Implementation Statement, covering the Scheme
Year from 1 April 2022 to 31 March 2023
The Trustee of the UBM Pension Scheme (the “Scheme”) is required to produce a yearly statement to set out how,and the extent to which, the Trustee has followed its Statement of Investment Principles (“SIP”) during the Scheme
Year, as well as details of any review of the SIP during the Scheme Year, subsequent changes made with thereasons for the changes, and the date of the last SIP review. Information is provided on the last review of the SIP
in Section 1 and on the implementation of the SIP in Sections 2-8 below.
The Statement is also required to include a description of the voting behaviour during the Scheme Year by, and on
behalf of, Trustees (including the most significant votes cast by Trustees or on their behalf) and state any use of
the services of a proxy voter during that year. This is provided in Section 9 below.
In preparing the Statement, the Trustee has had regard to the guidance on Reporting on Stewardship and Other
Topics through the Statement of Investment Principles and the Implementation Statement, issued by the
Department for Work and Pensions (“DWP’s guidance”) in June 2022.
This Statement is based on the Scheme’s latest SIP which was in place during the Scheme Year - dated July 2021.
This Statement should be read in conjunction with the latest SIP which can be found here:
https://www.informa.com/investors/pension-schemes/

1. Introduction
The Trustee reviewed the Scheme’s SIP in February 2023, predominantly to reflect changes in the Scheme’s
investment strategy (details of which are contained in section 3, below). However, as at the date of writing thisStatement, the Trustee was still in consultation with the Scheme’s Sponsoring Employer on this updated SIP.
Therefore, this Statement reflects the contents of the latest signed SIP (June 2021). Once finalised, the new SIP
will replace the existing version in the above link.
The Trustee has, in its opinion, followed all of the policies in the Scheme’s SIP during the Scheme Year. The
following Sections provide detail and commentary about how and the extent to which it has done so.

2. Investment objectives
In relation to the DB section of the Scheme, the Trustee’s primary objectives are:•that the Scheme should be able to meet benefit payments as they fall due; and•that the Scheme’s funding position (ie the value of its assets relative to the assessed value of its liabilities)
should be at an appropriate level.

Progress against the Scheme’s statutory technical provisions and an informal long-term self-sufficiency basis isreviewed as part of the quarterly performance monitoring reports provided by the Trustee’s investment adviser andregular funding updates from the Scheme Actuary. As at 31 March 2023 the Scheme was fully funded on aTechnical Provisions basis and its informal long-term funding target of gilts + 0.5%. In addition, the Trustee remains
comfortable that the level of risk and expected return remains appropriate.
The Trustee has in place a cash flow policy to ensure benefit payments are met and this was followed over the
Scheme Year, with the position monitored on a monthly basis during the period.
The Trustee’s objective for the DC section of the Scheme is to provide members with access to an appropriate
range of investment options, reflecting the membership profile and the variety of ways that members can draw theirbenefits in retirement. The DC section of the Scheme is closed to new members and new contributions fromexisting members. There is no default investment arrangement. The Scheme is not used as a qualifying scheme for
automatic enrolment purposes.
The Trustee also provides DC members with access to a range of investment options which it believes are suitable
for this purpose and enable appropriate diversification. The Trustee has made available a self-select fund range tomembers covering all major assets classes as set out in the SIP. The Trustee selected the range of investments
taking into consideration the members’ demographics and the variety of ways that members may draw benefits inretirement from the Scheme. The Trustee monitors the funds offered to members (including an assessment of1

performance, charges and any changes to the funds) through an annual report produced by the Trustee’s
investment adviser. Over the Scheme year, there were no material changes.

