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 processes
Both 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 expertise
Travis 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 judgement
The 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 research
AI is beginning to transform investment analysis itself, helping teams assess sector disruption, and emerging financial impacts more dynamically.

Building organisational buy-in
Both 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 relationships
Transparency, trust and detailed communication are highlighted as essential for aligning investment objectives, stewardship expectations and long-term strategy execution.

Practical lessons for investors
The 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 investment
01:29 - Embedding sustainability into investment processes
05:14 - Sustainability, fiduciary duty and long-term returns
10:56 - Building the evidence base for responsible investment
13:39 - How AI is changing investment analysis
20:15 - Creating organisational buy-in and investment alignment
22:18 - Climate solutions, strategy and total portfolio thinking
27:12 - Asset owner and investment manager collaboration
35:15 - Key lessons on transparency, trust and detail
37:04 - 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.

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 like
At 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 thinking
Investors 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 dynamic
Unlike other technologies, AI systems evolve post-deployment. This requires continuous monitoring, disclosure and adaptation, rather than one-off assessments.

Examples of leading practice
Companies 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 ecosystems
AI 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 investors
Investors 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 collaboration
A growing ecosystem of resources, from investor coalitions to research frameworks, is emerging to support engagement and analysis.

A marathon, not a sprint
AI 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 intent
Even 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 action
01:00 - What good AI governance looks like
03:05 - Internal policies, risk management and board oversight
05:00 - Lifecycle thinking and real-world impacts
08:17 - Examples of leading practice in AI governance
10:30 - Defining and understanding AI risk
13:15 - Mapping AI use cases across portfolios
15:39 - Practical tools and investor resources
19:44 - Why AI is a marathon, not a sprint
22:24 - 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.

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 issue
AI 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 AI
Responsible AI practices are increasingly linked to performance, helping companies build trust, avoid costly failures and strengthen long-term returns.

Systemic risks: energy, labour and infrastructure
AI 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 risk
AI 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 gap
While 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 deployers
Engagement 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 lever
Across 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 investors
AI 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.

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 risk
Companies 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 climate
Unlike 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 collaboration
Spring 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 engagement
Investors 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 challenges
Progress is strongest in operational and supply chain practices, but gaps remain in responsible political engagement, data availability and regulatory clarity.

Systems thinking and resilience
A 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 next
Priorities 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 investors
Investors 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 overview
02:12 - Early momentum and investor participation
03:19 - Why nature stewardship needed a new approach
05:35 - Nature vs climate: complexity and measurement challenges
08:25 - Lessons from the first 18 months
11:14 - Making nature risks financially material
17:20 - Signs of progress and remaining gaps
19:59 - Why collaboration matters more than ever
26:17 - What needs to happen next
31:52 - 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.

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 investing
Aniket 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 intangibles
The 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 value
Investors 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 nuance
A 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 metrics
Rather 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 today
Ultimately, 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 overview
01:45 – What is the true purpose of responsible investing?
03:30 – Externalities, intangibles and investment decision-making
06:30 – Real economy shifts and long-term investing
10:45 – How fiduciaries should approach complex risks
15:00 – Avoiding dogma and improving decision-making
18:30 – The value of debate and diverse perspectives
20:45 – Rethinking KPIs: human capital and culture
24:30 – Linking performance to long-term resilience
26:30 – 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.

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 turbulence
• Climate remains the dominant focus across signatories
• Global agreements such as the Paris Agreement continue to shape frameworks
• Translating commitments into action remains challenging
• “Value creation” is increasingly used to justify sustainability activity

The discussion reflects on how these trends are playing out across regions and what they mean for asset owners and managers.

Detailed coverage

Climate remains king
Climate 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 divergence
While 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 action
Moving 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 risk
Nature-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 risk
Modern slavery, working conditions and gig economy risks remain key issues, with supply chain transparency a continuing challenge.

Regional contrasts
Europe is reassessing regulation, the US is navigating political shifts, while Japan and Australia are advancing disclosure and fiduciary guidance.

Asset owner power
Asset 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 data
01:25 – Five key themes from the latest reporting cycle
06:26 – Global agreements, geopolitics and investor confidence
10:07 – Climate leadership, ambition and data challenges
13:13 – Nature, AI and emerging ESG priorities
15:52 – Barriers to turning commitments into action
20:28 – Regional divergence and regulatory shifts
25:09 – Asset owners vs managers: alignment and tension
26:51 – Human rights, modern slavery and social risk
29:44 – 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.

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.

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.