The PRI Announces the Release of their 2023 Reporting Framework

Publish Date


Compliance Alert

  • ESG

The Updated Framework Aims to Incorporate Signatory Feedback from the 2021 Pilot Program

On January 26, 2023, the Principles for Responsible Investment (PRI) published a long-anticipated update to its Reporting Framework, as well as updates to the organization’s accountability standards.  

These updates are in response to signatory feedback that the PRI collected after it piloted a new reporting framework in 2021.  


  • The three-month live reporting cycle will commence mid-May 2023 with the opening of the Reporting Tool for signatories, and will close in mid-August 2023. Exact dates to be announced later.
  • Investors who signed the PRI before December 2020 will be mandated to report in 2023. Signatories who signed the PRI after December 2020 will be able to report in 2023 on a voluntarily basis, but 2024 will be mandatory. 
  • To further assist signatories with their 2023 reporting, the PRI will release additional guidance in the coming weeks. A mapping resource will also be made available directly in the Reporting Tool when it is launched to help identify information/data points that can potentially re-use information from the 2021 Reporting Framework in 2023 reports. 

Key changes to the Reporting Framework

The PRI announced several key updates for signatories, which should improve clarity, consistency, and applicability of the framework, while reducing effort for signatories. Highlights include: 

  • Updated terminology and clarified guidance throughout the reporting framework to reduce ambiguity (e.g., updates to sustainability outcomes or what stewardship activities look like for private market investors) 
  • Decreased and simplified required indicators: asset class modules will range between 7-19 Core (mandatory) indicators 
  • Portions of the framework have been harmonized with other common frameworks (e.g., TCFD, ISSB, etc.) 
  • Removed the requirement for Asset Owners to report at the internally managed asset class level; only reporting on external manager selection, appointment, and monitoring (SAM) is now required 
  • Reduced the granularity of required data (e.g., AUM breakdowns) 

Policy, governance, and strategy (PGS) module is still a big lift  

  • The PGS module (previously called Strategy & Governance, and then Investment and Stewardship Policy module) now contains 47 mandatory indicators. It continues to aim to capture investors’ overall approach to responsible investment. 
  • Together with climate change, human rights are recognized as a priority issue by the PRI, which encourages investors to embed these issues in their policy and governance practices. Both the TCFD-aligned mandatory (Core) and voluntary (Plus) indicators in this module are now focused on human rights.
  • Stewardship, engagement, and (proxy) voting indicators have been moved from Listed Equity, Fixed Income, and Hedge Fund modules to the PGS module.
  • Confidence building measures have been moved into a separate module.

Assessment methodology 

  • The logic throughout the assessment has been adjusted to ensure signatories are not penalized for not adopting practices that aren’t relevant. 
  • The methodology for how indicator level scores are calculated into module level scores remains unchanged from 2021 scoring methodology. 
  • Score multipliers have not been published yet. These will be launched ahead of the 2023 reporting window opening in mid-May. 
  • Scoring thresholds (how module % are converted into stars) will be published in November. 

Additional updates announced  

The PRI will continue to use its existing minimum requirements for investor membership for the 2023 reporting cycle, but the organization plans to review them in the future to ensure they are creating accountability and driving improvements in performance for signatories. Indicators related to minimum requirements are captured in the Policy and Governance sections of the new PGS module. 

The PRI Leader’s Group – PRI signatories that have been identified as leaders in responsible investment practices - has also been put on hold for 2023 while the organization and signatories adapt to the new reporting framework and assessment methodology.   

How we help 

ACA’s ESG Advisory Services can help you prepare for the 2023 PRI reporting cycle by reviewing your ESG program against the updated framework, highlighting gaps and areas for potential focus, and providing guidance to close identified gaps, as well as supporting with the actual submission.  

If you have any questions about how ACA can support your PRI reporting or if you would like to learn more about our services, please contact our ESG Advisory Practice