By David Atkin, Advisor and former CEO, PRI
When I took on the role of CEO at the Principles for Responsible Investment (PRI) four years ago, the world of finance and indeed the world at large was in a period of profound uncertainty. Over this time the industry has faced geopolitical fragmentation, regulatory uncertainty and a vocal backlash against sustainability principles. These challenges have not been abstract; they have shaped capital flows, influenced policy debates and tested investor resolve around the globe.
Yet, the story of this period is not one of retreat. It is one of resilience and reinvention. At the PRI, we rose to the challenge of reshaping the organisation to support over 5,000 global signatories – representing more than half of the world’s institutional capital –through this period of uncertainty.
Make no mistake, the headwinds are real. But the horizon is also clear: responsible investment is here to stay. It is foundational to fiduciary duty, long-term stability and growth.
Navigating complexity
The past four years have underscored a simple truth: responsible investment is no longer a niche practice. It is a systemic imperative. But systemic change rarely comes without resistance. The anti-ESG narrative, amplified in the US, sought to frame sustainability as a political choice rather than a fiduciary responsibility. At the PRI, we responded by intensifying our focus on clarity and guidance, helping signatories navigate complexity without compromising their mandates.
This was not about defending ESG but about reaffirming that integrating material sustainability factors is essential to long-term value creation. Our tailored resources and strategic engagement have helped investors to stay the course, even as the debate grew louder. And in fact, we’ve even seen the industry begin to formally re-plumb finance, working together to establish new rules and norms, and sourcing new and better information sets to inform investment decision-making.
Scaling for impact
The PRI’s signatory base doubled between 2019 and 2023, and I was given a clear mandate to scale the organisation to meet this growth. This required more than operational agility; it demanded a strategic, signatory-driven renewal. Over the past four years, I have personally travelled to over 30 markets around the world in close consultation with signatories to deeply understand their needs.
As a result, we strengthened governance and risk frameworks and launched reforms that improved the PRI reporting experience dramatically. This year, 98% of mandatory reporters completed their submissions, and voluntary reporting remains strong as we seek to simplify the process further – a testament to the sector’s commitment to transparency.
We also enhanced our collaborative approach as a partner to the industry, helping investors, policy makers and stakeholders act more decisively. And we deepened our focus on emerging and developing markets and private capital, recognising their pivotal role in the next chapter of responsible investment.
One of the most significant focuses during my tenure was a renewed emphasis on asset owners as architects of the future. As capital allocators and thought leaders, they are the driving force behind systemic change. Through initiatives like the Future of Responsible Investment Asset Owner Group, we have fostered dialogue on what the next era of responsible investment should look like.
From COP to collaboration
The conclusion of COP30 last month and our recent PRI in Person conference in Brazil highlight a critical reality: sustainability challenges are global, so solutions must be collaborative. Off the back of these inspiring engagements, I feel hopeful for the future.
The PRI has evolved into a convening force, bringing together policy makers, investors and civil society to accelerate progress. Our stewardship initiatives including Spring (nature), Advance (human rights), and the Sovereign Engagement on Climate Change now engage over 1,000 signatories. And our appointment as Secretariat of the Taskforce on Net Zero Policy at COP28 and the recent publication of its flagship report at COP30 continue to signal the growing recognition of the PRI as a trusted policy actor.
But collaboration cannot stop at the conference stage. It must translate into action through partnerships, education and innovation. That is why we have expanded the PRI Academy, delivering nearly 15,000 course enrolments and launching executive education with Wharton. Knowledge is a precursor to change, and we are committed to equipping investors with the tools they need to lead.
Looking ahead: horizons, not headwinds
As the PRI approaches its 20th anniversary, the question is not whether responsible investment will endure but whether we can scale it fast enough to meet planetary and social thresholds. The next decade will not be about defending our work; it will be about redefining value creation in a fragmented world. Investors will need to navigate geopolitical risk, technological disruption and the accelerating impacts of climate change, all while delivering returns for their beneficiaries.
Our 2024–27 strategy positions the PRI to lead in this environment, reaffirming our mission and introducing innovations like the Pathways offering to help signatories advance their practices.
It’s clear to me that responsible investment is at a crossroads. The headwinds are real, but so are the horizons. The future of responsible investment will be shaped not by those who question its relevance, but by those who embrace its necessity.
As I step down as PRI CEO, I do so with the confidence that the PRI, and the global community of investors it represents, will continue to lead this transformation. And they must – the stakes could not be higher. Times may be challenging, but I’m confident that history will be on our side.
