Shaping US practice through shareholder resolutions and lobbying. We supported all 18 resolutions related to evolve. As such, we continue to monitor these trends to charitable contributions disclosure and all, but one, of the ensure we can play an active role in our stewardship. 27 resolutions related to lobbying disclosure. Lastly, we To achieve this, we are tightening the link between our supported all six resolutions calling for Equal Employment thematic approach to engagement and our voting. We Opportunity (EEO) reporting. Holding directors to account and ensuring appropriate have seen some resolutions, notably climate, that are governance for key topics is integral to our approach. We more nuanced, requiring deeper research to ensure view this as an avenue of escalation for deficiencies in our approach is appropriate. The tight interaction with environmental and social challenges. When a company sustainability research is integral to supporting this. faces sustained employee-related controversies, including We are unconcerned by the rising number of resolutions when our engagement leads us to conclude that this being settled following engagement (and not voted on), follows a failure of governance, we will consider voting since it reflects the power of high-quality engagement against members of the board committee responsible for and active filers of resolutions. However, we caution that the areas of remuneration and human capital. We view the effectiveness of this route is highly dependent on failure to respond to multiple-year low levels of support evolving and fluctuating regulation. An example is the for the advisory vote on pay is a red flag for ineffective various SEC guidance and rule amendments over the past board governance. year or so, which in our view have impacted the number AllianzGI’s focus is on voting and engagement of resolutions filed and the willingness of companies to AllianzGI believes shareholder resolutions will continue to engage. Therefore, at least for now, AllianzGI will continue play an important role in shaping company practice and to focus on voting and engagement to communicate our governance, albeit specific resolution requests will likely views rather than on actual filing of resolutions. 4