Contents Introduction 03 Active stewardship About this report 02 How to read this report 03 03.1 Developing our 62 engagement strategy Welcome from our CEO 04 03.2 How we engage 64 In conversation with our Global Head 06 03.3 AllianzGI’s engagement 69 of Investments and Global Head of in numbers Sustainable and Impact Investing About Allianz Global Investors 09 03.4 Engagement outcomes 72 03.5 Collaborative engagements 82 01 Our sustainability approach 03.6 Escalating engagement concerns 84 01.1 Evolving our strategic approach 13 03.7 Exercising our voting rights 86 01.2 Strengthening sustainability 18 03.8 Transparently managing 95 governance conflicts of interest 01.3 Guiding clients on sustainable 23 03.9 Industry engagement 97 investment solutions and commitments 02 Sustainable investing 04 Corporate sustainability 02.1 Evolving our approach to 32 04.1 Strengthening our corporate 100 sustainable investing sustainability strategy 02.2 Sustainability research 34 04.2 Creating an inclusive and 103 supportive workplace 02.3 Sustainability methodologies 39 04.3 Ensuring responsible 110 and analytics business conduct 02.4 Climate-related risks 43 04.4 Managing the environmental 114 and opportunities impact of our operations 02.5 Sustainability risk management 45 04.5 Driving our corporate citizenship 119 02.6 Sustainable investing categories 46 05 Appendix 01