Alignment and effectiveness Type of Gateway PRI Indicator Dependent on Disclosure Subsection indicator to Principle Multiple, see Alignment and ISP 21 PLUS N/A PUBLIC 2 guidance effectiveness Describe how you coordinate stewardship across your organisation to ensure that stewardship progress and results feed into investment decision-making and vice versa. Discharging our Stewardship Responsibilities Allianz Global Investors’ integrated approach to stewardship is enabled by our investment philosophy, the structure of our investment platform, and our proprietary global research and collaboration system, as follows: 1. We are an active manager running a large number of long-term fundamental strategies, This creates a substantial pool of portfolio managers who are willing to engage with investee companies to help improve performance and mitigate risk. Portfolio managers also participate in, and contribute to, public policy engagements, where intervention is considered in the best interests of our clients. 2. Allianz Global Investors has a specialist ESG Research team, whose fundamental role is to share its expertise in the consideration of ESG factors in order to identify risks and opportunities that have not been fully priced by the markes, thus supporting enhanced stock selection of the benefit of the investment decision makers. The team helps to coordinate our engagement efforts and often lead engagements on corporate governance, environmental, social and business conduct matters. Furthermore, the ESG Research team contributes to public policy engagements and collective engagements in multi-stateholder initiatives. 3. Allianz Global investors’ proprietary global research and collaboration system ensures that all sector research and issuer analysis, third-party and proprietary ESG research, engagement notes and other outputs are readily available to all investment staff. It allows any fund manager or analyst across the company to review and challenge published research and comments when making investment recommendations or selecting issuers for portfolios. It also facilitates real-time communication for all investment professionals, helping us to run an effective proxy voting process, provide and collect feedback on company engagements and share engagement outcomes. Proxy Voting and Internal Consultation Process As outlined above, Allianz Global Investors’ investment platform has processes designed to link portfolio managers and the ESG Research team, and through their collaboration we are able to highlight ESG risks and sub-standard practices in investee companies. Allianz Global Investors has adopted a risk-based approach to proxy voting research and analysis, whereby the ESG Research team focuses its efforts on reviewing shareholder meeting proposals for a proportion of holdings in our portfolios (e.g. large aggregate positions across our funds, core holdings in individual funds,companies with an ongoing engagement activity etc), and our proxy voting policy is consistently applied to the remaining holdings. Our investment teams review potentially contentious proposals for holdings in their portfolios and bring these to the attention of the ESG Research team for further analysis and vote decision. For policy overrides, internal consultations involving analysts and portfolio managers take place through our global research and collaboration system. All voting decisions are made on the basis of our proxy voting policy and investment perspectives shared in our internal consultation processes. We do not automatically support company management or the board, which is evidenced by our voting statistics. Allianz Global Investors aims to speak with one voice when it comes to proxy voting decisions and will only depart form this approach in exceptional circumstances when differing votes by investment teams can by justified by strategy-specific considerations. 52