Voting
When we buy shares in a company, we gain the right to vote at the company’s shareholder meetings. This means that we have a say in director elections and important decisions that affect our investments.
Voting is one of our most important means of influence
When voting at shareholder meetings, we consider whether the board operates effectively and whether our shareholder rights are adequately protected. Our default position is to support the company while also expressing our positions and expectations. We have clear views on what company boards should look like, and we can vote against the board if the company does not conform to them.
How we vote
Every year we vote on 110,000 resolutions at more than 11,000 annual shareholder meetings.
We are transparent and predictable in terms of both how we vote and why we vote the way we do. We publish our voting intentions five days before each meeting.
When we vote against the board’s recommendation, we always give an explanation.
94
We voted in line with the board's recommendation in 94 percent of all resolutions in 2025
Our starting point is to support boards in their work. Our company engagements, together with our global voting guidelines and position papers, inform our voting decisions.
In some key areas, such as CEO pay, board independence and election of a combined chair/CEO, we voted against fewer proposals in 2025, reflecting evolving company practices, regulatory developments and changes to our portfolio.
We have a clear view on CEO remuneration. A substantial part should be shares that are locked in for at least five and preferably ten years.
Caroline Eriksen
Global Head of Active Ownership
Our voting guidelines
With investments in 7,201 companies, the fund leaves most decisions to their board and management. This requires boards to do their job effectively, and management to have the right incentives. Our global voting guidelines set out principles for our voting which we believe will contribute to effective boards and good corporate governance.
How we vote on specific topics
Our position papers set out our views on specific topics and serve as a starting point for both our voting and our dialogue with companies and standard setters.
See how we vote in practice
Shareholder proposals on sustainability
We have a framework for voting on shareholder proposals related to sustainability. This ensures that we make considered and consistent voting assessments across all companies in the portfolio. When assessing proposals we consider three elements: materiality, prescriptiveness and relevant company- or market-specific circumstances.