Long-term savings and retirement business Phoenix Group announced today that it has signed the Principles for Responsible Investment (PRI), becoming the largest asset owner PRI signatory in the UK. According to Phoenix Group, the announcement demonstrates its commitment to integrating ESG factors in investment decision making and ownership.
The Principles for Responsible Investment were established by a group of investor signatories in 2006, supported by the United Nations, to aid investors in integrating ESG factors into the investment process. To achieve this goal, the PRI group established 6 voluntary and aspirational principles* for investors to follow, including the incorporation of ESG issues into the investment process, and into signatories’ own ownership policies and practices. The PRI currently has over 3,000 signatories, representing more than $110 trillion in AUM.
Michael Eakins, Phoenix Group Chief Investment Officer, said:
“We’re proud to be a signatory to the UN-supported Principles of Responsible Investment as an asset owner. As a long term investor ESG factors present risks and opportunities to our investment portfolios. We are committed to responsible investment that benefits the environment and society as a whole. This has become even more important during the Covid-19 pandemic and we look forward to taking a leading role in this space.”
Fiona Reynolds, CEO of the PRI, said:
“We are thrilled to welcome Phoenix Group on board as a signatory. Their commitment to including ESG factors into investment decision making and ownership is commendable, and we look forward to working together in the future.”
* The PRI principles:
- Principle 1: We will incorporate ESG issues into investment analysis and decision-making processes.
- Principle 2: We will be active owners and incorporate ESG issues into our ownership policies and practices.
- Principle 3: We will seek appropriate disclosure on ESG issues by the entities in which we invest.
- Principle 4: We will promote acceptance and implementation of the Principles within the investment industry.
- Principle 5: We will work together to enhance our effectiveness in implementing the Principles.
- Principle 6: We will each report on our activities and progress towards implementing the Principles.