Executive summary Governance Allianz Global Investors (AllianzGI) Management and Supervisory Board members receive regular strategy updates of AllianzGI business and this includes a section on the latest strategic updates regarding sustainability, and climate change. Strategy We help our clients to reflect climate risks and opportunities in their holdings. In 2021 we adopted a firm-wide thermal coal exclusion policy for all mutual funds we manage. This section shows our innovative investment solutions, progress in sustainability research, policy advocacy, and our active industry and policy engagement. Risk management We have put in place further processes such as a tool for analysing sustainability risks and principal adverse impacts, including climate metrics. This section also includes information on climate scenario analysis and stress-testing. Metrics and targets After becoming a Net Zero Asset Managers (NZAM) initiative signatory in 2021, we submitted first interim targets at the beginning of 2022, reflecting the targets set in 2021 by Allianz for its proprietary assets. In addition, we have also committed to reducing our greenhouse gas footprint as a business, covering energy-related emissions, business travel and paper use. AllianzGI TCFD Report 2021 3