engagementreport 2022, english by Raiffeisen Capital Management

engagementreport Overview of all activities conducted by Raiffeisen KAG in implementation of its engagement policy

2022

Responsibility as an investor “Engagement” is a broad term that covers corporate dialogue and the exercise of voting rights. But it is also often simply used as a synonym for dialogue with companies. Corporate dialogue and the exercise of voting rights are intended to make use of all rights and opportunities that a shareholder has in respect of a company in which he has invested. This is called “active ownership”. Engagement can take the form of informal conversations, often called “soft engagement”, standardised dialogues, or the use of formal channels by way of voting at annual general meetings. Which specific form of engagement is most likely to lead to success depends on the particular situation. If soft engagement and mere dialogue do not bear fruit, investors still have the option of having a public effect on the company by exercising their voting rights and speaking at the annual general meeting.

As one of Austria’s leading asset managers, Raiffeisen Kapitalanlage GmbH (Raiffeisen KAG) is conscious of its fiduciary responsibility to its customers. As part of this, it actively engages with companies in order to best preserve its customers’ interests. Engagement can serve different purposes: on the one hand, it is used for a more careful assessment of companies’ financial situation and development. This provides a look behind the scenes, so to speak. On the other hand, in conjunction with a proactive approach, engagement on ESG* issues helps companies move towards improvement in corporate social responsibility (CSR) and sustainability. For the company and ultimately for the owners as well, this improvement should lead to “sustainable” benefits, which are reflected over the long term in better

“Engagement” is a broad term that covers corporate dialogue and the exercise of voting rights.

operating results. In terms of corporate dialogue, Raiffeisen KAG makes a distinction between proactive engagement and responsive engagement. Proactive, constructive dialogue with companies serves to identify potential financial and non-financial opportunities and risks, and ad-

* ESG stands for environment (E), social (S) and corporate governance (G).

Raiffeisen Capital Management

Dieter Aigner Chief Executive Officer

Hannes Cizek Chairman of the Board

Michal Kustra Chief Executive Officer

dressing current events in a targeted manner via responsive dialogue allows for an accurate assessment of the company in the context of its environment and potential risks. The exercise of shareholders’ voting rights occurs either directly or indirectly via proxy. Raiffeisen KAG acts according to internal principles which are based on a transparent, sustainable corporate governance policy and

Proactive, constructive dialogue with companies serves to identify potential opportunities and risks.

cover significant topics that regularly arise at annual general meetings.

engagementreport 2022 |

Corporate dialogue » In addition to primary and secondary

Fundamentally speaking, Raiffeisen KAG distinguishes between three forms of corporate dialogue:

research, Raiffeisen KAG uses corporate dialogue to get a clearer picture of

the financial situation of companies and

to ascertain to what extent ESG aspects

Direct corporate dialogue in the form of individual conversations or group meetings, with a focus on the company and its specific efforts in ESG issues.

are taken into account in the company. Corporate dialogue can take the form of direct and indirect contact, company visits, conferences, and conference calls.

Direct corporate dialogue as part of thematic or sectoral research,

Direct and indirect corporate dialogue are part of the collaborative

Corporate dialogue plays a particularly

with a focus on the theme or sector-specific ESG factors.

important role in the context of sustainability. This is often initiated on the basis of relevant current topics such as electromobility, palm oil, and microplastic. In such cases, Raiffeisen KAG takes a thematic approach to several companies from the same sector so as to be able to compare the engagement results.

engagement process, in the course of which we work together with other ESG-minded investors and broadly address a certain thematic area of focus. Generally, the relevant topics are defined by the PRI and its initiatives for collaborative engagement. In this process, a company can function as the “Lead Investor” or as a “Supporting Investor”. Lead Investors prepare the corporate dialogue in detail and arrange contacts with companies; Supporting Investors are integrated into the dialogue and also support the process with content to some extent.

The results of engagement in various different topics are published regularly in our information magazine SUSTAINABLE INVESTMENT.

