Global Corporate Governance Guidelines Preamble Allianz Global Investors is a leading active asset manager with over 600 investment professionals in 21 offices worldwide and managing EUR 521 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. AllianzGI has implemented policies and procedures that it AllianzGI is committed to, and actively encourages, open believes are reasonably designed to ensure AllianzGI dialogue with investee companies on corporate satisfies its fiduciary obligation to vote proxies in the best governance, proxy voting and broader sustainability issues interests of its clients. Based on that fiduciary obligation, in advance of shareholder meetings. Our approach to proxy AllianzGI has adopted the Global Corporate Governance voting and company engagement is set out in AllianzGI’s Guidelines (“Guidelines”) described in this document. The Stewardship Statement, which also explains how we Guidelines provide a general framework for our proxy manage conflicts of interests that may arise in relation to voting analysis and are intended to address the most our stewardship activities. significant and frequent voting issues that arise at our investee companies’ shareholder meetings. In the past years, we continued to strengthen our Global Corporate Governance Guidelines with respect to However, the Guidelines are not rigid rules and AllianzGI’s sustainability-related issues. AllianzGI implemented a more consideration of the merits of a particular proposal may rigorous approach in cases where investors’ concerns on a cause AllianzGI to vote in a manner that deviates from the company’s Say on Climate remain unaddressed and Guidelines. AllianzGI invests time and resources evaluating included the option to vote against directors in these cases. corporate governance and proxy voting issues on a case- Going forward, for certain high-emitting companies we will by-case basis. These decisions take into account companies’ hold directors accountable if the company has not put explanations of their governance structures and practices, credible net zero targets in place. Regarding executive variances across markets in regulatory and legal remuneration we expect European large-cap companies to frameworks, best practices, and disclosure regimes. Our include ESG KPIs into their remuneration policies and would votes are cast in the long-term interest of the company and vote against pay policies if not implemented as of 2023. its investors, following analysis of the impact each issue will have on long-term investment value. 3