Allianz Global Investors has published its 2026 global voting policy updates, strengthening its approach to corporate governance, board independence and ESG-linked remuneration.
The asset manager said it participated in 8,690 shareholder meetings in 2025, voting on nearly 90,000 proposals and dissenting on at least one item at 71% of meetings. It opposed 21% of director elections, citing concerns over long tenure, overboarding and insufficient committee independence.
Matt Christensen, Global Head of Sustainable and Impact Investing, said: “As long-term stewards of our clients’ capital, we remain committed to active ownership and strong governance. While regulatory shifts may reduce US shareholder resolutions in 2026, our focus on transparency, material ESG risks, and long-term value remains unchanged. We will continue to pursue the issues that matter most to our clients and adapt as the landscape evolves.”
From 2026, AllianzGI will no longer support non-independent chairs who previously served as combined Chair/CEO. From 2027, it expects boards to comprise no more than 85% of the same gender, extending its inclusion standards across Asia.
On executive pay, the firm is raising the bar for ESG-linked metrics. Key performance indicators must align with long-term corporate strategy and be materially relevant to the business and sector. AllianzGI will vote against remuneration policies that use identical KPIs for both short- and long-term incentives, aiming to prevent double-rewarding of performance.
Remuneration remained a major area of dissent. In Europe, opposition to pay proposals reached 55% in Belgium, 51% in the Netherlands, 47% in Italy and 40% in Germany. In Italy, the firm opposed around half of remuneration reports, partly due to discretionary payout mechanisms.
In the United States, AllianzGI opposed 77% of remuneration proposals, largely over rising equity-based awards and recruitment grants. The firm said it continues to favour performance-based equity awards with stretching targets rather than restricted stock.
At Russell 3000 companies, shareholder proposals declined by nearly 16% in 2025. AllianzGI voted on 501 US shareholder resolutions, supporting all climate-related proposals focused on disclosure and transparency, as well as all 26 human-rights-related resolutions. It also backed calls for greater transparency on political spending and lobbying, while rejecting proposals aimed at restricting corporate climate analysis or action.
The firm noted a rise in shareholder resolutions related to artificial intelligence and said it has developed an engagement framework to better assess associated governance and sustainability risks.
AllianzGI voted against 33% of director elections in Germany and France, and 36% of bundled resolutions under Italy’s voto di lista system. The firm stressed the importance of structured and transparent succession planning for board chairs and executive directors.
Antje Stobbe, Head of Stewardship at AllianzGI, said: “We encourage boards to start succession planning for the board’s chair and its members early on and commit to a clearly structured process which is transparently communicated to investors. AllianzGI places high importance on a professional search process as well as sufficient time for the incoming chair to settle in.”