Principle Adverse Impacts

The European Union’s Sustainable Finance Disclosure Regulation (SFDR) requires Raiffeisen KAG to engage with companies where negative sustainability factors (“principle adverse impacts”, or “PAIs”) have been identified. This engagement with companies where

negative sustainability effects have been identified is done in several stages: by taking an active part in the annual general meeting, engaging collaboratively via platforms, or contacting the company directly. In each case, the relevant PAIs are tackled head on.

Raiffeisen Capital Management

Corporate dialogue activities conducted by Raiffeisen KAG in 2022:

Individual conversations

Focus

Total

126

Fundamental aspects

126

Environment

126

Social aspects

Corporate governance

Group meetings

Focus

Total

256

Fundamental aspects

256

Environment

117

Social aspects

Corporate governance

Thematic research Total Fundamental aspects

171 0

Environment

Focus

Social aspects

Corporate governance

Impact research Total

Fundamental aspects 0 Focus

Environment

Social aspects

Corporate governance

Collaborative corporate dialogue

Focus

Total

Fundamental aspects

Environment

Social aspects

Corporate governance

Note: Topics from multiple areas can be discussed at the same time during a single corporate dialogue meeting.

engagementreport 2022 |

Prime Engagements

As well as devoting particular attention to

in Raiffeisen KAG's current investment funds,

developing its existing engagement activities

stocks with a high level of market capitalisa-

further, Raiffeisen Capital Management also

tion, or well-known names that attract a great

launched a new initiative called Prime Enga-

deal of media attention. If Raiffeisen Capital

gements in 2022. These flagship engagement

Management has held long-term positions in

projects are intended to ensure a focus on

an identified candidate in the past or will do

broadening expertise and stepping up com-

so in the foreseeable future, that company will

munication with selected companies.

be classified as a Prime Company based on a

These will either be representative positions

proposal by fund management

The following stocks held this status as of 31 December 2022:

Europe America Emerging Markets

Compagnie de Saint Gobain (France) Roche (Switzerland) BMW (Germany) Lenzing (Austria) Wienerberger (Austria) Mytilineos (Greece)

Mondi (USA, South Africa)

Arcelik (Türkiye)

ASML (Netherlands)

Bank Rakyat (India)

Microsoft (USA)

Tata Consultancy (India)

MasTec (USA)

Xinjiang Goldwind (China)

WEG (Brazil)

TSMC (Taiwan)

The following engagement measures are man-

agreements (potentially including interim tar-

datory for these names: Besides playing an

gets). Raiffeisen KAG evaluates and records

active part in their annual general meeting,

any progress made.

regular high-level contact with the company

This is designed to broaden expertise regard-

is to be initiated, not least as an opportunity

ing the companies, potentially improve their

to explain Raiffeisen KAG's sustainability

sustainability strategies, instigate changes, and

objectives. Following a detailed sustainabil-

showcase Raiffeisen Capital Management to

ity analysis, these objectives are discussed

them as a sustainable, long-term, and reliable

with the company and turned into clear target

investor.

Raiffeisen Capital Management

Examples of engagement with individual names

Fortum

With a market capitalisation of over EUR 13

of nuclear power plants and repositories in the

billion (as of January 2023) and nearly 8,000

face of natural disasters and under pressure

employees in total, the Finnish utility is one of

from the ongoing war in Europe. Fortum gave

the largest listed utility companies in Europe,

us this answer in all seriousness: “Nuclear

and nuclear power makes up more than 19 per

safety in the Nordic countries is amongst the

cent of its energy mix. The company became

best in the world. We do not experience earth-

more familiar in German-speaking countries in

quakes or other natural disasters, and war is

2017 when it acquired nearly 48 per cent of the

unlikely (despite the highly improbable occur-

German utility Uniper. The company had this to

rence that is the war in Ukraine). We regard

say on the issue of clean energy and nuclear

the risk of war as very low.” In terms of the

power: “We want to be driving the transforma-

issue of the final storage of nuclear waste in

tion towards a cleaner world. We are ensuring

particular, there are problems to solve due to

a rapid, reliable transition to a climate-neutral

the extremely long time it needs to be stored

economy by supplying customers and commu-

for. For instance, how do you warn people

nities with clean energy and sustainable solu-

about the risks 100,000 years down the line?

