01 Our sustainability approach 02 Sustainable investing 03 Active stewardship 04 Corporate sustainability 05 Appendix 03.5 Collaborative engagements Principles 7 10 Shaping pathways towards change requires collaborative in North America. The initiative seeks to and board oversight, among other topics. engagement with other investors to increase our impact. In some improve GHG emissions disclosures and In 2022, we undertook fewer collaborative cases, collaborative engagement is the most effective way for ask companies to set ambitious emissions engagements via the Investor Forum AllianzGI to achieve engagement objectives for our clients. It is reduction targets and implement credible but participated in additional company climate transition action plans in line with meetings initiated by management. 9 particularly important where we have major concerns and only the Paris Agreement. These allowed executives and the small holdings in investee companies. While we led the majority board to reach a wider audience for of our engagements ourselves in 2022, we undertook several We conduct our engagements bilaterally their discussions. collaborative engagements with a focus on climate issues, with companies we hold in our portfolios. As part of our involvement, we engaged We participated in an Investor Forum diversity and governance matters. a US consumer staples producer. working group on voter turnout in Irish We discussed the company’s approach companies that noted tangible outcomes. 1. Climate Action 100+ oversight. Having received some proactive to target setting for Scope 3 emissions These included enhanced engagement We have been a member of disclosure from the company, we will reduction and how it acts to ensure between key contributors in the proxy Climate Action 100+ since Dec 2017. follow up pursuing policy consistency sustainable food chains. voting value chain, identification and Collaborative engagements of CA100+ once new board members will have been resolution of the source of unnecessary target companies supplement our elected in the upcoming 2023 AGM. Additionally, we regularly join the land share-blocking flags, and improved individual engagement efforts on use and climate working group and the understanding of how the intermediated climate change. With the Climate 2. Ceres Food Emissions 50 biodiversity working group where we take issuer central securities depository (CSD) Action 100+ initiative entering its With a natural link to our planetary part in discussions on research and market model works. This highlighted further second phase in 2023, we provided boundaries thematic, several of our practice trends. Relevant insights are lessons and the need for improved feedback on the consultation assessing funds are themed around sustainability, shared internally across the investment communication through the voting chain, its future set up and aim to continue our food and water. The food sector is also platform to support knowledge building. defined escalation processes and greater work with this group and expand our closely linked with climate risks as the innovation. In 2022, AllianzGI voted collaborative engagements. global food system is responsible for 3. The Investor Forum at 76% of votable meetings in Ireland. approximately one-third of all global We contribute to engagements facilitated This contrasts with 70% in 2021 and 8 In 2022, we contributed to engagement GHG emissions. We are a member of the by the Investor Forum in the UK – a forum reflects improved market functioning. of a Chinese oil major as a collaborative Food Emissions 50 effort, co-ordinated established by institutional investors in We will now seek to further assert our investor in the group, with the focus on by Ceres, which aims to accelerate UK equities. These engagements relate shareholder rights and extend this work strategic planning of its decarbonisation progress to net zero by engaging 50 of the to business strategy, environmental into other markets such as Norway. pathway and top-down management highest-emitting public food companies concerns, management of social risks 8 Food and Agriculture Organization of the United Nations, March 2021. 9 Ceres Food Emissions 50. Allianz Global Investors Sustainability and Stewardship Report 2022 82