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Allianz Global Investors to push for ESG-executive compensation link

Allianz Global Investors will vote against large European companies that do not link executive pay to ESG measures in 2023, the fund manager said in a press release on Tuesday about its 2021 voting record.

For 2022, AllianzGI has told UK and US businesses it expects to see an approach to diversity “beyond gender”.

With $762 billion under management, AllianzGI has voted on nearly 110,000 shareholder and executive proposals and has seen “a continuing and stark disparity in corporate governance standards across the globe,” it said. he stated in the release.

Of the 10,190 shareholder meetings worldwide it attended last year, it voted against, abstained or abstained on at least one agenda item with 68% of all the assemblies in the world, and opposed it by 21%.

The situation was different in the UK, where he opposed just 4% of all proposals, citing strict corporate governance standards and support for boards. In contrast, AllianzGI opposed 40% of the proposals at meetings in the United States and 32% in Italy and Japan.

Proposals related to executive pay were among the most controversial, with AllianzGI voting against 47% of management’s proposals, including 20% ​​in the UK.

AllianzGI also urged companies in 2021 to provide clear climate targets and commit to publishing annual reports, and backed all management proposals from 30 companies, following extensive engagement.