Pension Protection Fund Responsible Investment Report 2020/21 8 Purpose and governance Our approach to RI and stewardship Our RI framework puts our core beliefs into practice: RI Framework governance & Strategic Risk Metrics & accountability direction & management transparency policy Priorities Reporting Climate Change Stewardship What we stand for Our values Integrity: We consider all material ESG risks when we assess investment opportunities Engaging with fund Doing the right thing managers Our purpose is to make sure we can continue to pay current and future Our purpose is to ensure Engaging with members their full bene昀椀ts for life. We believe this goes hand-in-hand Collaboration: We work collaboratively with peer issuers we continue to pay with responsible investing for two Working as one organisations and partners members their full main reasons: bene昀椀ts and this goes Voting of shares • Good corporate governance and hand-in-hand with management of ESG risks is an Accountability: We enact our shareholder rights and collaborative responsible investing. indicator of how well an organisation push our fund managers to deliver best manages risk as a whole Owning our engagement & practice on ESG risk management and • Exercising our ownership rights is not actions and their public policy only a key part of being a responsible transparency owner but also helps safeguard outcomes sustainable returns in the long term We encourage our fund managers and Respect: other stakeholders to deepen Diversity Read our RI strategy to learn more Valuing every voice and Inclusion practices about our beliefs, aims and objectives. Our values Excellence: We’re never complacent – we strive to Our ICARE values de昀椀ne how Being our best grow our RI practices and set new we conduct business across the standards organisation. They are integrated into every employee’s performance development review and objectives. Whenever we make investment decisions, we also apply these values. The table alongside shows how we translate these 昀椀ve values into performing our duty as a responsible investor.