Sustainable investing – always looking ahead

Our commitment to sustainability hasn’t changed, but we have changed the way we think about it as the possibilities expand. Given the diversity of investors’ objectives and requirements, our sustainable investing products are built on a broad range of approaches, adaptable to different levels of ESG incorporation and client preferences. Our capabilities seek to enhance our clients’ investment decisions while helping create benefits for wider society. All part of our commitment to being a sustainability shaper.

*AUM as at 31 March 2024. ESG risk-focused is not considered sustainable according to the EU Sustainable Finance Disclosure Regulations. Note that “sustainability-focused” and “impact-focused” are Allianz GIobal Investors product categories. Reference to a fund being within them does not indicate that fund has a “Sustainability Focus” or “Sustainability Impact” label under the United Kingdom’s Sustainability Disclosure Requirements (SDR).
**Maximum possible rating is 5 stars
As at 31 December 2023

Find out how our capabilities evolved to support the breadth of investor needs.

Our journey


Three sustainability themes

We identified three themes that we believe are critical to society, our investors and Allianz Global Investors as a business.

Our research and engagement activity is built around the most material risks and opportunities of these three themes – for our business, the businesses in which we invest, and our wider stakeholders.

Product categories

Our clients’ sustainability objectives vary – that’s why we offer investment solutions with differing levels of sustainability incorporation, according to clients’ ultimate ambitions. Our Sustainability-focused and Impact-focused products require, as a minimum, application of our Sustainable Minimum Exclusion policy and one of our qualifying approaches.


Financial returns and active risk management

Classified as Article 6* only
ESG risk-focused

EUR 88bn

Financial returns and material E, S and G risk considerations

Qualifying approaches
Integrated ESG

Classified as Article 6* only
Firm-wide exclusions

EUR 207bn#(combined AUM with Impact-focused strategy)

Financial returns and sustainability objectives and values

Qualifying approaches
SRI best-in-class KPI-based approach Multi asset sustainability blend ESG score approach

Classified as Article 8*

EUR 207bn#(combined AUM with Sustainability-focused strategy)

Financial returns and measurable sustainable outcomes

Qualifying approaches
Impact (Art. 9) SDG-aligned fixed income /multi asset/private markets (Art. 9) SDG-aligned equity (Art. 8)

Classified as Article 8 or 9*
Sustainable minimum exclusions
ESG risk assessment: identification and consideration of sustainability risks and adverse impacts
Active stewardship: company engagement and proxy voting
Source: Allianz Global Investors, 31 March 2024.
For illustrative purposes only. Exclusions apply to direct investments. Sustainable or impact investing private markets strategies apply the Allianz ESG Integration Framework exclusions. Allianz Global Investors supports the UN Sustainable Development Goals (SDGs).
*According to EU SFDR regulation
ESG: Environmental, Social and Governance. SRI: Sustainable and Responsible Investing. KPI: Key Performance Indicator.
#AUM in Sustainability-focused and impact-focused strategies combined: EUR 207 bn. Note that “sustainability-focused” and “impact-focused” are Allianz GIobal Investors product categories. Reference to a fund being within them does not indicate that fund has a “Sustainability Focus” or “Sustainability Impact” label under the United Kingdom’s Sustainability Disclosure Requirements (SDR).
ESG risk-focused category (also known as the integrated ESG investment approach) is not considered sustainable according to EU Sustainable Finance Disclosure Regulation.

Active stewardship

Our goal is to shape pathways towards real-world transition, and our responsibilities as the active steward of our clients’ assets is key to this ambition.

2023 highlights

481 engagements

with 374 companies in 32 locations


shareholder meetings where we participated


of shareholder meetings where we voted against, withheld or abstained from at least one agenda item

We use two primary levers to motivate sustainable outcomes at investee companies:

Proxy voting enables us to vote during shareholder meetings on behalf of our investors. This allows us to have a say on important issues affecting companies in which we invest. Our voting decisions are informed by in-depth research and analysis and discussions with investee companies.

We have started making pre-AGM voting announcements on high-priority topics to ensure our intentions are transparent and to aim to persuade other investors to adopt a similar approach.

As part of our commitment to full transparency of our proxy voting activities, we publish the following:

Our engagement activities with investee companies help us to understand – and mitigate – the real risks of our holdings. In recent years, we have increased the number of our engagement activities in line with our priority themes – climate change, planetary boundaries and inclusive capitalism.

The number of engagement topics is also up – from corporate governance and business strategy topics to environmental and social impacts.

Engagement across asset classes
While the bedrock of our engagement activities comes from our heritage as an active equity manager, we are expanding our engagement activity across fixed income and labelled debt and facilitating dedicated dialogues for our corporate credit strategies. We have also stepped up engagement activities dedicated to our investments in Asia.

Sometimes the most effective way to increase our impact and achieve engagement objectives for our clients is to engage collaboratively with other investors – particularly in cases where we have major concerns but only a limited investment in a company.

Examples of the investor groups we work alongside include Climate Action 100+, Ceres Food Emissions 50, the 30% Club France Investor Group and the PRI Advance Coalition on Human Rights. Topics for collaborative engagement have included climate change, gender diversity and human rights. We are also proud to have co-founded the 30% Club Germany Investor Group.

We provide extensive details of our stewardship activities and outcomes in our annual Sustainability and Stewardship Report.

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