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The UN PRI platform opened on June 14, 2023, marking the start of the 2023 edition of PRI reporting. Launched in 2005 by the Secretary General of the United Nations, the initiative has become very popular, reaching more than 3,800 signatories in 2021.
Until last year, it was fairly easy to join, with flexible and accessible requirements, but minimum conditions have since been tightened. The content of reporting has also evolved, and is now much more comprehensive, covering responsible investment issues at both entity and asset class level.
Each question is rated out of 100, then weighted according to its importance in the analysis. These scores are then transformed into percentages to give a star score for each module. If there is no ESG integration on an asset class, then the module does not need to be completed, but the minimum score (1 star) is automatically awarded. The entire rating process is detailed on the platform in the Reporting tool section.
The Sustainability Outcomes module, which covers biodiversity and climate issues in detail, is optional in reporting. Annaïg Antoine-Miermont, UN PRI Signatory Relations Manager for France, explains why this module is voluntary, despite the issues it covers and their importance for the future of sustainable investment: "As the UN PRI is an international organization, and many of its signatories are not European, it is not immediately possible to align with European regulations on this subject. On the other hand, the Policy, Governance and Strategy (PGS) module is compulsory for investors and includes several questions aligned with TCFD standards, which already enables first-level reporting". The Sustainability Outcomes module enables the most advanced players on the subject to set themselves apart by mentioning the targets set, progress monitoring and commitment activities carried out on climate, as well as developing their approach to other sustainability issues such as biodiversity.
Several webinars are being organized in July by the UN PRI, to learn more about the reporting tool and minimum criteria (registration link here). Annaïg Antoine-Miermon advises "to take note of the resources available on the UN PRI website, where the details of the questionnaire and the definition of the indicators are specified, and to take part in the various webinars offered in French or English".
Signatories whose reporting is mandatory this year and who fail to submit their data on time will be subject to a delisting process. Their names will be included in the PRI annual report, and failure to report will be indicated as the reason for delisting. Signatories wishing to rejoin will have to wait one calendar year and provide proof that they meet the minimum conditions for UN PRI membership. Once reinstated, they will be required to produce the following reports. Those who no longer meet the minimum conditions for membership will be required to meet the conditions within one year.
A signatory may also be dereferenced if its practices run counter to PRI's policy on serious violations. The PRI Board of Directors, by majority vote, has the power to deregister a signatory if it considers that their behavior jeopardizes the integrity of the initiative.
In addition to PRI reporting, other reports punctuate the year, and their production is a real challenge if we are to be an advanced player in the marketplace.
WeeFin offers a Saas platform (- ESG Connect -) for centralizing and industrializing ESG data processing.
In addition to data centralization, we can automate the production of SFDR reports (pre-contractual, periodic, PAI, etc.), EETs, Article 29 LEC and CSSF reports.
To see the video presentation of the platform, click here.