3. Investment strategy
The Trustee, with the help of its advisers and in consultation with the sponsoring employer, reviewed theinvestment strategy for the DB Section over the course of the year given the improvement in the Scheme’s funding
position. The result of this review was that the Trustee agreed to adopt a new, lower-risk investment strategy for
the Scheme at its 19 January 2023 Investment Sub-Committee (“ISC”) meeting. As part of this review, the Trustee
made sure the Scheme's assets were adequately and appropriately diversified between different asset classes.
The following changes to the Scheme’s investment strategy were agreed:•a reduction in the strategic allocation to Diversified Growth Funds to 10%;•a reduction in the strategic allocation to equities to 0%;•a reduction in the strategic allocation to property to 10%;•an increase in the strategic allocation to liability matching assets (comprising Liability Drive Investment (“LDI”)
and liquid credit) to 70%; and•an increase to the Scheme’s target interest rate and inflation hedge ratio to 100% of the Scheme’s liabilities asmeasured on a gilts+0.5% basis.

As at 31 March 2023 these changes were in the process of being implemented.
The Trustee also reviewed the DC and AVC arrangements during the Scheme Year. This was supported by theannual DC and AVC report from its investment advisers, which was considered at the August 2022 Investment
Sub-Committee (“ISC”) meeting. This report did not highlight any necessary changes to the DC investment
strategy.

4. Considerations in setting the investment arrangements
When the Trustee reviewed the DB investment strategy over the Scheme Year, it considered the investment risks
set out in Section 4.1 of this Statement (Appendix 2 of the SIP). It also considered a wide range of asset classes
for investment, the expected returns and risks associated with those asset classes as well as how these risks canbe mitigated. The Trustee also considered the need for diversification and specific circumstances of the Scheme(eg the investment objectives and funding position), level of contributions and strength of the sponsor covenant.
The Trustee invests for the long term, to provide for the Scheme’s members and beneficiaries. To achieve goodoutcomes for members and beneficiaries over this investment horizon, the Trustee therefore seeks to appoint
managers whose stewardship activities are aligned to the creation of long-term value and the management of longrun systemic risks.
The Scheme's investment adviser, LCP, monitors the investment managers on an ongoing basis, through regularresearch meetings. The investment adviser monitors any developments at managers and informs the Trustee
promptly about any significant updates or events they become aware of regarding the Scheme's investment
managers that may affect the managers' ability to achieve their investment objectives. This includes any significant
change to the investment process or key staff for any of the funds the Scheme invests in, or any material change inthe level of diversification in the fund.
The Trustee monitors the performance of the Scheme’s DB investment managers on a quarterly basis, using amonitoring report prepared by the investment adviser. The report shows the performance of each fund over thequarter, one year and three years. Performance is considered in the context of the manager’s benchmark andobjectives. The Trustee also monitors its managers’ responsible investment capabilities using scores provided by
its investment adviser, on a biannual basis, the last such report being in early 2022.
The Trustee monitors the performance of all the Scheme’s DC and AVC assets on an annual basis, using a report
prepared by the investment adviser.

4.1

Policy towards risk

Risks are monitored on an ongoing basis with the help of the investment adviser.
The Trustee maintains a risk register and sections of it are discussed in rotation at Administration and Investment
Sub-Committees and Trustee quarterly meetings.
2

