01 Our vision of 02 Sustainable 03 Active 04 Strengthening sustainability 05 Appendices sustainability investing stewardship in our operations 03.2 How we engage Principle 7 9 Our investment views are in昀氀uenced 03.2.1 Fixed income In addition to internal collaboration, we to develop credible transition plans, by the outcomes of engagements and engagement have continued to work with external accelerate transition activities, provide outcomes are linked to the proxy voting Our engagement activities apply to all organisations, such as the European appropriate climate-related disclosure process, forming a consistent stewardship public market activities, comprising equity Leveraged Finance Association and adequately respond to climate approach. All engagement results are and 昀椀xed income strategies globally. (ELFA), where we are members of its change risks. In 2023, we contributed shared via our collaborative research ESG Committee and have had board to the IIGCC Bondholder Stewardship and investment platform and can be In 2023, we expanded our engagement representation since 2023. Guidance, which provides corporate accessed by our teams globally. In 2023, activity for, and within, our Corporate We also continued to seek improvements bondholders with a foundational we developed and launched a dedicated Credit teams. Close to 5% of our in market practice, in particular around framework to enhance their climate engagement template within our data 37 engagements were recorded by 昀椀xed collaboration among investors within stewardship practices. tool, SusIE, which is accessible to all 36 income investment professionals. these asset classes. We participated For more information see: investment professionals. This built on the In several other cases, we combined the in working groups, looking at how IIGCC Net Zero Bondholder framework introduced in 2022 and allows expertise of the Stewardship, Equity and collaborative climate initiatives could Stewardship Guidance. more comprehensive recording of our Fixed Income teams in joint engagement increase focus on high-emitting private As an outcome of our work, we engagement activity, including outcomes meetings and shared the outcomes via companies, and sought to understand continued to strengthen our approach and evaluation. It also facilitates our collaborative investment platform. how ELFA could support future to engagements in 昀椀xed income and quantitative and qualitative reporting for The coordination of engagement activities engagement activity. collaboration across asset classes. At the our clients. This engagement template in 昀椀xed income is overseen by our 昀椀xed To shape change in market practice same time, we remain mindful that there is a cornerstone for the roll-out of our income engagement ambassador group. around 昀椀xed income engagement, should be a more nuanced approach to enhanced engagement strategy in 2024. Building on the engagement training for we joined the IIGCC Bondholder embedding sustainability in stewardship Our engagement approach is tailored 昀椀xed income held in Q4 2022, this group Stewardship Working Group in 2022. processes within 昀椀xed income, for example to di昀昀erent funds, asset classes also discusses speci昀椀c engagement Members work together to improve by taking into account time horizons, the and geographies. topics, as well as outcomes and potential bondholder stewardship practices in a nature of the underlying instrument and escalation strategies. way that encourages high-emitting issuers portfolio size. 36 Source: Allianz Global Investors, as at 31 December 2023. 37 Bondholders are not requested to take any speci昀椀c actions based on this framework. Allianz Global Investors Sustainability and Stewardship Report 2023 43