The Pension Reserves Investment Management (PRIM), founded in 1986, serves as a professional investment service for Massachusetts’ public employees’ retirement funds. It also provides access to investment management firms. PRIM serves Massachusetts State Employees, Massachusetts Teachers and Boston Teachers, as well as local participating retirement systems throughout the Commonwealth. It was founded in and is headquartered in Boston, MA. In 2021, it had USD 102.404 billion in total assets.
In terms of its approach to senior leadership accountability, there is no evidence Massachusetts PRIM assigns responsibility for sustainability to the group’s board of directors and that it links the remuneration of its executive or management teams to sustainability performance criteria. Additionally no evidence was found that the financial institution is committed to gender equality and women’s empowerment. The financial institution discloses proxy voting guidelines which include sustainability topics but it has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
There is no evidence that Massachusetts PRIM discloses a target to reach net-zero financed emissions by 2050. The financial institution also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Additionally there is no evidence that the financial institution discloses its financing activities devoted to climate solutions. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Furthermore, no evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
There is no evidence that Massachusetts PRIM has a publicly available policy statement committing it to respect human rights laid out in the UNGPs and the ILO declaration on fundamental rights at work. The financial institution also has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution discloses its board members and executive officers by gender but has an opportunity to disclose this information for each employee category. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of investments directed towards, for example low-income developing countries.