01 Our vision of 02 Sustainable 03 Active 04 Strengthening sustainability 05 Appendices sustainability investing stewardship in our operations 03.7 Escalating engagement concerns Principle 7 11 Advancing thematic and collaborative engagement Case study: Escalating through collaborative engagement We had engaged with a steel-producing Following an introductory meeting company on a variety of topics, including between the investors and company decarbonisation projects, investments in representatives responsible for the topic renewables, the Science-Based Targets on both executive and management initiative (SBTi) and health and safety committees, we sought to better issues. While we are satis昀椀ed with the understand the drivers for the most recent status of its decarbonisation investment incident, as well as wider background on plan, which is well on track to deliver its health and safety governance processes. 2030 decarbonisation target, we continue Our expectation is that a full review of the to see the information given on reasons company’s safety management systems for fatality and accident frequency as will be undertaken. We intend to follow unspeci昀椀c and insu昀케ciently transparent. up once this has been completed to This lack of clarity also applied to remedial understand the improvements that will measures taken. We therefore decided be implemented. to initiate a collaborative engagement and convened a group of like-minded investors to discuss health and safety, given insu昀케cient prior responses, continued fatalities/incidents and perceived lack of traction in one-to-one meetings. Allianz Global Investors Sustainability and Stewardship Report 2023 63