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 Demonstrating active stewardship across Case study: Pre-announcing Case study: Exiting our major sustainability themes our votes position due to insu昀케cient As part of our continued engagement risk oversight Climate change with a US oil and gas company, we met Having been invested in a renewable Supported shareholder the company’s sustainability lead and energy company for several years, a proposal regarding climate Chevron senior advisor within its ESG engagement number of governance issues became action transition plan at team. It was a group meeting for the evident, which led to pro昀椀t warnings and 2024 AGM company to hear investor perspectives signi昀椀cant impairments. Engaging the from Europe and understand investor management team led us to believe views. A wide variety of topics related that the company’s risk management to climate change and the transition processes had not been working as Planetary boundaries strategy were discussed, including Scope one would expect, including a lack 3 targets. The company’s position was of board oversight on the matter. Supported shareholder Glencore some distance away from our view as Following additional research into proposal regarding climate a European investor. Unconvinced that the reasons for these developments, action transition plan at the company was likely to develop a we arrived at the conclusion that the 2024 AGM transition approach consistent with our company had not yet taken su昀케cient expectations, we decided to escalate by measures to prevent such incidents pre-announcing our intention to support from occurring in the future. As a result, Inclusive capitalism a shareholder resolution that requested we decided to divest our holdings in Supported shareholder the company to reduce its Scope 3 certain funds. Starbucks GHG emissions.41 proposal regarding assessment of workers’ rights commitments 41 Greenhouse Gas Protocol, Corporate Standard, 2024. Allianz Global Investors Sustainability and Stewardship Report 2023 62