14 Pension Protection Fund Responsible Investment Report 2021/22 OUR PURPOSE AND GOVERNANCE CONTINUED Stakeholder engagement More broadly, we actively seek our members’ and Capturing levy payer feedback Implementing the SM&CR regime stakeholders’ views and feedback by a number of We know that schemes don’t choose to use our service, Publishing and implementing our version of the FCA’s Senior Keeping our stakeholders updated methods, including quantitative surveys, consultations, but this reinforces our ambition to listen carefully to what Managers and Certi昀椀cation Regime is one key way we hold We’re committed to regular reporting and transparency focus groups, one-to-one interviews and our Member levy payers want, understand where we can do better, and ourselves to a high standard across all that we do. This is the so that our members and other stakeholders such as levy Forum. We know that our stakeholders expect us to invest then take action. In addition to our annual consultation system that regulated 昀椀nancial organisations use to de昀椀ne payers can be aware of our progress and activities in all areas, responsibly and we believe we have a duty to set the on our levy approach, over the past three years we’ve their managerial responsibilities and encourage sta昀昀 at all including stewardship. We regularly update our website highest standards of practice. introduced biannual structured SME Forums, along with levels to take personal responsibility for their actions. with our latest voting and engagement activities and our ongoing informal meetings, surveys, focus groups and responses to industry and government consultations. Assessing receptiveness to our RI approach email newsletters to gather feedback and share information. We 昀椀rst published our version of the SM&CR in 2019 and it’s These communication channels have been very valuable. now become an integral part of our organisation and how We publish annual RI reports, and provide ESG and Our latest review of the views and feedback received we conduct ourselves. It has helped shine a light on exactly sustainability disclosure in our annual report and accounts. during our annual PPF Opinion Formers research who and what senior managers are accountable to and for, We’ve also published our second dedicated Climate Change assessed their receptiveness to the PPF’s approach so it’s easy to 昀椀nd that information and work e昀昀ectively on Report this year in line with Task Force on Climate-related regarding ESG and diversity & inclusion. We also asked processes across the organisation. Financial Disclosures (TCFD) requirements. Our Head of ESG about their familiarity with our various sustainability 96% frequently speaks at industry conferences and events. reports, including our RI reports. We are considering One of the functions is ESG, where our CIO has overall the 昀椀ndings from this in the context of our overall Average levy payer satisfaction responsibility for ensuring the implementation of our ESG sustainability communications strategy and exploring strategy (with stewardship a key priority of this) within how to further improve the usefulness of our reporting Our levy payers sponsor a total of 5,220 schemes, our investments. SM&CR, and our adoption of it, has to our stakeholders. comprising 9.7 million members. We’re pleased to helped to clarify and enhance personal accountability and have exceeded our target of 80 per cent customer responsibility and underlined the importance of a clear satisfaction this year, with over 96 per cent of levy and e昀昀ective governance structure. We expect all sta昀昀 payers feeling satis昀椀ed with the combined customer to perform their activities in line with the standards we services o昀昀ered by the PPF and our insolvency risk stipulate. As detailed on page 8, our ICARE values set the scores provider Dun & Bradstreet (D&B). foundation for how our sta昀昀 behave and adhere to the conduct rules. Engaging our employees The PPF has a unique role spanning both public and private sectors. This gives us a culture and working environment We have a strong and clear that our people are proud to be a part of. Our sta昀昀 sense of purpose, which is consistently say they would recommend working here to family and friends and, despite the phenomenon of the attracting people who are ‘Great Resignation’ following the Covid-19 pandemic, our employee turnover to date has remained low. motivated to make an impact 98% in the world. Following an external review in 2021/22 of our SM&CR of our people feel we make a approach, we’re pleased to have received a very positive positive di昀昀erence report on our progress. The reviewers were satis昀椀ed that We have a strong and clear sense of purpose, which we’re implementing the regime in a way that’s reasonable is attracting people who are motivated to make an and proportionate, and that our senior managers are impact in the world. Ninety-eight per cent of our overseeing their responsibilities appropriately. people feel we make a positive di昀昀erence and 88 per cent say they and their teams regularly discuss how to improve our service and performance.