The Responsibility of Investing

The PRI
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  • Investing
  • Updated Biweekly

The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies.    The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.

  1. May 26

    How responsible investment shapes better investment decisions

    In this episode, Kate Webber, Chief Solutions Officer at the PRI, is joined by Claudia Wearmouth, Global Head of Responsible Investment at Columbia Threadneedle Investments, and Travis Antoniono, Investment Director for Sustainable Investments at CalPERS. Together, they explore how responsible investment is being applied in practical, financially material ways, including how it is embedded into investment processes, how transparent dialogue between asset owners and managers supports long-term outcomes, and the role evidence plays in sustainable investment decision-making. Overview: Responsible investment is increasingly moving from a specialist function to a core part of investment decision-making. Across public and private markets, sustainability and governance considerations are being integrated into due diligence, portfolio construction, stewardship and long-term risk management. This episode explores how investors are building practical frameworks around financial materiality, balancing quantitative tools with qualitative judgement, and adapting to rapidly evolving risks such as climate change and AI disruption. Detailed coverage: Embedding sustainability into investment processesBoth guests explain how sustainability considerations are now integrated throughout the investment lifecycle, from initial due diligence through to ongoing monitoring and exit decisions. Financial materiality and fiduciary duty They explore how responsible investment supports long‑term, risk‑adjusted returns and helps meet fiduciary responsibilities to beneficiaries. The role of dedicated expertiseTravis Antoniono discusses embedding dedicated sustainability specialists directly into investment due diligence teams, while Claudia Wearmouth outlines how sustainable investment analysts can better work alongside fundamental research teams. Data, evidence and judgementThe conversation explores how responsible investment relies on a growing evidence base. While data is still evolving, investors increasingly combine quantitative tools with qualitative insight and real-world case studies. Explore real-world examples of how investors are combining data and judgement in practice in the PRI’s investment case database: https://public.unpri.org/investment-tools/investment-case-database How AI is changing investment researchAI is beginning to transform investment analysis itself, helping teams assess sector disruption, and emerging financial impacts more dynamically. Building organisational buy-inBoth guests highlight that embedding responsible investment depends on strong leadership and clear direction, with teams working together to apply it in practice. The importance of asset owner–manager relationshipsTransparency, trust and detailed communication are highlighted as essential for aligning investment objectives, stewardship expectations and long-term strategy execution. Practical lessons for investorsThe episode concludes with practical recommendations on how investors can improve governance and decision-making through more consistent use of evidence and ongoing dialogue. Chapters: 00:08 - Introduction and the investment case for responsible investment01:29 - Embedding sustainability into investment processes05:14 - Sustainability, fiduciary duty and long-term returns10:56 - Building the evidence base for responsible investment13:39 - How AI is changing investment analysis20:15 - Creating organisational buy-in and investment alignment22:18 - Climate solutions, strategy and total portfolio thinking27:12 - Asset owner and investment manager collaboration35:15 - Key lessons on transparency, trust and detail37:04 - Practical recommendations for investors Disclaimer: This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2026. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    40 min

