29 Pension Protection Fund Responsible Investment Report 2021/22 ESCALATION AND EXERCISING SHAREHOLDER RIGHTS CONTINUED Voting activity Shareholder resolutions Meeting with at least one Vote against Regional breakdown Votes on shareholder vote against management How we voted 2021 management by issue Meetings in six regions voted resolutions per region Whilst the majority of shareholder proposals were seen in China (EM and Frontier Markets in the pie chart), this is a market-speci昀椀c structural nuance. These proposals are not adversary in nature as seen 4,923 54,053 10,829 4,923 1,708 in other markets around the world. The largest proportion of shareholder resolutions not supported by management is seen in North America, speci昀椀cally the USA. In addition to the governance- related proposals regularly seen in the USA, topics proposed by At least one vote against 80% Against management 18% Audit & Accounts 832 Europe 13% Europe 9% dissident shareholders included management workforce diversity and racial equity, Voted with management 20% With management 80% Remuneration 1,844 United Kingdom 4% United Kingdom 1% disclosure on climate transition Abstain 1% Board Structure 5,028 Developed Asia 17% Developed Asia 7% plans and the adoption of GHG Withhold 2% Capital Structure & Dividends 1,041 North America 22% North America 26% emissions targets. Other 326 EM and Frontier Markets 42% EM and Frontier Markets 55% The pie charts present our global approach to voting throughout Poison Pill/Anti-Takeover Device 15 Australia & New Zealand 2% Australia & New Zealand 2% the year under review. Climate-related proposals took the limelight Amend Articles 638 through the main voting season and this is covered in more detail on the following page. In addition to climate, we saw a signi昀椀cant focus on Shareholder Resolution 70 diversity at board level and within senior management. Executive pay Social & Ethical Against With Grand was also a focus topic in many markets given the level of disruption Shareholder Resolution 933 Report Category Abstain Management Management Total faced by society and knock-on e昀昀ect to corporate revenue due to Governance COVID. In the UK, as an example, shareholder dissent on executive Shareholder Resolution 49 Climate & remuneration reached a 昀椀ve-year high. Environment Environment 0 63 72 135 Investment/M&A 53 Directors’ Related 32 588 371 991 Governance 1 96 47 144 Other 0 79 11 90 Social Proposal 0 5 18 23 Compensation 0 31 20 51 Routine Business 0 177 85 262 Social Equity & Human Rights 0 10 0 10 Economic Issues 0 2 0 2 Grand Total 33 1,051 624 1,708