Phoenix Group, the UK’s largest long-term savings and retirement business, announces today that it is a signatory of the UN-supported Principles of Responsible Investment (PRI). This demonstrates the Group’s commitment to including environmental, social and governance (ESG) factors in investment decision making and ownership. As at December 2020, Phoenix is the largest UK asset owner signatory in the UK.Becoming a signatory to the PRI is one of the pledges within the Group’s responsible Investment philosophy and a commitment made within the Group’s most recent Sustainability Report, which was published in March 2020.
The PRI is the world’s leading proponent of Responsible Investment. It works to understand the investment implications ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.
The PRI was launched in April 2006 with support from the United Nations. Since then the number of signatories has grown from 100 to over 3,000 members with combined assets across the members being in excess of USD110 trillion. Those institutions who sign commit to the PRI’s six key principles (see below) and to regularly reporting on their progress.
Phoenix Group is committed to taking a proactive approach to Responsible Investment and managing assets in a way that embeds ESG considerations in the investment decision making process and stewardship activities This is a key pillar of Phoenix Group’s sustainability strategy, which seeks to safeguard the interests of its customers, shareholders and the community where it operates over the long term.
Michael Eakins, Chief Investment Officer, says: “We’re proud to be a signatory to the UN-supported Principles of Responsible Investment as an asset owner. As a long term investor ESG factors present risks and opportunities to our investment portfolios. We are committed to responsible investment that benefits the environment and society as a whole. This has become even more important during the Covid-19 pandemic and we look forward to taking a leading role in this space.
“We are thrilled to welcome Phoenix Group on board as a signatory,” says Fiona Reynolds, CEO of the PRI. “Their commitment to including ESG factors into investment decision making and ownership is commendable, and we look forward to working together in the future.”