Our voting first half 2025

We voted at 7,936 shareholder meetings and on a total of 87,399 proposals in the first half of 2025. In this review, we look at trends and outcomes, including on key topics such as board composition and executive pay. We discuss how sustainability issues are reflected in our voting, including how we are pushing for progress on climate risk mitigation.

How we voted

Voting is one of our most important tools of influence as an owner. We vote to express our views as an owner, promote long-term value creation by companies and safeguard the fund's assets.

7,936

shareholder meetings voted at

87,399

resolutions voted on
95

We voted in line with the board's recommendation in 95 percent of all resolutions

We voted against management in 5 percent of the resolutions in the first half of 2025. The rationale for votes against are expressed in our position papers and our global voting guidelines. 

Some of the reasons we voted against were:

  1. Board independence.
  2. Combined chair/CEO roles.
  3. CEO pay.
  4. Holding the board accountable.
  5. Board gender diversity.

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