Allianz Global Investors strongly believes that directors should have sufficient time and energy to exercise their roles on boards. We therefore speak to companies in cases where we consider directors overcommitted. We engaged a tech company on a non- executive director being overboarded Governance – overcommitted and raised additional concerns with (B) Example 2 directors respect to his low attendance rate at board meetings. Following our conversations, we appreciated a comprehensive board refreshment according to a pre-defined set of criteria and highlighting desired competences as well as the fact that the director in question did not stand for re-election. Allianz Global Investors favours the integration of social, environmental and governance issues into performance measurement, where material and appropriate. We have engaged an oil major over several years on their compensation plans Environmental and Governance – and their long-term ambitions related (C) Example 3 alignment of energy transition plans to the energy transition. We note with management compensation. that the company strengthened their approach to managing the energy transition through the inclusion of related metrics within their long-term variable compensation following a number of consultations with investors. 54