  2. May 5

    The role of investors in the age of AI - Part 2

    In this episode, Cambria Allen-Ratzlaff, Interim CEO of the PRI, is joined by Michael Benedict Yamoah (Vice President, Stewardship Director, EOS at Federated Hermes), Chris Jurgens (Senior Director, Omidyar Network), and Oumou Ly (Non-resident Research Fellow, UC Berkeley Center for Long-Term Cybersecurity) to explore how investors should respond to AI. Building on Part 1, this episode moves from theory to practice, outlining how investors can assess AI governance, identify risks across portfolios, and begin engaging with companies in a fast-moving and uncertain landscape. Overview: AI is already reshaping portfolios, but most investors are still early in understanding how to manage the risks. This episode focuses on practical steps, from governance and engagement to tools, research, frameworks and real-world examples of leading practice. A key message is that there is no perfect framework yet. Instead, investors must start now, build capability over time, and engage continuously as the technology evolves. Detailed coverage: What good AI governance looks likeAt a minimum, companies must comply with regulation and establish clear internal policies. Strong governance goes further, embedding AI into enterprise risk management, assigning board-level responsibility, and ensuring oversight across the organisation. Beyond compliance: lifecycle thinkingInvestors are encouraged to assess the full lifecycle of AI systems, from development and deployment to real-world impacts, liabilities and societal consequences. AI risk is dynamicUnlike other technologies, AI systems evolve post-deployment. This requires continuous monitoring, disclosure and adaptation, rather than one-off assessments. Examples of leading practiceCompanies such as Anthropic and Microsoft are highlighted for transparency, investor engagement and responsible AI frameworks. Across the ecosystem, progress is being driven by collaboration between companies, investors and policymakers. The importance of infrastructure and ecosystemsAI is not just about software, it spans chips, data centres and energy systems. Managing its risks requires coordination across the full value chain. Practical starting points for investorsInvestors should map where AI sits in their portfolios, identify key use cases, and assess associated risks such as cybersecurity, compliance and liability. Tools, frameworks and collaborationA growing ecosystem of resources, from investor coalitions to research frameworks, is emerging to support engagement and analysis. A marathon, not a sprintAI governance is an ongoing process. Investors must build long-term capability, stay engaged in dialogue, and avoid waiting for perfect solutions before acting. Start now, signal intentEven simple engagement, asking basic governance questions, can send a strong signal to companies that responsible AI matters. Chapters: 00:08 - Introduction: from AI risk to investor action01:00 - What good AI governance looks like03:05 - Internal policies, risk management and board oversight05:00 - Lifecycle thinking and real-world impacts08:17 - Examples of leading practice in AI governance10:30 - Defining and understanding AI risk13:15 - Mapping AI use cases across portfolios15:39 - Practical tools and investor resources19:44 - Why AI is a marathon, not a sprint22:24 - Final takeaways: start now and engage Further reading: Anthropic labor market impacts, Microsoft transparency report Disclaimer: This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2026. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    25 min

  3. Apr 28

    The role of investors in the age of AI - Part 1

    In this episode, Cambria Allen-Ratzlaff, Interim CEO of the PRI, brings together Michael Benedict Yamoah, Vice President, Stewardship Director, EOS at Federated Hermes, Chris Jurgens, Senior Director, Omidyar Network, and Oumou Ly, Non-resident Research Fellow, UC Berkeley Centre for Long-Term Cybersecurity to explore why AI is emerging as a critical sustainability issue for investors. The first in a two-part series, this episode examines the scale and speed of AI adoption, its implications for climate, labour, security and long-term financial stability, and what it will take for investors to get ahead of a transition that is already underway. Overview AI is rapidly reshaping the global economy, with unprecedented levels of capital investment, adoption and market impact. While much of the focus has been on AI as an investment opportunity, this episode reframes it as a system-wide issue with implications for climate, labour, security and long-term financial stability. The discussion highlights a growing gap between investor awareness and capability, as well as the need for stronger coordination, clearer frameworks and more robust governance to manage AI-related risks. Detailed coverage AI as a system-wide investment issueAI is not confined to the tech sector, it is a whole-economy force that will impact portfolios across industries, making it relevant for all long-term investors. The business case for responsible AIResponsible AI practices are increasingly linked to performance, helping companies build trust, avoid costly failures and strengthen long-term returns. Systemic risks: energy, labour and infrastructureAI is driving rapid growth in data centres and physical infrastructure, with significant implications for energy demand, emissions, water use and local communities. Security and regulatory riskAI is accelerating cyber threats while also becoming a focus for regulators globally. This creates new layers of compliance, liability and geopolitical risk for investors. The investor capability gapWhile interest in AI is growing, many investors lack the expertise, frameworks and internal capacity to assess and engage on AI-related risks effectively. From developers to deployersEngagement is currently focused on major AI developers, but risks and opportunities are increasingly concentrated in how AI is deployed across sectors. Governance as the central leverAcross all perspectives, governance emerges as the most critical tool, ensuring boards and management teams are equipped to navigate uncertainty, balance trade-offs and make long-term decisions. A transition moment for investorsAI represents a new phase of technological disruption, similar to past waves like telecoms and big data, but with broader and faster-reaching consequences. Looking ahead Part two will focus on the practical side, what investors can do, the tools and frameworks emerging, and where collective action can drive the most impact. Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    40 min