The Trustee’s policy for some risks, given their nature, is to understand them and to address them if it becomes
necessary, based upon the advice of the Scheme’s investment adviser or information provided to the Trustee by
the Scheme’s investment managers. These include credit risk, equity risk, currency risk, collateral adequacy risk,
ESG (including climate) risk and the risk of inadequate returns.
With regard to the risk of inadequate returns, the Trustee has historically monitored on a quarterly basis therequired investment return for the Scheme to be fully funded on a gilts+0.5% liability basis and compared thisagainst the best estimate expected return on the Scheme’s assets. However, the Scheme achieved full funding on
the gilts+0.5% liability basis during the year (this being one of the key drivers behind the decision to de-risk the
Scheme’s investment strategy outlined in section 3 above). The best estimate expected return on the Scheme’s
new, lower risk, investment strategy was gilts + 1.3% pa as at 31 March 2023. Therefore, the expected return on
the Scheme’s assets was expected to be sufficient to produce the return needed over the long-term to remain fully
funded on the Scheme informal long-term funding target of gilts + 0.5% pa.
The Scheme's interest and inflation hedging levels are monitored on an ongoing basis in the quarterly monitoring
report. Over the Scheme Year, the Trustee increased its target hedging levels from 85% to 100% of the interest
rate and inflation sensitivities on the gilts + 0.5 liability basis.
Currency risk within the Scheme has reduced over the year given the reduction in the Scheme’s equity allocation,
50% of which was not currency hedged.
With regard to collateral adequacy risk, the Trustee monitors the collateral position within the LDI portfolio against
optimal and critical levels, as reported by the LDI manager on a quarterly and ad-hoc basis. The intention is tomaintain at least the optimal level of collateral within the LDI portfolio. During the Scheme Year, the Trustee took
action to keep the level of collateral above this level by switching money into the LDI portfolio from the Scheme’s
other liquid investments as well as the investment of a contribution from the Employer.
Together, the investment and non-investment risks set out in Appendix 2 of the SIP give rise generally to funding
risk. The Trustee formally reviews the Scheme’s funding position as part of its annual actuarial report to allow forchanges in market conditions. On a triennial basis the Trustee reviews the funding position allowing formembership and other experience. The Trustee also informally monitors the funding position more regularly, on aquarterly basis at Trustee meetings. The quarterly investment reports contain analysis of the developments in the
Scheme’s funding level since the last actuarial valuation.
The following risks are covered elsewhere in this Statement: diversification risk in Sections 3 and 5, investment
manager risk and excessive charges in Section 5, illiquidity/marketability risk in Section 6 and ESG risks in Section
7 and 8.

5. Implementation of the investment arrangements
Over the Scheme Year, the Trustee fully redeemed from its holdings in the LGIM Low Carbon Transition Global
Equity Funds. This was a result of the Trustee’s decision to de-risk the investment strategy by reducing thestrategic allocation to equities, rather than any specific concerns with the funds themselves.
The Trustee was comfortable with all the Scheme’s other investment manager arrangements and did not make any
further changes to its manager arrangements over the Scheme Year.
The Trustee evaluates manager performance over both shorter and longer periods, encourages managers to
improve practices and considers alternative arrangements where managers are not meeting performance
objectives. The Trustee receives quarterly performance reports from its investment adviser.
The Trustee also regularly invites the Scheme's investment managers to present at Trustee meetings, seeing eachmanager approximately once every year. Over the Scheme Year, the Trustee met with M&G, Aviva, Newton and
LGIM to discuss the Scheme's investments.
For the DC section, the Trustee monitors the performance of the Scheme’s investment managers and carries out ahigh level value for members’ assessment on an annual basis. The annual report covering the period to 31 March2022 was considered by the Trustee at its August 2022 ISC meeting, with the Trustee concluding that the majorityof members were receiving good value for money.

6. Realisation of investments
The Trustee reviews the Scheme’s net current and future cashflow requirements on a regular basis. The Trustee’s
policy is to have access to sufficient liquid assets in order to meet any outflows whilst maintaining a portfolio which
is appropriately diversified across a range of factors, including suitable exposure to both liquid and illiquid assets.
3

Over the year, the Trustee took income from the Scheme’s property, illiquid credit, liquid credit portfolios anddividends from the equity portfolio to help meet benefit payments. The regular monthly Employer deficit
contributions were also retained in the Trustee bank account to help meet benefit payments. Where any shortfalls
arose the Trustee arranged, via the Scheme’s administrators and after advice from its investment advisers,
disinvestments from the Scheme’s liquid assets to cover this shortfall.
The Trustee also undertook a number of asset transfers between the Scheme’s investment arrangements to help
rebalance the Scheme’s assets towards the strategic asset allocation.
For the DC section, it is the Trustee’s policy to invest in funds that offer daily dealing to enable members to readily
realise and change their investments. All of the DC Section funds which the Trustee offered during the Scheme
Year are daily priced with the exception of one which is weekly priced – the Trustee is considering whether to movethis fund to an equivalent daily priced version.

