![]() ![]() What key actions have you taken to date to achieve them (i.e.What are your aspirations and targets for this Principle?.To adhere to Principle 4, your organisation may choose to answer the following recommended guide questions to explain how Principles 1, 2 and 3 are being implemented: Transparency is also a motivator for continuous improvement. Public disclosure will enable the public to better understand how signatories are managing ESG issues in their business as part of their implementation of the Principles. This, in turn, can be important to the overall credibility of the Principles. Public disclosure of progress is important to the credibility of an organisation that has publicly adopted the Principles, which are meant to be implemented. ![]() Transparency is an integral form of accountability to the public, particularly in a voluntary and aspirational framework. Your organisation can voluntarily withdraw as a signatory by providing a letter from an authorised signatory, stating its reasons. Thereafter, if your organisation still does not fulfil any of the signatory requirements, your organisation can be delisted. If your organisation does not fulfil any of the signatory requirements, the Board will notify and discuss the matter with your organisation. The Board of the PSI Initiative (the ‘Board’) (see item 8 below) reserves the right, as the sole sanction envisaged by the PSI Initiative and the Principles, to delist your organisation if it does not fulfil any of the signatory requirements mentioned in item 5 above and explained in items 7 and 9 below. There may be reputational risks associated with signing the Principles and then failing to take any action at all, but implementing the Principles is generally a work in progress and a direction to head in, rather than a prescriptive checklist with which to comply. A signatory may choose to consider other actions, taking into account its business model, circumstances across geographies and other factors. The possible actions under each Principle are only examples. Thereafter, UNEP FI produced the final Principles.Ī signatory is free to decide which actions it deems appropriate to implement the Principles. The meetings engaged over 500 senior representatives from the insurance industry, government and regulators, intergovernmental and non-governmental organisations, business and industry associations, academia and the scientific community. In 2011, UNEP FI convened consultation meetings in Africa, Asia, Europe, Latin America and the Caribbean, Middle East and North Africa, North America, and Oceania to obtain global input on the draft Principles. The development of the Principles was overseen and managed by UNEP FI insurance industry member and observer institutions and the UNEP FI Secretariat (‘UNEP FI’).2 From late 2009 to early 2011, UNEP FI undertook an extensive process of in-depth deliberations to produce draft Principles. The research focused on risks and opportunities in the insurance business associated with ESG issues.1 The initiative to develop the Principles started after UNEP FI conducted a series of research studies from 2006 to 2009. ![]()
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