GLOBAL - Signatories to the United Nations Principals for Responsible Investments (UNPRI) will now have to pay fees in order to participate.
Chairman of the initiative Wolfgang Engshuber said the "fair and modest annual fees" will help significantly expand the PRI's operations.
In a strategy document posted on the PRI's website, Engshuber said the PRI had previously relied on voluntary contributions with only a third of its 800 signatories, which combined manage $25trn of assets, contributing.
He said: "Mainstreaming responsible investment across all asset classes, investor types and regions is a massive task. It can only be achieved with a degree of organisational scale, and high-quality staff with experience in the field. It also needs to have a regional presence, working in local languages across global markets. This will take considerable resources, and it was felt that if the PRI is to fulfil its potential, relying on voluntary contributions was not going to be sufficient."
Going forward the PRI would like to create a think tank focussing on responsible investments and create new work streams that would focus on asset classes where it has been difficult to integrate PRI, like infrastructure and commodities.
Engshuber would also like to build out country networks to address country-specific challenges and invest in a reporting and assessment framework.
The new fees went into effect 1 April.
They range from £330 ($533) for those with less than £100,000 in assets under management, to £6,600 for those with over £10bn in assets. Service providers with less than 10 employees are charged £330 while those with over 200 employees will be charged £6,600.
"The move to fees will ensure financial security for the PRI going forward and reflects a fairer sharing of the costs of the Initiative across all signatories," the strategy document said.
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