7 Pension Protection Fund Responsible Investment Report 2020/21 Progress at a glance 2020/21 Stewardship Climate change Reporting Next steps Published stewardship policy to Developed our assessments and Number of managers as PRI Results and action points from align with global standards scenario analysis of climate-related signatories grown significantly by climate alignment assessment risks and opportunities 25 per cent ! Updated Statement of Introduced new climate-aware Awarded PRI assessment scores Further development of stewardship Investment Principles (SIP) to equity benchmark of A+ in 8 modules and A in practices and voting guidelines further cover ESG issues remaining 2 modules Expanded stewardship services to Full portfolio climate alignment Setting best practice reporting Focus on net zero scenarios and cover our in-house managed assets analysis under way standards on ESG and climate risks engagement with issuers and and oversight of pooled fund assets from our managers external managers