tions. Nuclear energy has a key role to play in

The company does not have any solutions of

producing clean power. As a reliable, zero-CO2

substance that it can propose for this problem.

energy source, it is helping to cover current

Nevertheless, the Finnish government granted

electricity demand, improve security of supply,

its approval in November 2015 for the opera-

and curb the impact of climate change. Viewed

tor Posiva, in which Fortum holds a significant

across its entire lifecycle, nuclear power has

stake, to build a repository 400 to 450 metres

a carbon footprint as small as that of wind,

underground. This final storage facility would

water, and solar.” One of the questions that

have capacity for 6,500 tonnes of nuclear

we asked the company was about the safety

waste encapsulated in copper canisters.

engagementreport 2022 |

Unilever

Nokia

Back in 2010, the UK consumer goods group

For instance, Unilever wants to stop further

Unilever launched its Unilever Sustainable

deforestation in all its production processes

Living Plan (USLP) – a comprehensive pro-

as early as the coming year.

gramme meant to cover all facets of sustaina-

A core aspect of the USLP is the transition to a

bility at the company. By its own admission,

circular economy in a world free of waste; this

Unilever learnt a lot along the way and did not

means radically cutting down on plastics and

always get things right the first time round. The

packaging, food waste, as well as other waste

company is certain, however, that the road it

from factories and company locations. In res-

has embarked on is the correct one. The inten-

ponse to our question regarding programmes

tion is to create a world, together with suppliers

to reduce food waste, Unilever referred us to

and consumers, that everyone dreams of. In

the Global Food Loss and Waste Standard,

doing so, the company supports the non-

which the company implements fully. In addi-

negotiable observance of human rights and

tion, the company undertakes to reduce food

uses the entire influence of its brands to effect

waste by 50% by the year 2025, compared to

positive change.

the base year 2019. For example, the product

With regard to climate protection, a transition

“Cremissimo Schokoheld” uses 40% of an ice

towards renewable energy is taking place in

cream that would have been destroyed in the

all areas of business, while simultaneously

past.

searching for low-carbon ingredients and

The company is aware that the global nutrition

materials to be able to offer plant-based alter-

system is out of step. Unilever wants to do

natives such as vegan food as well as cleaning

its part to transform this system. The Future

products free of fossil carbon. The aim is to

Foods Initiative aims to support the transition

achieve net zero emissions by 2039.

towards healthy eating while reducing the

Supply chains are to be changed drastically.

ecological footprint at the same time.

The Helsinki-based company currently has

nificantly as a result. Nokia is working on this

roughly 88,000 employees around the world

problem very intently and aims to counteract it

and reported group revenues of over EUR 22

with a wide range of measures. There are cle-

billion for the 2021 financial year.

arly communicated goals for the reduction of

The founding of Nokia Networks following the

greenhouse gases at every plant and business

acquisition of the shares of the joint venture

location, and Nokia also plans to thoroughly

partner, Siemens, in 2013 laid the foundation

examine its supply chain in this regard in the

for Nokia’s transformation to primarily a net-

near future.

work hardware and software provider. The

Overall, the company strives to reduce green-

French-American telecommunications equip-

house gas emissions by 50% by 2030, with

ment supplier Alcatel-Lucent was acquired in

the generally recognised Science Based Tar-

2015. With the expanded customer base, the

gets serving as the foundation. This target

resulting revenues, and several more small

pertains to the entire value chain (i.e. Scope 1,

acquisitions, Nokia established itself as one

2, and 3 emissions). It is in line with the Paris

of the leading companies in the telecommu-

climate targets and is aimed at achieving full

nication network and 5G segments.

climate neutrality by 2050. We feel that this

In an increasingly networked and digitalised

is a very ambitious plan for a company that is

world, energy consumption is also rising sig-

inherently very energy-intensive.

