Strengthening Our investment Escalation Message from Key highlights our stewardship Our progress Our purpose approach and Our approach and exercising Our aspirations for 43 Pension Protection Fund Responsible Investment Report 2022/23 our Chair of the year commitment at a glance and governance incorporating ESG to engagement shareholder rights the coming year Appendices Appendices Appendix A Appendix B Our ESG & Sustainability team Meeting the FRC’s • Claire Curtin, Head of ESG and Sustainability. Stewardship Code • Daniel Jarman, Stewardship Manager. As a signatory to the Financial Reporting Council (FRC)’s • Amina Mimi, Sustainability Analyst. UK Stewardship Code, our report is seeking to meet the • Anna Paschaloglou, ESG Data Analyst. reporting expectations set out by the Code’s 12 principles. The table on the right aims to provide a guide on our compliance with the Code and where each principle is discussed within this report. Stewardship code principle Page reference 1 Signatories’ purpose, investment beliefs, strategy and culture enable Pages 7 to 17 stewardship that creates long-term value for clients and bene昀椀ciaries leading to sustainable bene昀椀ts for the economy, the environment and society 2 Signatories’ governance, resources and incentives support stewardship Pages 7 to 17 and 43 3 Signatories manage con昀氀icts of interest to put the best interests of Page 15, clients and bene昀椀ciaries 昀椀rst Appendices C and D 4 Signatories identify and respond to market-wide and systemic risks to Page 22 and 35 promote a well-functioning 昀椀nancial system 5 Signatories review their policies, assure their processes and assess the Pages 14 and 48 e昀昀ectiveness of their activities 6 Signatories take account of client and bene昀椀ciary needs, and Page 16 communicate the activities and outcomes of their stewardship and investment to them 7 Signatories systematically integrate stewardship and investment, Pages 18, 19 including material environmental, social and governance issues, and 20 and climate change to ful昀椀l their responsibilities 8 Signatories monitor and hold to account managers and/or Pages 20, 21, service providers 24 and 28 9 Signatories engage with issuers to maintain or enhance the value Pages 21 to 33 of assets 10 Signatories, where necessary, participate in collaborative engagement Pages 34 and 35 to in昀氀uence issuers 11 Signatories, where necessary, escalate stewardship activities to Pages 36 to 41 in昀氀uence issuers 12 Signatories actively exercise their rights and responsibilities Pages 36 to 41