Fiona Reynolds announces exit from the PRI

June 11, 2021

Fiona Reynolds, CEO of the United Nation’s Principles for Responsible Investment (PRI), is to step down from the organisation at the end of the year.

She has led the PRI, which aims to encourage the development of ESG factors within investing, since early 2013.

A sub-committee has been formed to identify a replacement, led by chair Martin Skancke, with a new CEO expected to be appointed at the beginning of 2022.

In a blog post on the PRI’s website, Reynolds said that the decision to step down from the organisation was in part due to Covid-19 and the personal difficulties of being away from family in her native Australia.

She said: “I’ve not only had the privilege of witnessing the growth of the organisation, but the evolution of responsible investment itself, as it has shifted from a niche activity into the mainstream of the global financial industry.  

“This has not been an easy decision - to say I’ve loved my time at PRI would be an understatement. Working alongside all of you, being a part of your responsible investment journey and driving toward a more sustainable, green and just future has no doubt been a highlight of my career and indeed my life. PRI has truly become part of my DNA.”

Skancke added that Reynolds had “led the growth in scope and reach of the organisation" to investors, policymakers and other stakeholders around the world.

“In turn, with tremendous commitment, energy and experience, Fiona has also contributed personally to the growth of responsible investing more broadly,” he added.

Last year, the PRI delisted a small number of signatories from the organisation for the first time after the body faced criticism over how robustly it was upholding and enforcing its standards.

Other notable developments under Reynold’s leadership include the launch of the Net-Zero Asset Managers Initiative. The collaboration of investment groups has pledged to reach net-zero carbon emissions and has gained 87 signatories with more than $37 trillion in assets under management since launching in December 2020.

Meanwhile, the PRI also announced its latest three-year strategy, aiming to link up financial risk, opportunities and real-word outcomes, with a focus on ESG incorporation.

The PRI has over 7,000 signatories, cumulatively managing in excess of $100 trillion.