The PRI has formally announced the initial details of its 2024 reporting framework, marking a crucial development for PRI signatories.
Scheduled to open in May 2024 and conclude in July 2024, this 12-week reporting window offers an essential opportunity for organisations to align with the PRI’s standards. Through this cycle, the PRI aims to gather valuable data to compile both Transparency Reports and Assessment Reports, set for release in November 2024.
This year’s reporting framework holds particular significance as it becomes mandatory for a specific group of signatories. Those who reported in 2023 but failed to meet the minimum requirements, those who opted out of reporting during their voluntary year, or those who chose to keep their 2023 responses private, are now required to submit their reports. The criteria for reporting remain consistent with previous years, demanding a responsible investment policy covering over 50% of assets under management (AUM) and demonstrating senior-level oversight and implementation of responsible investment principles.
Noteworthy adjustments have been introduced to the 2024 framework, building on the feedback from the previous year’s signatories. A notable enhancement includes the ability for returning signatories to pre-fill their submission using data from their last report, streamlining the process whilst ensuring accuracy through mandatory confirmation of responses. Furthermore, the PRI has refined approximately 10% of the questions, focusing on the Organizational Overview (OO) module and the Policy, Governance, and Strategy (PGS) module. These changes aim to clarify the question logic and enhance overall clarity, reflecting the PRI’s commitment to continuous improvement.
Advisory firm ACA has underscored the importance of early preparation for the 2024 reporting cycle. With the updated framework and mandatory reporting on the horizon, signatories are encouraged to begin their preparations well ahead of the May 2024 commencement. This proactive approach will not only ensure compliance but also facilitate a smoother transition to the enhanced reporting requirements.
In summary, the PRI’s 2024 reporting framework represents a significant step forward in the world of responsible investment. With mandatory reporting for certain signatories and notable enhancements aimed at improving clarity and user experience, the upcoming cycle is poised to offer valuable insights into the practices and policies of responsible investment across the globe.
Find the post by ACA Group here.
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