7. Financially material considerations, non-financial matters
As part of its advice on the selection and ongoing review of the investment managers, the Scheme’s investment
adviser, LCP, incorporates its assessment of the nature and effectiveness of managers’ approaches to financiallymaterial considerations (including climate change and other ESG considerations), voting and engagement.
Over the Scheme Year, the ISC met with M&G, Aviva, Newton and LGIM to discuss the Scheme’s investments.
This included engaging with each of the managers on ESG, voting and engagement topics. The Trustee wassatisfied with the answers provided by the managers. In particular, the meeting with M&G was on the back of theinvestment advisers view that M&G was behind some of its peers on its approach to Responsible Investment
following a review in the previous Scheme Year. The Trustee was satisfied with M&G’s presentation at thismeeting and no further action was taken. The Trustee also received training from LGIM on its range of Future
World Net Zero Maturing Buy and Maintain Funds which follow a sustainable investment approach. Following the
Scheme Year end, and after advice from the investment adviser, the Trustee has now invested into this fund range.
No specific actions have been taken in relation to the selection, retention, and realisation of managers as a result ofmember and beneficiary views.
Within the DC Section, the Trustee recognises that some members may wish for ethical matters to be taken into
account in their investments and therefore, it has made available the LGIM Ethical UK Equity Index Fund as aninvestment option to members.

8. Voting and engagement
The Trustee has delegated to the investment managers the exercise of rights attaching to investments, including
voting rights, and engagement. However, the Trustee takes ownership of the Scheme’s stewardship by monitoringand engaging with managers and escalating as necessary as detailed below.
As part of its advice on the selection and ongoing review of the investment managers, the Scheme’s investment
adviser, LCP, incorporates its assessment of the nature and effectiveness of managers’ approaches to voting andengagement.
In November 2022, the Trustee received training on the DWP’s first formal guidance on stewardship. Following
discussion of this guidance, the Trustee agreed to set a single stewardship priority of ‘Climate Change’ to focus its
monitoring and engagement efforts. This priority was selected because this is where most of the emphasis ofrecent responsible investment guidance and regulation has been and the Trustee believes it to be a financiallymaterial risk to the Scheme. The Trustee will consider whether to add further stewardship priorities in the future,taking stock of emerging best practice and any views expressed by the Company. The Trustee communicated its
stewardship priority to its managers in February 2023.
As mentioned in the previous section, the Trustee met with each of the Scheme’s managers over the year and was
satisfied with the answers provided by the managers on their voting and engagement.
The Trustee is conscious that responsible investment, including voting and engagement, is rapidly evolving andtherefore expects most managers will have areas where they could improve. Therefore, the Trustee aims to havean ongoing dialogue with managers to clarify expectations and encourage improvements.

4

9. Description of voting behaviour during the Scheme YearAll of the Trustees’ holdings in listed equities are within pooled funds and the Trustees has delegated to its
investment managers the exercise of voting rights. Therefore, the Trustee is not able to direct how votes are
exercised and the Trustee itself has not used proxy voting services over the Scheme Year. However, the Trustee
monitors managers’ voting and engagement behaviour on an annual basis and challenges managers where theiractivity has not been in line with the Trustee‘s expectations.
In this section we have sought to include voting data in line with the Pensions and Lifetime Savings Association(PLSA) guidance, PLSA Vote Reporting template and DWP’s guidance, on the Scheme’s funds that hold equities
as follows:•

