01 Our sustainability approach 02 Sustainable investing 03 Active stewardship 04 Corporate sustainability 05 Appendix 03.7 Exercising our voting rights Principles 7 11 12 Breakdown of proxy voting by location Percentage of resolutions voted against management in 2022 Belgium China France Germany Hong Italy Japan Nether- Spain Sweden Switzer- Taiwan UK USA Kong lands land 16% 21% 21% 22% 29% 32% 24% 11% 14% 11% 20% 15% 4% 36% Compensation (% against) Belgium China France Germany Hong Italy Japan Nether- Spain Sweden Switzer- Taiwan UK USA Kong lands land 44% 37% 23% 47% 56% 51% 12% 36% 48% 46% 23% 43% 20% 78% Director-related (% against) Belgium China France Germany Hong Italy Japan Nether- Spain Sweden Switzer- Taiwan UK USA Kong lands land 8% 28% 33% 20% 36% 56% 27% 8% 17% 12% 17% 26% 4% 29% Key 0–9% 10–19% 20–29% 30–39% 40–49% 50–59% 60–69% 70–79% Allianz Global Investors Sustainability and Stewardship Report 2022 94