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AllianzGI announces its votes against remuneration-related items at selected Swedish AGMs

24.04.2026 | Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced today that it intends to vote against a number of remuneration related agenda items at the upcoming 2026 Annual General Meetings of Swedish companies Assa Abloy, BioGaia, Epiroc and Hexpol.

The decisions follow sustained engagement with these companies and reflect AllianzGI’s concerns regarding insufficient transparency in remuneration reporting, and in particular, limited disclosure on the assessment of variable pay outcomes. AllianzGI believes this restricts shareholders’ ability to assess the alignment between executive pay, performance and long term value creation. The absence of clearly disclosed, material ESG metrics in variable remuneration frameworks also remains a concern in certain cases.

AllianzGI’s decision to preannounce an against vote on specific agenda items comes only after repeated and long standing engagement with the companies concerned. While some incremental improvements have been observed, the pace and depth of change have, in AllianzGI’s assessment, been insufficient to fully address its concerns. By publicly announcing its against votes on selected remuneration related proposals, AllianzGI aims to reinforce its expectations and signal the importance of best practice governance standards, particularly in relation to pay transparency, accountability and minority shareholder protections.

At the same time, AllianzGI seeks to recognise progress where companies demonstrate meaningful improvements following engagement and will support enhanced remuneration reports at 2026 AGMs.

Matt Christensen

Matt Christensen, Head of Sustainable and Impact Investing at AllianzGI, commented: “Executive remuneration must be transparent, performance linked and aligned with long term value creation. Where disclosure and accountability fall short, we will use our voting rights to signal our expectations. At the same time, we are keen to recognise companies that respond constructively to engagement and raise their governance standards”.

In 2025, AllianzGI participated in 8,690 shareholder meetings globally, voting on around 90,000 proposals. The firm opposed, abstained or withheld votes at least once at 71% of meetings, and voted against 21% of director elections, reflecting its continued focus on board quality and remuneration governance. Remuneration and board quality remained among the most significant drivers of dissent, reflecting AllianzGI’s high expectations for best practice governance standards, particularly in relation to pay transparency, accountability and minority shareholder protections.

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For further information please contact:

Marion Leblanc-Wohrer
Tel: +33 17305 7791
Marion.leblancwohrer@allianzgi.com



About Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with more than 700 investment professionals in 21 offices worldwide, and managing EUR 591 billion in assets. We believe that with every change comes an opportunity. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. Curious and active in everything we do, we aspire to generate impact beyond alpha, steering our clients’ assets towards the right place at the right time, and building solutions that draw on capabilities across public and private markets. Our focus on protecting and growing our clients’ assets allows us to create trusted partnerships, underpinned by a commitment to sustainability and driving positive change.

Allianz Global Investors

Data as at 31 December 2025. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

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For investors in Europe (excluding Switzerland & the United Kingdom)
For a free copy of the sales prospectus, incorporation documents, daily fund prices, Key Information Document, latest annual and semi-annual financial reports, contact the issuer at the address indicated below or www.allianzgi-regulatory.eu. Austrian investors may also contact the Austrian information agent Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, AT-1100 Vienna. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established branches in France, Italy, Spain, Luxembourg, Sweden, Belgium and the Netherlands. Contact details and information on the local regulation are available here (www.allianzgi.com/Info). The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

For investors in Switzerland
For a free copy of the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact [the Swiss funds’ representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich - for Swiss retail investors only] or the issuer either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

For investors in the United Kingdom
For a free copy of the sales prospectus, incorporation documents, daily fund prices, Key Investor Information Document, latest annual and semi-annual financial reports, contact the issuer at the address indicated below or regulatory.allianzgi.com. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors UK Limited, 199 Bishopsgate, London, EC2M 3TY, www.allianzglobalinvestors.co.uk. Allianz Global Investors UK Limited, company number 11516839, is authorised and regulated by the Financial Conduct Authority. Details about the extent of our regulation are available from us on request and on the Financial Conduct Authority's website (www.fca.org.uk). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors UK Limited.

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