  4. Apr 7

    Spring progress report: lessons learned and next steps for nature stewardship

    In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, is joined by Oshadee Siyaguna, Head of Stewardship at J.O. Hambro Capital Management and Regnan, to explore early progress and lessons from collaborative investor action on nature. Drawing on insights from the inaugural Spring progress report, they examine how investors are beginning to address financially material nature and biodiversity risks, what effective engagement looks like in practice, and why collaboration is critical in tackling complex, system-level challenges. Overview: Investor action on nature is gaining momentum. With over 240 investors representing more than US $19 trillion in AUM endorsing Spring, engagement is scaling across sectors and geographies. Early progress shows companies are starting to assess nature-related risks and dependencies, while investors are building shared frameworks, tools and approaches. However, real-world outcomes remain limited, highlighting the gap between engagement activity and measurable environmental impact. Detailed Coverage: Nature as a financial riskCompanies are increasingly recognising nature and biodiversity as financially material risks. However, these risks often remain externalities unless supported by regulation or clear policy signals. Why nature is different from climateUnlike climate, which centres on carbon as a measurable metric, nature is more complex and harder to quantify, requiring a broader, systems-level approach rather than single metrics or pricing mechanisms. The role of collaborationSpring enables investors to pool expertise, share resources and deliver more consistent messaging. This collective approach helps tackle issues that are difficult to address through bilateral engagement alone. Key lessons from engagementInvestors are learning the importance of pragmatism, pacing and consistency. Companies need time to build internal capacity, and overly rapid demands risk superficial, compliance-led responses. Gaps and challengesProgress is strongest in operational and supply chain practices, but gaps remain in responsible political engagement, data availability and regulatory clarity. Systems thinking and resilienceA central theme is the need to view nature as part of a broader system. Long-term investment outcomes depend on resilient environmental, social and economic systems. What needs to happen nextPriorities include building capacity across investors and companies, improving data and tracking, strengthening regulatory frameworks, and developing more robust conceptual approaches to nature stewardship. A call to action for investorsInvestors are encouraged to engage, contribute and collaborate. Flexible participation models mean there are multiple ways to get involved and drive progress. Chapters: 00:07 - Introduction and Spring progress overview02:12 - Early momentum and investor participation03:19 - Why nature stewardship needed a new approach05:35 - Nature vs climate: complexity and measurement challenges08:25 - Lessons from the first 18 months11:14 - Making nature risks financially material17:20 - Signs of progress and remaining gaps19:59 - Why collaboration matters more than ever26:17 - What needs to happen next31:52 - Final reflections: investor responsibility Disclaimer: This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    38 min

  5. Mar 24

    Responsible investing in a changing world: purpose and practice

    In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Aniket Shah, Managing Director at Jefferies, to examine the core purpose of responsible investing and what it truly means in practice. Together, they explore whether the industry has lost sight of its original mission, how investors should think about real-world risks and opportunities, and why long-term thinking remains central to delivering value for beneficiaries. Overview Responsible investing has evolved significantly over the past two decades, but questions remain around its core purpose. Is it about solving global challenges, or simply about making better investment decisions? This episode reframes responsible investing as fundamentally about improving returns by incorporating factors often overlooked in traditional analysis, particularly externalities and intangible assets. The discussion also highlights the importance of grounding investment decisions in the realities of the real economy, rather than abstract frameworks or idealised outcomes. Detailed coverage Re-centering the purpose of responsible investingAniket argues that responsible investing is, at its core, about enhancing risk-adjusted returns. While impact and broader societal goals matter, the mainstream role of investors is to make better decisions by incorporating a wider set of financially relevant factors. Externalities and intangiblesThe conversation explores how climate change and other externalities are increasingly being priced into markets, alongside intangible factors such as governance and human capital. These elements, while harder to measure, are critical drivers of long-term performance. The real economy and long-term valueInvestors are encouraged to look beyond financial markets and consider how businesses operate in the real world. Understanding how technologies, energy systems and structural shifts evolve over time is key to identifying long-term opportunities. Avoiding dogma and embracing nuanceA key theme is the need for investors to stay informed, avoid overly simplistic frameworks, and continually reassess their assumptions. Engaging with opposing viewpoints is highlighted as a valuable way to strengthen decision-making. Rethinking KPIs and performance metricsRather than focusing solely on traditional ESG metrics, the episode emphasises the importance of human capital - including employee engagement, retention and culture - as leading indicators of resilience and performance. The role of investors todayUltimately, investors’ responsibility is to deliver for their beneficiaries. By incorporating long-term risks and opportunities into their analysis, they can contribute to a more resilient and forward-looking financial system. To learn more, see our Investment case database here:  https://public.unpri.org/investment-tools/investment-case-database Chapters 00:00 – Introduction and guest overview01:45 – What is the true purpose of responsible investing?03:30 – Externalities, intangibles and investment decision-making06:30 – Real economy shifts and long-term investing10:45 – How fiduciaries should approach complex risks15:00 – Avoiding dogma and improving decision-making18:30 – The value of debate and diverse perspectives20:45 – Rethinking KPIs: human capital and culture24:30 – Linking performance to long-term resilience26:30 – Final reflections: the responsibility of investors Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    30 min