LGIM Global Equity Fixed Weights (50:50) Index
Fund•

LGIM World (ex UK) Equity Index Fund•

LGIM Multi-Asset (formerly Consensus) Fund•

LGIM Global Equity (70:30) Index Fund••

LGIM North America Equity Index Fund

LGIM Low Carbon Transition Global Equity Index
Fund (hedged and unhedged)•

LGIM Europe (Ex UK) Equity Index Fund••

LGIM UK Equity Index Fund

LGIM Asia Pacific (Ex Japan) Developed Equity
Index Fund•

LGIM Ethical UK Equity Index Fund•

Newton Real Return Fund•

Prudential With Profits FundWe have not yet received data from Clerical Medical for its With Profits fund (for the DC section), so this fund isomitted from the Statement. Where voting information was unavailable, the Trustee will continue to work with its
advisers and investment managers with the aim of providing this voting information in future implementation
statements.
We have omitted the Scheme’s other funds (eg property, credit, LDI and liquidity funds) on materiality grounds
since these are not expected to hold any physical equity holdings, and any holdings with voting rights attached tothem would only be a small proportion of the Scheme’s total assets. The Trustee is not aware that any of thesefunds had voting opportunities during the Scheme Year.
9.1 Description of the voting processes
For assets with voting rights, the Trustee relies on the voting policies which its managers have in place.
9.1.1.

LGIM

All decisions are made by LGIM’s Investment Stewardship team and in accordance with its relevant Corporate
Governance & Responsible Investment and Conflicts of Interest policy documents, which are reviewed annually.
Each member of the team is allocated a specific sector globally so that voting is undertaken by the same
individuals who engage with the relevant company. This ensures LGIM’s stewardship approach flows smoothly
throughout the engagement and voting process and that engagement is fully integrated into the vote decision
process, therefore sending consistent messaging to companies.
Every year, LGIM holds a stakeholder roundtable event where clients and other stakeholders (civil society,academia, the private sector, and fellow investors) are invited to express their views directly to the members of theInvestment Stewardship team. LGIM also takes into account client feedback received at regular meetings and / orad hoc comments or enquiries.
LGIM’s Investment Stewardship team uses Institutional Shareholder Services’ (“ISS”) ‘ProxyExchange’ electronic
voting platform to vote clients’ shares. All voting decisions are made by LGIM and it does not outsource any part ofthe strategic decisions. Its use of ISS recommendations is purely to augment its own research and proprietary ESG
assessment tools. The Investment Stewardship team also uses the research reports of Institutional Voting
Information Services (“IVIS”) to supplement the research reports that it receives from ISS for UK companies when
making specific voting decisions.
To ensure LGIM’s proxy provider votes in accordance with LGIM’s position on ESG, it has put in place a custom
voting policy with specific voting instructions. LGIM retains the ability in all markets to override any vote decisions,which are based on its custom voting policy. LGIM has strict monitoring controls to ensure its votes are fully andeffectively executed in accordance with its voting policies by its service provider. This includes a regular manual
check of the votes input into the platform, and an electronic alert service to inform them of rejected votes that
require further action.

5

LGIM publicly communicates its vote instructions on its website with the rationale for all votes against
management. It is LGIM’s policy not to engage with its investee companies in the three weeks prior to an AGM as
its engagement is not limited to shareholder meeting topics.
9.1.2.

NewtonNewton has established overarching stewardship principles which guide its ultimate voting decision, based on
guidance established by internationally recognized governance principles including the OECD Corporate
Governance Principles, the ICGN Global Governance Principles, the UK Investment Association’s Principles ofRemuneration and the UK Corporate Governance Code, in addition to other local governance codes. All voting
decisions are taken on a case-by-case basis, reflecting their investment rationale, engagement activity and thecompany’s approach to relevant codes, market practices and regulations. These are applied to the company’s
unique situation, while also taking into account any explanations offered for why the company has adopted acertain position or policy. It is only in the event that Newton recognises a material conflict of interest that it applies
the vote recommendations of its third-party voting administrator.
Newton seeks to make voting decisions that are in the best long-term financial interests of its clients and whichseek to support investor value by promoting sound economic, environmental, social and governance policies,
procedures and practices through the support of proposals that are consistent with the following four key
objectives:•to support the alignment of the interests of a company's management and board of directors with those of thecompany's investors;•

to promote the accountability of a company's management to its board of directors, as well as theaccountability of the board of directors to the company's investors;•

to uphold the rights of a company's investors to effect change by voting on those matters submitted forapproval; and•to promote adequate disclosure about a company's business operations and financial performance in a timely
manner.