Raiffeisen Capital Management

Schneider Electric

Schneider Electric is a globally active and

What does Schneider Electric say on the topic

widely diversified industrial enterprise head-

of human rights, equality, and equal opportu-

quartered in Rueil-Malmaison in the vicinity

nities?

of Paris, France. The company employed

“We strive to improve life by developing sus-

more than 166,000 staff as of the end of 2022.

tainable energy solutions, and we can only

Schneider Electric, together with Siemens, is

achieve this by means of an approach that

among the largest and most important indus-

concerns all areas of business and in which

trial corporations in Europe.

all employees participate. Inequality, in all its

Schneider Electric has already demonstrated a

forms, is a major threat to peace, stability, and

strong sustainability performance. It surpasses

prosperity. Worldwide, around two billion peo-

global competitors in relation to their corporate

ple do not have reliable access to electricity.

governance structures. Companies with large

Yet we view this access to energy as a fun-

diversified holdings, such as Schneider Elec-

damental human right, and overcoming this

tric, can be confronted with potential doubts

inequity also means tackling the other big pro-

in connection with an excessive managerial

blems involving inequality. To close the energy

impact. However, the company has a strong

gap, we are developing and supporting rural

independent board of directors that oversees

electrification projects ranging from solar lan-

the general management. Furthermore, it has

terns and household electrification systems to

a robust ethical framework that includes com-

street lamps and microgrids.”

pliance measures such as executive supervi-

This commitment towards equitable progress

sion, audits, and whistle-blower protection. We

also extends to its philosophy on diversity,

also found there to be a strong commitment

fairness, and inclusion. With seven women

towards initiatives for clean energy.

on its sixteen-member Executive Commit-

The company surpasses its competitors with

tee, the management team is one of the most

clean technology initiatives and a range of

gender-balanced in the industry. The com-

energy management solutions for solar power,

pany intends to ensure that women make up

charging stations, and industrial automation.

50% of new recruits, 40% of front-line execut-

Its so-called clean-tech portfolio contributed

ives, and 30% of management staff by 2025.

roughly 30% towards the group’s total revenue

These clear targets also help us to monitor

in 2020.

and check up on the company.

engagementreport 2022 |

Sustainable Development Goals (SDGs) Impact research

As in the past four years, one of our objectives

ble development at the economic, social, and

this year was to assess the relevance of the

environmental levels. In order to perform this

17 United Nations Sustainable Development

assessment, we developed a special ques-

Goals (SDGs) for the companies in our funds

tionnaire and sent it to more than 120 firms

and to ask the companies about their con-

from our funds. The following chart shows how

tributions towards the achievement of these

relevant the respective SDGs are for the com-

goals. The 17 SDGs entered into force in early

panies that responded to our questions.

2016 and are intended to promote sustaina-

Relevance of the SDGs

SDG 1

SDG 2

12%

SDG 3

41%

SDG 4

22%

SDG 5

38%

SDG 6

25%

SDG 7

34%

SDG 8

43%

SDG 9

36%

SDG 10

24%

SDG 11

21%

SDG 12

44%

SDG 13 SDG 14 SDG 15 SDG 16 SDG 17

Raiffeisen Capital Management

54%

12%

20%

24%

Topic-specific engagement Raiffeisen Capital Management publishes a quarterly sustainability information magazine that always examines one specific topic from the area of sustainability in greater detail. The exchange of views with companies on precisely the topic in question is a key part of this detailed analysis. The following topics were featured in 2022, and the companies were asked the following questions with regard to them:

World nutrition

A total of 30 international supermarket chains were contacted and presented with an extensive catalogue containing questions on their dealings with food. The questions that we

tional value of your products? –W hat programme do you have to reduce food waste? – W hat percentage of your products is

asked included:

directed at consumers with low incomes?

