Strengthening Our investment Escalation Message from Key highlights our stewardship Our progress Our purpose approach and Our approach and exercising Our aspirations for 2 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 Contents 3 Message from our Chair 4 Key highlights of the year 5 Strengthening our stewardship commitment 6 Our progress at a glance 7 Our purpose and governance 18 Our investment approach and incorporating ESG 21 Our approach to engagement 36 E scalation and exercising shareholder rights 42 O ur aspirations for the coming year 43 Appendices