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

The Investor Imperative: Human rights 15 years on from the UNGPs

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, is joined by Elisabeth Andvig, Senior Investment Stewardship Manager at Norges Bank Investment Management, and Robert Lewenson, Head of Responsible Investment at Old Mutual Investment Group, to mark 15 years since the UN Guiding Principles on Business and Human Rights (UNGPs) were endorsed. Together, they reflect on how investor practice has evolved, the progress companies have made in embedding human rights due diligence, and the challenges that remain as investors navigate geopolitical uncertainty, supply chain disruption and the transition to a more sustainable global economy. Overview: 15 years after the adoption of the UN Guiding Principles, human rights have become a core consideration for responsible investors. Yet implementation remains uneven, particularly when it comes to due diligence, access to remedy and adapting to an increasingly complex global environment. This episode explores how investors can strengthen human rights stewardship, support a just transition and help ensure long-term value creation while respecting the rights of people across global supply chains. Detailed coverage: How investor practice has evolved The guests reflect on how awareness of the UNGPs has grown over the past 15 years, with human rights moving from a niche sustainability issue to an increasingly integrated part of investment stewardship and corporate governance. Human rights due diligence in practice The conversation explores the progress companies have made in embedding due diligence processes, alongside the challenges investors face in assessing risks across large, global portfolios and complex supply chains. A changing policy landscape Nathan, Elisabeth and Robert discuss the impact of geopolitical fragmentation, evolving regulation and shifting global supply chains on responsible investment and human rights implementation. Access to remedy and investor responsibility The episode examines why access to remedy remains the least developed pillar of the UNGPs and considers how investors can use stewardship and engagement to encourage more effective corporate responses. Human rights, inequality and the just transition The discussion explores the relationship between human rights, economic inequality and the transition to a low-carbon economy, highlighting the importance of ensuring communities benefit alongside investors. Looking ahead The guests share their priorities for the next five years, from strengthening implementation and celebrating good practice to ensuring the UNGPs remain relevant in a rapidly changing investment landscape. To learn more about the PRI's work on human rights and responsible investment, visit: https://www.unpri.org/human-rightshttps://public.unpri.org/investment-tools/stewardship/advance [https://public.unpri.org/investment-tools/stewardship/advance]https://www.unpri.org/deep-dive?id=an-introduction-to-responsible-investment-human-rights [https://www.unpri.org/deep-dive?id=an-introduction-to-responsible-investment-human-rights] Chapters: 00:00 – Introduction: 15 years of the UN Guiding Principles 04:48 – How human rights due diligence has evolved 11:55 – The challenges of implementation and global policy change 21:37 – Access to remedy: the forgotten pillar 31:40 – Human rights, inequality and economic inclusion 39:12 – The just transition and responsible mining 47:18 – Why long-term thinking matters for investors 53:46 – Celebrating leadership and sharing best practice 57:45 – Looking ahead: priorities for the next five years 01:01:32 – Final reflections 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.

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 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 [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.

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 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 [https://www.anthropic.com/research/labor-market-impacts], Microsoft transparency report [https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/microsoft/msc/documents/presentations/CSR/Responsible-AI-Transparency-Report-2025-vertical.pdf] 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.

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 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.

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 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.