–W hat is your contribution towards Sustain-

And what are the growth characteristics of

able Development Goal (SDG) 2, which is aimed at ending hunger worldwide?

this segment? – Food prices, in particular the price of wheat,

– W ith regard to your supply chain: Do you

have risen very sharply as a result of the

have a policy on sustainable agriculture?

tense geopolitical situation in Ukraine. How

And what checks are done before working

are you dealing with this? And do you believe

with a new supplier?

the current price levels will remain constant

– A re there initiatives to increase the nutri-

Company

Fundamental aspects

or are they only temporary?

Environment (E)

Social (S)

Aeon Co Ltd

Albertsons Cos-A

Avenue Supermart

Axfood AB

Carrefour SA

Central Retail C

Coles Group Ltd

Dino Polska SA

Empire Co Ltd A

Hellofresh SE

Jardine Matheson

Jeronimo Martins

Kesko Oyj-B

Kobe Bussan Co L

Corporate governance (G)

engagementreport 2022 |

Company

Cybersecurity

Fundamental aspects

Environment (E)

Social (S)

Koninklijke Ahold

Kroger Co

Magnit

Marks & Spencer

Metro AG

Ocado Group Plc

Sainsbury Plc

Shoprite Hldgs

Siam Makro Pub

Sumber Alfaria

Tesco Plc

Unilever

Walmart Inc

Weston (George)

Woolworths Group

In total, 45 companies from various sectors were contacted, with a focus on the especially vulnerable sectors of utilities, telecommunications, industry, and financials. These

Corporate governance (G)

– H ave you planned budget increases for cybersecurity? – Do you receive government support for dealing with these challenges?

companies in particular are often victims of

– Which types of attacks on your digital secu-

cyberattacks but are also at the forefront when

rity are most dangerous for you (phishing,

it comes to defending against them. The ques-

social engineering, etc.) and how do you

tions that we asked in this process included:

train your employees to protect them against

– What significance does cybersecurity cur-

attacks?

rently have at your company and how has

– What contribution does your company make

this changed over the last two years due to

to SDG 16 (Peace, justice and strong insti-

the increase in telecommuting, the pande-

tutions)?

mic, and the tense geopolitical situation?

Company

Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Allianz SE

BAWAG AG

Deutsche Post AG

Edp Renovaveis SA

Raiffeisen Capital Management

Company

Gender equality

Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Elisa Oyj

Enel SPA

Experian Plc Expn

Hannover Rueck

Hapag-Lloyd AG

Iberdrola SA

Kbc Group NV KBC

Lundin Energy AB

HOL Hungarian

Muenchener Rueck AG

Oesterreichische Post AG

OMV AG

Semperit AG Holding

Siemens AG

Swisscom AG

Uniper SE

Verbund AG

We contacted more than 60 companies from

subconscious prejudices in your company

various sectors; in our review of the answers,

(in particular with regard to the recruitment

however, we concentrated on companies from

and remuneration of female and male emp-

the financial sector, which is still largely male-

loyees)? Does your company monitor the

dominated. The questions that were asked in

gender pay gap?

this process included the following:

– In connection with our topic of gender equa-

– H ow important is gender equality to you,

lity, what aspects does your organisation

and what concrete value does it add to your

handle well, where are the weaknesses, and

company?

what efforts are still needed to achieve this

– Is your general business and brand strategy oriented towards gender equality (e.g. on the subject of the so-called “pink tax”)? – Which objective processes, systems, or gui-

objective? – H ow often does your company provide diversity training for management staff and other employees?

delines have you introduced to overcome

engagementreport 2022 |

Company

Fundamental aspects

Environment (E)

Social (S)

Aareal Bank AG

Akbank TAS

Allianz SE

Alpha Bank Romania SA

American Express Company

AXA SA

AXIS Capital Co

Banco Santander SA

Bank of America

Barclays Plc

BlackRock Inc.

