE FOR INVESTOR ENGAGEMENT IN PUBLIC POLICY
Based on interviews with an international group of investors, The case for investor engagment in public policy analyses how investors can effectively engage with policy makers. It proposes a five-step approach to better integrate investor perspectives on ESG factors into the public policy making process.
Based on interviews with investors, industry associations, lawyers and policymakers in eight countries – Australia, Brazil, Canada, Germany, Japan, South Africa, UK and US – Fiduciary duty in the 21st century concludes that failing to integrate long-term investment value drivers, which include ESG issues, in investment practice is a failure of fiduciary duty. (Also available in Portuguese, and Japanese).
Among other recommendations, the report finds that progress is needed by institutional investors in engaging policy makers on issues relevant to long-term performance, including strengthened corporate reporting.
In March 2016, the PRI, UNEP FI and The Generation Foundation launched a three-year project on investor duties, including:
- publishing and implementing roadmaps on the policy changes required to achieve full integration of ESG issues in investment processes and practices across eight countries;
- extending the research into fiduciary duties – and, more broadly, investor duties – to five major Asian markets: China (including Hong Kong), India, Korea, Malaysia and Singapore;
- working with investors, governments and intergovernmental organisations, to develop an international statement on fiduciary duty, which includes the requirement to integrate ESG issues into investment processes and practices (also available in Chinese).
How asset owners can drive responsible investment
In March 2016, the PRI published How asset owners can drive responsible investment, demonstrating how asset owners can contribute to the implementation of responsible investment at scale and depth, creating a multiplier effect through the investment chain. Weak implementation of responsible investment by asset owners sends signals to the investment market that responsible investment is not a priority, limiting investment consultant and manager willingness to focus on responsible investment in their strategies and advice..
The report sets out a seven step plan enabling asset owners to ensure they have the governance processes in place to reflect their investment beliefs and strategies, and to implement them in contracts with investment managers.
MEET THE POLICY TEAM:
Will Martindale, Head of Policy
Will joined the PRI in February 2014. He is responsible for work engaging policy makers and regulators.
Previously Will worked for Oxfam as policy adviser for the financial sector. He has a background in banking, joining JPMorgan's graduate programme in June 2004, supporting a web-based trading platform for JPMorgan's clients to manage a leveraged portfolio of credit default swaps. In September 2010, Will joined French bank, BNP Paribas, as a business manager for their credit trading desk.
Will read Maths at King's College London and has a master's degree in Comparative Politics from the London School of Economics.
Alyssa Heath, Senior Manager, Policy
Alyssa joined the PRI in July 2013.
Before joining the PRI, Alyssa worked at CDP (formerly Carbon Disclosure Project). She started her career at the Energy Saving Trust, the UK’s domestic energy agency, working with local councils, in particular on attracting private investment into domestic energy retrofitting.
Alyssa holds a BA in Physics (Mansfield College, University of Oxford) and an MSc in Atmospheric, Oceanic and Climate Physics (University of Reading).
Danielle Chesebrough, Senior Manager, Investor Relations (UN Global Compact)
Danielle Chesebrough started working in her dual role with the PRI and UN Global Compact in May 2011. She facilitates collaboration between UN Global Compact companies and PRI signatories and co-organises the Sustainable Stock Exchanges initiative with three UN partner organisations.
Previously, Danielle worked in ESG client services at MSCI. Prior to joining the client services team, she conducted ESG analysis and led engagements with publicly listed companies.
She has a BA in Political Science from Clemson University and a master's degree in Social Work, with a focus on Policy and International Studies, from the University of Connecticut.