Signatories delisted for not meeting the minimum requirements

The PRI’s minimum requirements establish a baseline of responsible investment practices in line with our six Principles. Signatories are expected to meet these requirements in their reporting, to meaningfully contribute to the PRI’s mission to build a more sustainable global financial system.

To support signatories in meeting the minimum requirements, the PRI has developed a comprehensive, two-year engagement process. This is only for those identified as not meeting the requirements based on their reporting. Delisting is considered a last resort.

Between 2018 and September 2024, we engaged with 389 signatories identified as not meeting the requirements. Of these, 87% successfully met the requirements following PRI engagement. Those who didn’t meet these, were either delisted by the PRI, voluntarily delisted, or remain in the engagement process.

Since the implementation of the minimum requirements in 2018, seven asset owner and investment manager signatories have been delisted for failing to meet the requirements. This delisting number reflects our commitment to support and guide signatories in their responsible investment journey. We focus on fostering a culture of continuous improvement, empowering signatories to strengthen their practices. At the same time, our signatory base has grown significantly, underscoring our emphasis on collaboration and long-term progress.

Snapshot of a complete two-year engagement cycle (2020-2023)

The graphic below shows a consistent reduction in the number of signatories remaining in the engagement process across 2020 -2023, demonstrating the impact of our work on improving investment practices.

Engagement Process_V5

The PRI remains committed to holding signatories accountable, and in 2023, as shown in the graphic above, two signatories were delisted for not meeting the minimum requirements since 2020.

A signatory that does not meet a minimum requirement will be placed on a confidential ‘engagement list’ and notified by email. Once identified, the PRI aims to:

Engage directly with the signatory through one-on-one sessions to understand their reasons for not meeting the requirements and offer tailored support. A PRI staff member with expertise in the Reporting Framework and minimum requirements will guide the discussion.
Support the signatory to meet and exceed the minimum requirements.
Establish a clear timetable for engagement and the provision of support materials during the two-year engagement period (across two reporting cycles).
Define the criteria for meeting the minimum requirements and outline an action plan with next steps.

Over the two-year engagement period, the PRI will make at least six attempts to engage with the signatory.

Delisted organisations for not meeting the minimum requirements (2018-2024)

Organisation	Signatory category	AUM US$billion	Country/ SAR	Year delisted
BPE	Investment manager	5.08	France	2020
Stichting Gemeenschappelijk Beleggingsfonds FNV	Asset owner	0.04	Netherlands	2020
Corfina Capital	Investment manager	0.14	Indonesia	2020
Primary Wave IP Investment Management	Investment manager	0.31	US	2020
Delta Alternative Management	Investment manager	0.05	France	2020
Essence Asset Management	Investment manager	0.62	Hong Kong	2023
Great Lakes Advisors	Investment manager	10.51	US	2023

Frequently asked questions

What is the process for delisting signatories that fail to meet the minimum requirements?

Signatories that fail to meet the minimum requirements after two years of engagement enter the delisting process. They are confidentially informed and given the chance to appeal if they believe the PRI has made an error in its assessment. Appeals are reviewed by a committee of the Board, and the Board makes the final decision on delisting. Once confirmed, the delisting is publicly disclosed on the PRI website.

Are signatories able to appeal the decision to delist for not meeting the minimum requirements?

Yes, if a signatory believes that the PRI has misunderstood or not accurately assessed their position, they can submit an appeal to:

The executive; and
a committee of the board.

To submit an appeal, please contact [email protected]. Appeals can only be submitted during the designated period, and this is communicated separately to the relevant signatories.

Are signatories able to re-join the PRI after being delisted for not meeting the minimum requirements?

Yes, former signatories delisted by the PRI for failure to meet the minimum requirements must first complete the annual reporting requirement and provide evidence of having met the minimum requirements, before being allowed to relist. The following process is followed:

a. Apply to relist.

b. Complete the next available reporting cycle in the reporting tool, meeting the minimum requirements.

c. Pay the annual fee.

d. Signatory status accepted.

To find out more about this process please read our Relisting Policy.

Signatories that revert to not meeting the minimum requirements (including after any relisting) will be required to address the requirements in a one-year timeline.

Does the PRI publicly announce which signatories are delisted for not meeting the minimum requirements?

The PRI does not name signatories that do not meet the minimum requirements for PRI membership during the two-year confidential engagement period. However, we do publicly disclose those who are delisted at the end of their engagement period on our website, following approval from the PRI board. Signatories’ responses to the minimum requirements indicators are always publicly available in their Transparency Reports.

Can signatories be delisted from the PRI for reasons other than not meeting the minimum requirements?

Yes, signatories can be delisted for failing to report or not paying their annual fee. A signatory can also choose to voluntarily delist at any stage of the process.

What efforts has the PRI taken to help signatories meet the minimum requirements within the two-year engagement period?

The PRI provides guidance and explanatory notes in the Reporting Tool to support signatories while reporting on the indicators related to the minimum requirements for PRI membership. Signatories are also required to confirm they have read and understood the requirements before submitting. To ensure signatories pay extra attention to the minimum requirements, the relevant indicators are highlighted in a different colour in both the Reporting Framework and the tool.

Additionally, we support signatories through email to address any questions, and host annual accountability webinars with Q&As to clarify the requirements. Signatories identified as not meeting the requirements after each reporting cycle are contacted confidentially by the PRI to begin the engagement process. A plan is agreed for the two-year period, and signatories are provided with the resources needed to make changes and meet the requirements.

Since the reporting process relies on self-reported data, is it possible for signatories to claim they are doing more than they are?

While we rely on signatories to provide self-reported data, it’s important to note that the indicator questions related to the minimum requirements for PRI membership are mandatory for all signatories to complete and are also publicly available. This transparency encourages accurate reporting through public scrutiny. Additionally, the PRI has several steps in place to reduce reporting errors and enhance the credibility of PRI data as well as the Transparency Reports.

Why are the minimum requirements not part of the sign-up process?

The PRI has a wide variety of signatories at different stages of their responsible investment journey; therefore, we do not want to discourage signatories that are early on in their journey, but instead provide them with sufficient time to advance and implement the processes required to meet the requirements. New signatories have a one-year grace period before required to report on the PRI Reporting Framework, after which signatories that do not meet the requirements enter into the two-year engagement process.