  6. Feb 24

    Climate, policy and value creation: Insights from PRI signatory reporting

    In this episode, Toby Belsom, Director of Guidance and Reporting at the PRI, is joined by James Alexander, CEO of UKSIF and Chair of the Global Sustainable Investment Alliance, and Mette Charles, ESG Research Lead at Aon Investment Consultants. Drawing on insights from the latest PRI reporting cycle, the largest ever, with over 4,200 signatories participating, the conversation explores what the data reveals about investor commitments, implementation challenges and emerging priorities across the responsible investment landscape. Together, they unpack how investors are navigating geopolitical shifts, regulatory divergence and systemic risks while translating sustainability commitments into meaningful action. Overview The latest PRI reporting data highlights five key themes: Reporting still matters, even amid political turbulenceClimate remains the dominant focus across signatoriesGlobal agreements such as the Paris Agreement continue to shape frameworksTranslating commitments into action remains challenging“Value creation” is increasingly used to justify sustainability activityThe discussion reflects on how these trends are playing out across regions and what they mean for asset owners and managers. Detailed coverage Climate remains kingClimate continues to dominate investor priorities, driven by financial materiality and systemic risk. Progress is uneven, and asset owners face constraints linked to policy uncertainty and limited investable opportunities. Global agreements and policy divergenceWhile some governments are stepping back from global commitments, many investors remain anchored to frameworks such as the Paris Agreement and standards like the ISSB. The episode explores tensions created by fragmented regulation. From commitments to meaningful actionMoving from commitments to real-world impact remains difficult. Barriers include data gaps, short-term incentives, regulatory inconsistency and limited scalable opportunities. Emerging themes: nature, AI and physical riskNature-related risk is rising up the agenda, though methodologies remain complex. The discussion also touches on AI-related ESG risks and growing physical climate risk. Human rights and social riskModern slavery, working conditions and gig economy risks remain key issues, with supply chain transparency a continuing challenge. Regional contrastsEurope is reassessing regulation, the US is navigating political shifts, while Japan and Australia are advancing disclosure and fiduciary guidance. Asset owner powerAsset owners, as long-term capital providers exposed to systemic risks, are positioned to shape markets and align sustainability with value creation. To find out more about PRI reporting data, visit our blog. Chapters 00:00 – Introduction: insights from PRI reporting data01:25 – Five key themes from the latest reporting cycle06:26 – Global agreements, geopolitics and investor confidence10:07 – Climate leadership, ambition and data challenges13:13 – Nature, AI and emerging ESG priorities15:52 – Barriers to turning commitments into action20:28 – Regional divergence and regulatory shifts25:09 – Asset owners vs managers: alignment and tension26:51 – Human rights, modern slavery and social risk29:44 – Reflections and hopes for 2026 Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    33 min

  7. Feb 11

    Assessing climate and social risk in securitised debt

    In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to explore how responsible investment is being applied in securitised debt markets. Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), as well as emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. Together, the guests unpack how environmental, social and governance risks and impacts are assessed in practice, where data gaps remain, and why securitised assets are central to financing the real economy. Overview Securitised debt is a core component of global fixed income markets, representing around US$14 trillion in outstanding issuance. By pooling underlying loans, such as home mortgages, commercial property loans or consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets. Despite its scale and relevance, securitised debt has historically been underrepresented in responsible investment discussions. This episode explains why environmental, social and governance considerations are not peripheral, but fundamental to credit analysis in this asset class, particularly given its exposure to consumers, real assets and climate risk. Detailed coverage Why securitised debt matters for responsible investors Malea and David explain how securitisation directly touches everyday assets, from homes and cars to student loans and commercial buildings. They argue that social risks such as predatory lending, affordability and loan servicing quality, alongside environmental risks like climate events and insurance availability, are core credit risks in these markets. Risk versus impact David outlines the importance of distinguishing between environmental, social & governance risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). The risks are integrated into bottom-up credit analysis across all portfolios, while impact overlays are applied where client mandates explicitly require them. Embedding sustainability in RMBS and CMBS analysis Malea discusses how sustainability considerations already align with credit fundamentals in many cases. In commercial real estate, green building certifications, energy efficiency and lower operating costs can support stronger net operating income and tenant stability. In residential markets, affordability metrics and borrower characteristics play a key role. Case study: data centres and climate risk The episode explores the rapid growth of securitised data centre financing, driven by AI and digital infrastructure demand. David shares an example where climate-related insurance coverage and extreme weather risk directly influenced internal credit ratings, illustrating how environmental risks can be central, not secondary, to investment decisions. Private markets and improving data quality Both guests highlight how private asset-backed finance allows earlier engagement with issuers, creating opportunities to improve environmental and social data collection. Lessons from private markets may help drive better disclosure and transparency in public securitised markets over time. Labelled bonds and greenwashing risks Malea cautions that not all labelled securitised bonds are created equal. The discussion stresses the need for rigorous due diligence on use-of-proceeds and frameworks, with internal guardrails to avoid low-quality or misleading labelled issuance. Read more in the full technical guide on securitised debt: https://www.unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guide Chapters 00:00 – Introduction to responsible investment in securitised debt 02:40 – What securitised debt is and why it matters for investors 06:10 – Why sustainability risks are core credit risks in securitised markets 10:15 – Risk vs impact: a practical distinction for fixed income 14:20 – Integrating sustainability into RMBS and CMBS analysis 18:45 – Credit fundamentals and sustainability in commercial real estate 23:30 – Case study: data centres, climate risk and insurance coverage 30:10 – Private markets, early engagement and improving sustainability data 36:05 – Labelled securitised bonds and avoiding greenwashing 41:45 – Key takeaways for responsible investors in securitised debt Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    34 min

