2020 INTEGRATED REPORT

claims protocols as well as our commitment to being a good corporate citizen. From an investment point of view, our multi- manager portfolio, which includes selected offshore investments, is well buffered against market shocks. At operational level, all our subsidiaries have plans in place to deal with both macroeconomic and sector-specific issues. In the area of information management, we have appointed a new Group Chief Information Officer to ensure that the accelerated pace at which the business is having to digitalise is securely and efficiently managed. With regard to our members, we constantly assess the impact the pandemic and associated economic environment have on them, and tailor our responses accordingly. From a human capital perspective, we have comprehensive programmes in place to help our staff adapt to a changing reality, both in the workplace and at home. We also remain fundamentally committed to supporting efforts to mitigate the impact of COVID-19 on the most vulnerable members of our society through the work of the PPS Foundation. MATERIAL MATTERS AND RISK MANAGEMENT MATERIAL MATTERS PPS defines material matters as issues than can either directly or indirectly create, preserve or erode financial, economic, environmental and/or social value for the Group and its stakeholders. Both internal and external influences are considered when determining and prioritising material matters and our response to them. We consider the following matters to be material to the Group, our members, our staff and other stakeholders: IMPACT OF COVID-19 DEFINING THE ISSUE: The COVID-19 pandemic has permanently changed the environment in which we operate and its full impact on society and the economy is yet to be fully quantified. In this very fluid situation, planning ahead is challenging, as is managing the rapid pace of change that the pandemic has precipitated. Business continuity is a key focus, as is the way in which we reorganise our operations. As a Group, we face the challenge of having to secure our sustainability and, more importantly, our ability to support our ability to support members, financial advisers and staff at this time. PPS’S RESPONSE: We have rapidly adapted to the challenges presented by the pandemic and have implemented a hybrid operating model that includes remote working. We have put a comprehensive pandemic management strategy into place, which covers all aspects of our business, including the introduction of COVID-19 68 | PPS INTEGRATED REPORT 2020