PRI welcomes donation from The Marathon Club
LONDON, 13 May 2013
The Principles for Responsible Investment (PRI) Initiative today welcomed the donation of £38,000 from The Marathon Club. The donation will support the PRI’s newly established Research & Public Policy work stream, which will support signatories to identify and overcome barriers that currently prevent financial markets from functioning more sustainably.
The Marathon Club, which was formally wound down this month, was a collaboration of 18 investment organisations representing combined funds under management in excess of £170 billion. It was formed in 2004 to stimulate pension funds, endowments and other institutional investors and their agents to be more long-term in their thinking and behaviour, and to encourage more emphasis on being responsible, active owners. The majority of its members are now signatories to the PRI and many of its goals were closely aligned with those of the PRI Initiative.
“The Marathon Club has done an excellent job in developing and publishing guidance for long term investing with the support of its members. That job needs to continue, and the work to promote long term responsible investing needs to move on in a broader capacity. The PRI offers an exciting opportunity to do just that and we are happy to pass on the baton,” said Peter Scales, Chairman of The Marathon Club.
“The PRI is extremely grateful for the Club’s financial contribution,” said James Gifford, Executive Director of the PRI. “It will significantly increase our ability to support signatories to address some of the systemic barriers that hamper efforts to make capital markets more sustainable, including short-termism, misaligned incentives and environmental and social externalities.”
In February, the PRI published a consultation paper providing an overview of seven proposed project areas that its new Research & Public Policy work stream might consider. Feedback from the consultation will determine the initial areas of focus for the coming year.