The UN-backed Principles for Responsible Investing has updated it reporting framework to clarify terminology, improve compatibility with other reporting systems like those by the Task Force on Climate Related Disclosures and the International Sustainability Standards Board, and to reduce the “reporting effort” by companies.
As part of this, the new framework has reduced the number of indicators that PRI signatories should report on, and the level of granularity of some of them. It says that the new system reflects signatories’ feedback and that they will be able to use it once the new reporting cycle opens in May.
Further, the PRI has also revised the minimum requirements expected from members as it seeks to improve accountability.
The update may be relevant to the initiative’s signatory only, but this is a big group: over 5000 firms and, based on the PRI’s latest available data from 2021, about $120tn in assets under management.