The Responsible Investment team reviews all resolutions for matters of concern. Any such contentious issues
identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment.
Where an issue remains contentious, Newton may also decide to confer or engage with the company or otherrelevant stakeholders.
Newton employ’s a variety of research providers that aid it in the vote decision-making process, including proxyadvisors such as ISS. Newton utilises ISS for the purpose of administering proxy voting, as well as its research
reports on individual company meetings.
9.1.3.

Prudential

The fund management has been delegated to a number of fund managers, including M&G Investment
Management, BlackRock, Eastspring Investments, Granahan Investment Management, Value Partners, Earnest
Partners, Lazard Asset Management, Goldman Sachs Asset Management, MFS, and Invesco. The voting iscarried out by those fund managers each of whom has their own voting and engagement policies.
9.2 Summary of voting behaviour over the Scheme YearA summary of voting behaviour over the Scheme Year for DB (excluding AVCs) and DC funds which had Scheme
assets invested over the year and also hold listed equities is provided in the table below. Note, some numbers may
round to zero but this does not mean their value is exactly zero.
Fund name

LGIM Global
Equity Fixed
Weights(50:50) Index
Fund

LGIM
GlobalEquity(70:30)Index Fund

LGIM UK
Equity Index
Fund

LGIM Europe (exUK) Equity Index
Fund

LGIM Asia Pacific(ex Jap) Dev Equity
Index Fund

Total size of fund at
end of the Scheme
Year (£m)£3,431.4m£908.9m£13,896.7m£7,796.4m£3,207.9m

Value of Scheme
assets at end of the
Scheme Year (£m)

£0.5m

£0.5m

£0.1m

£0.0m

£0.0m

2

Number of equity
holdings at end of the
Scheme Year

3,435

4,995

541

744

530

Number of meetingseligible to vote

3,197

7,319

733

618

503

Number of
resolutions eligible tovote

41,09976,49910,870

10,391

3,590% of resolutions
voted
Of the resolutions on
which voted, % voted
with management

99.84%

99.88%

99.94%

99.93%

100.00%81.85%

80.73%

94.46%

80.99%

70.84%Of the resolutions on
which voted, % voted
against management

18.02%

18.22%

5.54%

18.53%

29.16%Of the resolutions on
which voted, %abstained from voting
Of the meetings inwhich the manager
voted, % with at least
one vote against
management

0.13%

1.05%

0.00%

0.48%

0.00%

70.13%

61.20%

37.89%

79.13%

74.35%Of the resolutions on
which the manager
voted, % voted
contrary torecommendation ofproxy advisor

12.21%

9.73%

4.23%

9.68%

17.91%

Fund name

LGIM Multi Asset(formerly
Consensus) Fund

LGIM North America
Equity Index Fund

LGIM Low Carbon
Transition Global
Equity Index Fund

LGIM Low Carbon
Transition Global
Equity Index Fund –GBP Currency
HedgedTotal size of fund at
end of the Scheme
Year (£m)£641.0m£22,160.4m£3,286.3m£852.8m

Value of Scheme
assets at end of the
Scheme Year (£m)

£0.2m

£0.1m

-

-

Number of equity
holdings at end of
the Scheme Year

6,288

624

2,791

2,791

Number ofmeetings eligible to
vote

9,817

676

4,828

4,828

Number of
resolutions eligible
to vote100,084

8,543

50,46250,462% of resolutions
voted

99.83%

99.41%

99.86%

99.86%Of the resolutions
on which voted, %voted withmanagement
Of the resolutions
on which voted, %77.54%

65.40%

78.95%

78.95%

21.74%

34.55%

19.89%

19.89%

3

voted against
management
Of the resolutions
on which voted, %abstained fromvoting

0.72%

0.06%

1.16%

1.16%

Of the meetings inwhich the manager
voted, % with atleast one voteagainstmanagement

71.06%

97.19%

66.13%

66.13%Of the resolutions
on which the
manager voted, %voted contrary torecommendation ofproxy advisor

12.42%

26.55%

11.09%

11.09%

Fund name

Newton Real Return Fund

Prudential With Profits
Fund

Total size of fund at end of the Scheme Year(£m)

