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 03.7.4 How we voted in 202212 How we voted by topic Voting in 10,200 shareholder meetings Voting on 104,552 single proposals We participated in 10,200 shareholder Executive compensation % % meetings in 2022 (2021: 10,190), Compensation-related proposals representing 94% of all votable continued to stand out as the most 13 meetings. We voted against, withheld or contentious area globally, with AllianzGI 2 abstained from at least one agenda item voting against 43% (2021: 47%) of all 31 22 at 69% of meetings globally (2021: 68%). compensation-related management We opposed 22% of all resolutions proposals. This is unsurprising as they (2021: 21%). were introduced by regulators in several markets as a conduit to allow investors These figures reflect our highly active direct voice on pay. We typically voted 69 and globally consistent approach to against packages that were not supported 76 stewardship and our willingness to vote by robust and challenging targets or when against proposals that do not meet performance KPIs and actual targets were our expectations. not sufficiently transparent. A persistent concern is that pay plans often reward In favour of management In favour of management underperformance, which we do Against management, with at least Against management not support. one vote, withheld or abstained Abstained/did not vote 12 The voting examples provided in this section were selected contextually, as they illustrate a key feature of the voting stance and trends of our voting application. 13 We cast votes for all holdings where we have voting rights. However, in certain cases votes cannot be executed, for example, if share blocking applies, or only at a high cost in markets where Power of Attorney is required. Thus, the share of meetings voted came in slightly below all votable meetings. Allianz Global Investors Sustainability and Stewardship Report 2022 89