2 Pension Protection Fund Responsible Investment Report 2021/22 Contents 3 Message from our Chair 4 Key highlights of the year 5 T aking a holistic approach to sustainability Strengthening our 6 stewardship commitment Our progress at a glance 7 8 Our purpose and governance 15 O ur investment approach and incorporating ESG 18 Our approach to engagement 28 Escalation and exercising shareholder rights 33 O ur aspirations for the coming year 34 Appendices