01 Our vision of 02 Sustainable 03 Active 04 Strengthening sustainability 05 Appendices sustainability investing stewardship in our operations 03.8 Exercising our voting rights Principle 7 11 12 Voting on shareholder resolutions of areas. In the US, AllianzGI supported However, where we view latitude In 2023, we voted on approximately 86% of all climate-related shareholder Case study: Voting in covenants or bond terms to be 2,100 shareholder resolutions globally. resolutions, 100% of human-rights related against additional inappropriate, we seek to engage – We typically support resolutions that have resolutions and 91% of resolutions with reporting requirements either bilaterally or through a longer-term focus and aim to improve respect to greater transparency on We did not support a resolution collaborative engagement groups political contributions and lobbying. requesting a large US retailer to 46 and EMIA47) – to secure corporate practice and transparency. (eg, ELFA We tend not to support resolutions that Information on our voting behaviour is report annually on how the board is better debt holder rights. are too granular, overly restrictive or likely available in real-time on our website aligned with the racial and gender Our engagement approach applies to impose an unreasonable administrative representation of laid-o昀昀 employees. to equity and 昀椀xed income holdings, burden, or where we believe a Case study: Supporting a While we consider these dimensions of insofar as the counterparties overlap. company has already demonstrated resolution on climate lobbying diversity important and human capital We ensure a 昀氀ow of information through reasonable progress. matters material for large employers, our investment and collaboration In the US, sustainability-related issues We supported a climate lobbying we do not think it is necessary to add platform, which both teams can access. typically 昀椀nd their way on to the agenda shareholder resolution at a US bank. to existing reporting in such a narrow In 2023, we continued to strengthen the of a general meeting via shareholder Transparency on climate lobbying is in way given it is already covering collaboration between the Sustainability resolutions. There was a record number shareholders’ interest given the risks broader dimensions across the whole and Fixed Income teams in several areas, of shareholder resolutions in 2023, imposed to lenders as the economy US workforce. notably with respect to engagement but also generally lower levels of support, transitions, as well as the positive (see section 03.2.1). The Stewardship dropping to about 21.6% from a peak of contributions banks can make by 03.8.5 Exercising our and Fixed Income teams have been in 45 昀椀nancing climate solution sectors. regular dialogue to improve the uptake of 33.3% in 2021. For this company, we engaged during the rights and responsibilities In the US, we voted on 629 proposals. year and had high conviction about our beyond equities internally developed tools and to expand This included 60 on corporate governance views given that, in our view, the bank’s credit-speci昀椀c engagement activity. (excluding director elections and director- disclosure was insu昀케ciently transparent. Exercising voting rights is typically limited related), 62 on compensation and 211 to equity holdings. As debt investors, we on social themes. The remainder were seek to exercise rights at the fund level, environmental resolutions or a blend where possible. Where bond issuers have outstanding equity, our debt investors will bene昀椀t from the ability to exercise rights formally through our equity holdings. 45 Sustainable Investment Institute, as of July 2023. 46 European Leveraged Finance Association. 47 Emerging Markets Investors Alliance (emia.org). Allianz Global Investors Sustainability and Stewardship Report 2023 70