ESG Focus Areas
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Shareholder Proposal: Amazon Inc. In December 2025 we decided we would again join as co-filers of the proposal on freedom of association for Amazon’s 2026 AGM. The proposal was changed somewhat compared to last year in an effort to meet the updated SEC’s guidance on share- holder proposals 14-8a rules. A big change is that for the 2026 proxy season SEC has said that it will not review no action requests by companies. This means that Amazon can exclude the proposal from the proxy material without an opinion from the SEC. In a meeting in January 2026, Amazon informed the co-filers that it will not allow the shareholder proposal and it will not be included in the proxy material for Amazon’s AGM in May 2026. We are planning another meeting in March.
Outlook In the coming year, we anticipate an increased emphasis on securing minority shareholder protections and enhanc- ing diversity and inclusion initiatives. Our governance outlook includes an expectation that boards should ideally comprise at least 40% representation from each gender. Additionally, we expect boards to make progress towards aligning their strategies with the Paris Agreement goals, demonstrating a clear commitment to addressing climate- related risks and opportunities.
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