Engagement Policy Implementation Statement for the Year Ending 31 March 2023

The Trustees acknowledge that the concept of stewardship may be less applicable to some of their assets, particularly for gilt investments. As such the Plan’s investments in these asset classes are not covered by this engagement policy implementation statement. [...] As all of the investments are held in pooled vehicles, the Trustees do not envisage being directly involved with peer-to-peer engagement in investee companies. Investment manager engagement policies The Plan’s investment manager is expected to have developed and publicly disclosed an engagement policy. [...] Number of companies engaged with over the year 208 305 305 94 Number of engagements over the year 328 477 477 195Engagement Policy Implementation Statement for the year ending 31 March 2023 3 Exercising rights and responsibilities The Trustees recognise that different investment managers should not be expected to exercise stewardship in an identical way, or to the same intensity. [...] It is LGIM’s policy not to engage with their investee companies inEngagement Policy Implementation Statement for the year ending 31 March 2023 5 the three weeks prior to an AGM as engagement is not limited to shareholder meeting topics. Rationale for the voting decision Climate change: A vote against is applied, though not without reservations. LGIM acknowledge the substantial p [...] LGIM considers this vote significant as it is an escalation of their climate-related engagement activity and their public call for high quality and credible transition plans to be subject to a shareholder vote. [...] It is their policy not to engage with their investee companies in the three weeks prior to an AGM as engagement is not limited to shareholder meeting topics. instructions on its website with the rationale for all votes against management. [...] It is their policy not to engage with their investee companies in the three weeks prior to an AGM as engagement is not limited to shareholder meeting topics. instructions on its website with the rationale for all votes against management. [...] LGIM considers this vote significant as it is an escalation of their climate-related engagement activity and their public call for high quality and credible transition plans to be subject to a shareholder vote. [...] LGIM considers this vote to be significant as it is in application of an escalation of their vote policy on the topic of the combination of the board chair and CEO (escalation of engagement by vote). [...] However, the shareholder resolution was not withdrawn and remained on the 2022 AGM agenda because, despite this expansion of the realEngagement Policy Implementation Statement for the year ending 31 March 2023 11 funds) in 2021, as LGIM considered the steps taken by the company so far to be insufficient for a firm of its scale and stature.