01 Our sustainability approach 02 Sustainable investing 03 Active stewardship 04 Corporate sustainability 05 Appendix 03.4 Engagement outcomes Principles 7 9 Communicating our Stewardship Principles Shaping sustainable pathways towards change We continue to publish viewpoints Why German companies via our Stewardship Principles series, should embrace the role of lead Supporting employee rights launched in 2021. These outline independent director. the ways we work with investee at a large US retailer companies to promote best corporate Shaping US practice through governance practice and shape shareholder resolutions. In 2022, we continued engagement we consider it the role of the Board pathways towards environmental and with a US retail company on to supervise management as well as social transformation. We also share employment rights and specifically the managing business material risks. results of our themed engagements. right of employees to organise which Retail companies employ a large Where appropriate, we advocate we considered had been impaired. number of employees and therefore new governance concepts for certain These rights are recognised human human capital management is markets or industries, as evidenced rights, contained in the International business material. The engagement by our piece on the Lead Independent Labour Organization’s Core Labour informed our vote at the AGM and we Director for the German market. Standards and subsequently adopted decided to hold directors accountable A deep dive into changing market in national pieces of legislation for the matter. It also provided input trends led to our paper on Shareholder including in the US. This becomes to our assessment of the adequacy Resolutions in the US. more nuanced when evaluating the of governance of human capital specific practices companies take, management issues, which we for example mandatory attendance of believe for large employers is a sessions to dissuade employees from forward indicator to the likelihood of supporting unionisation. As investors, further controversy. Allianz Global Investors Sustainability and Stewardship Report 2022 76