Both the Principles for Responsible Investment (PRI) and the Code for Responsible Investment in South Africa (CRISA) offer a set of principles according to which investors are encouraged incorporate ESG factors into investment decisions and practices. PRI and CRISA exist as separate, but complementary initiatives. There is no reason why supporting one of these initiatives would preclude support of the other. 

The PRI is an international organisation to which asset owners, investment managers and service providers in the investment industry become signatories. Signatories are expected to pay an annual signatory fee and to report annually to PRI on their ESG activities, which are assessed and scored according to international best practice standards. The PRI provides guidance and tools to investors that reflects international best practice standards of ESG integration applicable across all asset classes and all markets.

CRISA, which was launched in 2011 and updated in 2022, is a standalone code with voluntary implementation of its principles on an apply or explain basis. CRISA is intended to be a key component of South Africa’s governance framework and is more tailored to the South African investment landscape than the PRI. Institutional investors and service providers can endorse CRISA and report on its application, but there is no oversight of this.