4 Pension Protection Fund Responsible Investment Report 2021/22 Key highlights of the year Over the year, we continued to improve ESG risk disclosure across our portfolio, set new voting guidelines and aligned our policies and tools with more ambitious climate transition targets. Putting good Accepted by the FRC as a 2021 Managing and Updated climate policy and stewardship at the signatory to the UK Stewardship Code monitoring ESG tools to re昀氀ect scenarios based 1.5°C heart of what we do factors to safeguard on global action to limit global warming to 1.5oC our members’ 昀椀nancial futures Shortlisted for the inaugural Pensions Pushed all our external managers for Purpose Paris Aligned Awards for greater ESG risk disclosure, and 2021 for best Climate Governance stipulated more sophisticated analysis & Strategy statement on climate risks from managers of listed securities Encouraging our Contributed to the evolution of tools to Using our Votes cast on our behalf at company 2 investments to support Net Zero stewardship, including voice to deliver annual general meetings (AGMs) 54,053 the IIGCC Net Zero Stewardship Toolkit 2 contribute to a fairer, positive change Number of meetings voted at sustainable future Opposed management on at least one 4,923 Engaged with 196 companies on speci昀椀c resolution at 67 per cent of meetings 1 issues & objectives during the year 196 Close to 50% of our engagement Introduced new company voting objectives progressed by at least one guidelines on three key themes, and milestone during the year, across 45% consolidated more voting decisions 1 regions and themes to re昀氀ect our priorities Awards and recognition 2021/22 Professional Pensions Rising Star Awards 2021 Investments and Pensions Europe (IPE) Professional Pensions Women in Pensions Our Contact Centre won Team of the Year; Awards 2021 Awards 2021 Lauren Aitchison-Turner won the Excellence in We won European Pension Fund of the Year, Claire Curtin won Investment Manager of the Customer Service and Communication Award; Fixed Income Strategy and Long Term Year; Georgina Howes was Highly Commended Hannah Swallow was Highly Commended for Investment Strategy for the Rising Star Award the Excellence in Customer Service and Communication Award 1 For our segregated equities. 2 For our aggregated listed equities (across both segregated and pooled funds).