  8. Jan 27

    Active engagement, manager selection and human capital: Balancing risk-adjusted returns over time

    In this episode, Cambria Allen-Ratzlaff, Interim CEO at the PRI, is joined by Mark Anson, Chair of the Investment Committee, and Hershel Harper, Chief Investment Officer at the UAW Retiree Medical Benefits Trust. A PRI signatory since 2010, the Trust has long been recognised for its leadership in responsible investment, stewardship and manager engagement. Together, they explore how a large, closed pension plan integrates responsible investment into fiduciary decision-making, covering human capital management, energy transition risks, data centres, manager selection and the role of ESG data. Overview Drawing on decades of experience across public pensions, endowments and foundations, Mark and Hershel reflect on how responsible investment has evolved from a niche concern to a core part of managing long-term risk and return. The conversation highlights how the Trust approaches stewardship not as a values exercise, but as a practical way to strengthen governance, resilience and performance, always grounded in its obligation to deliver healthcare benefits for retirees. Detailed Coverage Human capital as a core asset The guests discuss why workforce practices, board quality and leadership development are material investment issues. From employee training and compensation to board diversity and skills, effective human capital management is framed as fundamental to long-term value creation. Collective engagement and investor leadership Mark and Hershel explain why large asset owners must collaborate to drive change. Initiatives such as the Midwest Investors Diversity Initiative demonstrate how coordinated engagement can improve board diversity and corporate sustainability while supporting better business outcomes. Energy, water and data-centre risk The discussion turns to energy policy and the growing demand driven by AI and data centres. The guests outline how the Trust evaluates resource efficiency, water use, worker safety and community impact, recognising the need for “all-of-the-above” energy solutions delivered responsibly. Manager selection and Capital Connect Hershel introduces Capital Connect, the Trust’s forum designed to broaden access to diverse and emerging managers. Both guests stress that expanding the opportunity set improves risk-adjusted returns, and that investing with diverse managers is not concessionary, but disciplined and performance-driven. ESG data, fiduciary duty and decision-making Mark and Hershel reflect on their recent research into fiduciary responsibility and inconsistent ESG data. They explain why ESG ratings vary so widely, and why asset owners must first define their objectives, regulatory constraints and risk priorities before selecting data tools. Context matters A recurring theme is that responsible investment is contextual. Different investors (pension funds, endowments, foundations) face different liabilities, regulations and time horizons, shaping how ESG considerations are applied in practice. For more information about making the case for responsible investment, check out our database: https://public.unpri.org/investment-tools/investment-case-database Chapters 00:00 - Introduction & Backgrounds 03:29 - Human Capital Management & Board Diversity 08:55 - Midwest Investor Diversity Initiative 11:41 - Energy Policy & Data Centers 18:17 - Water Resources & Community Impact 19:39 - Capital Connect & Diverse Managers 26:40 - Fiduciary Dilemma & ESG Integration 30:42 - ESG Data Challenges & Rating Agencies 37:19 - Investment Outlook & De-risking Strategy 45:48 - Closing Thoughts on Responsible Investing Disclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

    45 min
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4.6
out of 5
14 Ratings

About

The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies.    The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.

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