£3,745.9m£90,000.0m

Value of Scheme assets at end of the Scheme
Year (£m)
Number of equity holdings at end of the SchemeYear£58.4m£0.1m

69

Not provided*

Number of meetings eligible to vote

78

6,318

Number of resolutions eligible to vote

1,287

72,503% of resolutions voted

100.00%97.94%Of the resolutions on which voted, % voted withmanagement

89.20%

91.36%Of the resolutions on which voted, % voted
against management

10.80%

7.12%

Of the resolutions on which voted, % abstained
from voting

0.00%

1.53%

Of the meetings in which the manager voted, %with at least one vote against management
Of the resolutions on which the manager voted,% voted contrary to recommendation of proxyadvisor45.00%

39.45%

7.00%

3.57%

* The fund holds a number of underlying collectives or segregated mandates.

9.3 Most significant votes over the Scheme Year
Commentary on the most significant votes over the Scheme Year, from the Scheme’s asset managers who holdlisted equities, is set out below.
Given the large number of votes which are cast by managers during every Annual General Meeting season, thetimescales over which voting takes place as well as the resource requirements necessary to allow this, the Trustee
did not identify significant voting ahead of the reporting period. Instead, the Trustee has retrospectively created ashortlist of most significant votes by requesting each manager provide a shortlist of votes, which comprises aminimum of ten most significant votes, and suggested the managers could use the PLSA’s criteria for creating thisshortlist. By informing its managers of its stewardship priorities and through its regular interactions with the
managers, the Trustee believes that its managers will understand how it expects them to vote on issues for thecompanies they invest in on its behalf.

4The Trustee has selected this shortlist from the significant votes provided by the investment managers, based on
the following criteria:•

Aligns with the Trustee’s stewardship priority of Climate Change•

Has a high media profile or is seen as being controversial•

The subject of the resolution aligned with the investment manager’s engagement priorities or key themes•

Impact a material fund holding, although this would not be considered the only determinant of significance,
rather it is an additional factor

If members wish to obtain more investment manager voting information, this is available upon request from theTrustee.
The Trustee has sought to obtain all relevant voting data from the Scheme’s investment managers, but some of the
managers did not provide information on the specific outcome of some votes, whether votes were communicated tothe company by the manager ahead of the vote, whether management recommended shareholders to vote in a
specific way, or whether any actions were taken by the investment manager following the vote. The Trustee’s
investment adviser will work with the managers with the aim of providing more complete voting information in futurestatements.
9.4.1.

LGIM (passive equities and multi-asset)

As there is significant overlap between the securities held by the LGIM funds that the Scheme invests in, it is notpossible to calculate and disclose the percentage of overall fund assets that these securities represent.
Company

Date ofvote

Summary ofresolution

For /AgainstOutcomeof voteRationale for the voting decision

StewardshippriorityRoyal
Dutch Shell

24 May2022

Approve theShell Energy
Transition
Progress
UpdateAgainstPassedLGIM acknowledged the substantial
progress that has been made by thecompany in strengthening its operationalemissions reduction targets by 2030, as
well as the additional clarifications aroundthe level of investments in low carbon
products, demonstrating a strong
commitment towards a low carbon
pathway. However, LGIM remains
concerned of the disclosed plans forcontinued oil and gas production, andwould look like to see further disclosure oftargets associated with the upstream anddownstream businesses

ClimateChangeGlencore
Plc

28 April
2022

Approve
ClimateProgress
ReportAgainstPassedLGIM expects companies to introduce
credible transition plans, consistent with
the Paris goals of limiting the global
average temperature increase to 1.5°C.
While it notes the progress the company
has made in strengthening its mediumterm emissions reduction targets to 50%
by 2035, it remains concerned over thecompany's activities around thermal coaland lobbying, which it deems inconsistent
with the required ambition to stay within
the 1.5°C trajectory.

