The Responsibility of Investing

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.

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 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 [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.