Covid had significant impact on workers with major reputational, operational and legal risks to investee companies. To ensure these were being managed as soon as the pandemic hit, PIRC undertook engagements on company actions to protect their workforces. During the height of the crisis PIRC held seminars on the employment impacts of Covid and implications for investors and issued a report on unreported deaths in the food production sector. PIRC engaged and secured major improvements in social risks in the supply of the PPE sector and continues to engage collaboratively on employment standards in the care sector.

For the report, PIRC analysed policies at foundations to understand current approaches to social standards and to identify where more could be done. The report examined some of the barriers to pushing for improvements, including the role of asset managers. PIRC then set out recommendations for how investment policies and practices could best enhance progress on labour rights, including with reference to case studies of approaches by other investors. The report concluded that although smaller than institutional investees, as mission-driven institutions, foundations have the potential to influence investment practices more broadly.