Pension Protection Fund Responsible Investment Report 2020/21 3 Contents Key achievements 4 Messages from our Chair, CEO and CIO 5 Chief Investment Officer’s foreword 6 Progress at a glance 2020/21 7 Purpose and governance 8 What we stand for 8 Governance overview and update 9 How we manage conflicts of interest 10 Oversight and reporting 11 ESG integration 12 Our approach to ESG integration 12 Monitoring our agents 14 Driving transparency across our portfolio 15 Engagement 16 Our engagement approach for the assets we manage 16 Our engagement approach for externally managed assets 18 Collaborating to address and mitigate market- wide risks 21 Our engagement progress and outcomes 23 Voting 25 How we escalate important issues 25 Our guidelines for voting 25 How we voted 26 Looking forward 28 Appendix 29