33 Pension Protection Fund Responsible Investment Report 2021/22 Our aspirations for the coming year We will continue to engage with our external managers, issuers and other stakeholders to keep advancing standards so that we can all fully understand and manage the risks we face. We will continue to work on expanding and deepening our stewardship e昀昀orts, to maximise the resilience of our portfolio to material ESG and climate-related risks. Continue to work with our managers Continue to integrate Continue our work to Engage with our managers, issuers and public to improve their ESG and stewardship our focus on 1.5°C report on and reduce the policymakers to explore ways to improve the disclosures in line with our own evolving global warming PPF’s own operational level and quality of ESG data disclosure for limits across all our environmental impact reporting requirements and industry-led investment, analysis credit and private markets standardisation initiatives and reporting activities, including pre-investment Using the 昀椀ndings from our Portfolio Paris due diligence Continue to work Alignment Project, develop a stewardship with industry strategy to engage with the subset of initiatives to drive portfolios, sectors and companies identi昀椀ed positive societal as our highest priority engagement targets and environmental action among market participants Work with our managers, especially in real assets, to explore how to improve physical and adaptation risk analysis and understanding Develop a holistic Continue to work with our Alternatives sustainability strategy managers and on the eFront Outreach as part of the PPF’s project to improve ESG data disclosure three-year Strategy Plan in unlisted markets