Five investors have been removed from the United Nations backed Principles for Responsible Investment (PRI), in the first such move by the group for those failing to meet its minimum requirements. The PRI has amassed more than 3,000 signatories managing in excess of $100 trillion in assets since it was launched in 2006 and membership is increasingly seen as crucial for asset managers pitching for mandates from pension schemes. PRI members were told in 2018 they had two years to reach a new set of minimum requirements or else be delisted. The investors receiving the punishment for failing to meet the requirements are private banking of La Banque Postale, BPE, GFB which is part of the biggest Dutch labour union, Indonesia’s Corfina Capital, U.S.-based Primary Wave IP Investment Management and French-based Delta Alternative Management. The delistings follow criticism in recent years that the PRI was not doing enough to ensure members lived up to the principles, including to embed environmental, social and governance-related issues in their investment decision-making.

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Reuters