Global Corporate Governance Guidelines Sustainability Issues and Shareholder Proposals AllianzGI expects companies to develop a allowing investors to judge progress. We may sustainability strategy addressing material vote against the Chairperson or director in environmental and social issues including charge of sustainability matters on the board climate change, to set targets in line with the where shareholder concerns remain Paris Agreement and report on progress. unaddressed despite significant shareholder dissent or where we remain unsatisfied with the AllianzGI anchors sustainability-related matters company’s responsiveness to implementing a in various aspects of its Global Corporate Say on Climate. Governance Guidelines. These comprise, but are not limited to: Going forward, for certain high-emitting – clearly assigning sustainability-related companies AllianzGI will hold directors responsibilities on the board; accountable if the company does not have – the management of sustainability-related risks credible net zero targets in place. As of 2024, when assessing the board and electing depending on the set-up of the board AllianzGI directors; and will vote against the Chairperson of the – the inclusion of ESG KPIs into remuneration Sustainability Committee, the Strategy policy. Committee or the Chairperson of the Board of certain high-emitting companies if it does Please refer to the respective section of these not have net zero targets or GHG reductions Guidelines for policy application. targets and TCFD disclosure in place. AllianzGI encourages high-emitting companies If shareholders raise a resolution related to a Say to ask shareholders for support of their climate on Climate resolution, AllianzGI evaluates these strategy. We support such proposals if the on a case-by-case basis. Where shareholder company provides a challenging climate proposals are prescriptive in nature, requesting strategy including clear targets and milestones the board and management to take certain that balances business and climate-related actions, AllianzGI will consider the rationale and targets without unduly compromising the feasibility of each proposal, the consistency of company’s medium-term business outlook. We the wording of the proposal with its intent, the would expect companies to define clear impact of the proposal on the company’s short- accountability on the board for climate-related term and long-term value as well as other matters to ensure reasonable oversight over relevant background circumstances including climate-related strategies. Boards should the company’s performance in these areas, past commit to reporting annually following responsiveness to shareholder engagement and established reporting frameworks and thus risk evidenced by controversy. 19