The Principles for Responsible Investment (PRI) recently published its 2023 Reporting Framework (the Framework) and updates to its minimum requirements for PRI memberships for investors.
PRI noted the following key changes to the Framework:
- Improved clarity. Terminology of all indicators has been revised to ensure that terms are neither too prescriptive nor too generic. PRI also revised questions and response options to reduce ambiguity.
- Improved consistency and applicability. PRI performed a systematic applicability check of all indicators in the Framework and adjusted logic paths and/or assessment criteria where practices are no longer applicable. PRI also restructured sections for a clearer and better alignment with other recognised frameworks such as the Task Force on Climate-Related Financial Disclosures, the Taskforce on Nature-related Financial Disclosures, and the International Sustainability Standards Board. Further, PRI removed asset class module reporting for asset owners.
- Reducing reporting effort. PRI noted that it (i) reduced the granularity of data requested, (ii) decreased the overall number of indicators, and (iii) implemented simpler indicator structures.
- Minimum requirements. PRI indicated that it is continuing its review of the Framework’s minimum requirements and that the existing minimum requirements for the 2023 reporting cycle will remain the same as in previous years.
Interested stakeholders and signatories to PRI are encouraged to register for a webinar providing an overview of the Framework that will be hosted by the PRI on 15 March 2023.