32 Pension Protection Fund Climate Change Report 2021/22 APPENDICES CONTINUED Appendix E Appendix F MSCI disclaimer Our climate change This disclosure was developed using information from MSCI voting guidelines ESG Research LLC or its a昀케liates or information providers. Although the Pension Protection Fund’s information With a speci昀椀c focus on material issues, we identify key ESG providers, including without limitation, MSCI ESG Research matters that are of particular importance in a speci昀椀c AGM LLC and its a昀케liates (the “ESG Parties”), obtain information season and highlight them through targeted engagement. (the “Information”) from sources they consider reliable, none Where we feel that companies are consistently unreceptive of the ESG Parties warrants or guarantees the originality, to engagement on certain issues, we will consider employing accuracy and/or completeness, of any data herein and escalation techniques such as voting to oppose relevant expressly disclaim all express or implied warranties, board members or resolutions. including those of merchantability and 昀椀tness for a We will consider opposing the Chair or responsible directors particular purpose. The Information may only be used for of companies that: your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a • Score below a level 4 (i.e., 3, 2, 1 or 0) in the latest component of, any 昀椀nancial instruments or products or Management Quality assessment by the Transition indices. Further, none of the Information can in and of Pathway Initiative (TPIMQ level) itself be used to determine which securities to buy or sell • Have been downgraded from a level 4 to 3 TPIMQ score or when to buy or sell them. None of the ESG Parties shall over the previous assessment cycle have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, • Have a strategy that is materially misaligned with the special, punitive, consequential or any other damages goals of the Paris Agreement. (including lost pro昀椀ts) even if noti昀椀ed of the possibility of We will also consider voting against the management of a such damages. company in cases when they are not disclosing adequate climate-related information, not only to the standards of the TCFD, but to the 昀椀rst tier of climate disclosure such as CDP. See the PPF’s full voting guidelines and summary of our approach to stewardship. These guidelines are to be read in conjunction with our Stewardship Policy.