ClimateChangeAmericanTower
Corporation

18 May2022

Elect Director
Robert D.
Hormats

AgainstPassedA vote against is applied as the company
has an all-male Executive Committee and
LGIM consider diversity to be a financiallymaterial factor

n/a

BP Plc12 May2022

Approve Net
Zero – From
Ambition to
ActionReportFor

PassedWhilst LGIM notes the inherent challenges
in the decarbonisation efforts of the Oil &Gas sector, it expects companies to set acredible transition strategy, consistent with
the Paris goals of limiting the global
average temperature increase to 1.5C. It
believes that BP has taken significant

ClimateChange5Company

Date ofvote

Summary ofresolution

For /AgainstOutcomeof voteRationale for the voting decision

Stewardshippriority

steps to progress towards a net zero
pathway. Nevertheless, LGIM remains
committed to continuing its constructive
engagements with the company on its net
zero strategy and implementation, withparticular focus on its downstream
ambition and approach to exploration
Amazon25 May2022

Elect Director
Daniel P.
Huttenlocher

AgainstPassedA vote against is applied as the director isa long-standing member of the Leadership
Development & Compensation Committee
which is accountable for human capitalmanagement failings - LGIM pre-declaredits vote intention for this resolution,
demonstrating its significancen/a

Rio TintoPlc

8 April2022

Approve
ClimateAction Plan

AgainstPassedLGIM recognises the considerable
progress the company has made instrengthening its operational emissions
reduction targets by 2030, together withthe commitment for substantial capital
allocation linked to the company’s
decarbonisation efforts. However, whilst
LGIM acknowledges the challenges
around the accountability of scope 3
emissions and respective target setting
process for this sector, it remains
concerned with the absence ofquantifiable targets for such a material
component of the company’s overall
emissions profile, as well as the lack ofcommitment to an annual vote which
would allow shareholders to monitor
progress in a timely manner

ClimateChange9.4.2.

Newton Real Return Fund

Company

Date ofvote

Summary ofresolution

For /AgainstOutcomeof voteRationale for the voting
decision

Stewardshippriority

Approx sizeof mandate
holding

ConocoPhillips

10 May2022

GHG
emissionstargets

For

FailedNewton supported theshareholder proposal
requesting reporting on GHG
targets, and notably Scope 3
emissions across the value
chain

ClimateChange

1.2%

Greencoat
UK WindPlc

12 May2022

Re-elect
Shonaid
JemmettPage as
Director

AgainstFailedNewton voted against the reelection of the chairperson of
the board. Newton raised
concerns over the past shareissuance undertaken by thetrust. Newton believes theshare placing was notconducted in a manner thatwas in the best interests ofshareholders and the shareplacing would be at a
discount to NAV had it beenrecalculated on the back ofincreasing power prices.

n/a

1.7%

6

Company

Date ofvote

Summary ofresolution

For /AgainstOutcomeof voteRationale for the voting
decision

Stewardshippriority

Approx sizeof mandate
holding

Universal
MusicGroup NV

12 May2022

Advisory
Vote to Ratify
Named
Executive
Officers'
CompensationAgainstFailedNewton voted against
executive remuneration as it
believed there wasinadequate information
regarding the various one-off
grants, specific targets,
thresholds, and payouts, tobe able to arrive at an
informed voting decision.
The short-term awards
employ a metric that ensures
the CEO receives the bonus
more in the form of royalty
rather than the metric being
an actual driver of growthand incentivising theexecutive to perform. In
addition, the quantum of pay
was considered excessive.
The pay structure currently
reflects legacy remuneration
arrangements, and Newton
expects better disclosuresand a more traditional
performance-based pay
structure going forward.

n/a

0.6%

9.4.3.

Prudential With Profits Fund

Company

Date ofvote

Summary ofresolution

For /AgainstOutcomeof voteRationale for the voting
decision

Stewardshippriority

Approx sizeof mandate
holding

Anglo
AmericanPlc

19 April
2022

Approve
ClimateChangeReportFor

PassedThe manager believed thatthe plan features several
positive aspects, meeting
expectations in terms of
disclosure and governancesurrounding climate change
and having long-term goals
with a shorter time frame
than many peers.

ClimateChange0.2%

7