Unlocking the “S” in capitalism their approach to labour relations or consider more holistically their impact on local communities. But we know there is more that we – and the industry – Vaccine inequality can do. By making inclusive capitalism our third sustainability For every 100 people, around 68 vaccines research theme, we are granting proper resources and were administered in Europe and Northern efforts to identify emerging issues, driving awareness and America, compared with fewer than two in creating change. With the interdependencies of social, 16 climate change and environment, we will be able to address sub-Saharan Africa. this topic alongside our other two thematic pillars: climate change and planetary boundaries. Our analysis in framing and structuring inclusive Urgent next steps capitalism led us to distinguish life essentials and The world must take its lessons from the pandemic that livelihood essentials. We also believe that inequalities revealed the need for a shift of our economic and societal and exclusions deserve the same level of attention, as model. Global leaders are setting the tone by addressing exclusions are generally the consequence of inequalities social topics. The planned introduction in 2022 by the that have been stretched beyond their tipping point, EU of a Social Taxonomy, the social dimension of US including by the pandemic. This focus will likely lead President Joe Biden’s infrastructure plan, and China’s focus to product innovation, including new impact-focused on “common prosperity” are strong signs that the tide is investment strategies. It will also inform proxy-voting turning. We see this as the right moment to take an active decisions and define themed engagement projects, stance on inclusive capitalism alongside climate change which is a proven tool for increasing awareness among and the environment. These interwoven priorities, while corporations. Concerted actions via joint initiatives, representing the biggest challenges facing our planet, including the UN Principles for Responsible Investing, unlock new opportunities for investors to support the 15 transition to a more inclusive and sustainable world. will continue to be another lever to drive change. Exhibit 4: AllianzGI framework for inclusive capitalism Inclusion F airness , f Life Livelihood e a v i i r s Essentials Essentials u a s l n e ri e c d d n u o n B Education ry i s Food a t u e n n a s Health Decent work Pl A at Energy Infrastructure bani Clean air Financial el Water services dlrow apitalism e C B Inclusiv l u a s i n n o e i s t r e s v i i t a D y s e N s People G ties Life Essentials lob Diversity uni e a m g l n m a o h C C e t a m i l apitalism C Inequalities e C Livelihood Essentials Inclusiv Exclusion 15. For example, we contributed to the UN PRI paper on Covid-19 recovery: Sustainable and inclusive: Covid-19 recovery and reform | Engagement guide | PRI (unpri.org)| PRI (unpri.org) 16. The Sustainable Development Goals (SDGs), 2021 | United Nations 6