Capital One Financial Corp

Cembra Money Bank AG

China Life Insurance Co. Ltd. (Taiwan)

Credit Suisse Group AG

Deutsche Boerse AG

Deutsche Telekom AG

Erste Group Bank AG

Falck Renewables SpA

Ford Motor Company

Grupo Financiero Banorte SAB

Janus Henderson Group Plc

JPMorgan Chase & Co.

Jyske Bank A/S

Kasikornbank Public Co. Ltd.

KB Financial Group Inc.

L´Oréal

Legal & General Group Plc

Lloyds Banking Group Plc

Malayan Banking Bhd.

Manulife Financial Corp.

Microsoft Corp

MONETA Money Bank a.s.

Raiffeisen Capital Management

Corporate governance (G)

Company

Fundamental aspects

Environment (E)

Social (S)

Morgan Stanley

Morningstar Inc.

Nasdaq Inc.

National Australia Bank Ltd

National Bank of Canada

National Bank of Greece SA

Natixis SA

Nike Inc.

Nokia

Northern Trust Corp

Poste Italiane SpA

Radian Group Inc.

Regional Management Corp.

Royal Bank of Canada

S&P Global Inc.

Schneider Electric SE

Schroders Plc

Shinhan Financial Group Co. Ltd.

Singapore Exchange Ltd.

Swedbank AB

Swiss Re AG

The Coca-Cola Company

The Goldman Sachs Group Ltd.

PNC Financial Services Ltd

Ubisoft Entertainment SA

UBS Group AG

UniCredit SpA

Walmart Inc.

Westpac Banking Corp.

Willis Towers Watson Plc

Yapi ve Kredi Bankasi AS

Yuanta Financial Holding Co. Ltd.

Zurich Insurance Group AG

Corporate governance (G)

engagementreport 2022 |

Exercising voting rights For Raiffeisen KAG, one of its key responsi-

sustainable corporate governance policy and

bilities as an asset manager is to exercise its

are intended to cover significant topics that

shareholder voting rights. These rights are

regularly arise at annual general meetings.

exercised personally at the respective annual general meetings or by way of proxy voting.

Some examples illustrate our approach. The

Raiffeisen KAG has selected the independent

annex contains a detailed depiction of our voting

firm IVOX Glass Lewis (IGL) for its proxy voting

behaviour at the five most important annual

needs. Raiffeisen KAG’s principles for exerci-

general meetings as measured by the percen-

sing voting rights are based on a transparent,

tage share held in the respective company.

4,085

Exercising of voting rights in 2022 Voting behaviour (all agenda items)

339

171

16 Annual general meetings attended

Raiffeisen Capital Management

Votes in favour

Votes against

Abstentions

Annual general meetings by region 142

100 65 11

Europe USA & Canada

Japan

Asia ex Japan

17 Latin America & Caribbean

4 Africa

339

Total annual general meetings

Management proposals and shareholder proposals 127

Votes against

Abstentions

Votes in favour

4,057

Votes in favour

Management proposals

Votes against

Shareholder proposals engagementreport 2022 |

Collaboration with other shareholders As a signatory to the United Nations Principles

to be incompatible with the principles of sus-

for Responsible Investment (PRI), Raiffeisen

tainable food production and development.

KAG has undertaken to collaborate with other

FAIRR sees itself as the coordinator of an

shareholders to enhance its effectiveness in

international network of investors aiming to

implementing these principles. One possible

minimise the medium- and long-term risks

form of this joining of forces is the PRI Colla-

to ensuring an adequate food supply for the

boration Platform, a platform for collaborative

population. The animal suffering associated

engagement. The objective of this collabora-

with industrial farming is to be reduced at the

tive engagement is to initiate a change in thin-

same time.

king at the target companies so as to achieve greater transparency, and to ideally bring

The annex contains a list of the companies

about actual changes in the behaviour of the

addressed under these two initiatives under

companies.

“Engagement activities in 2022”.

The FAIRR Initiative, which Raiffeisen KAG supports, believes industrial livestock farming to be a material risk for financial investors and

Conflicts of interest Raiffeisen KAG strives to prevent conflicts of interest relating to its engagement or to solve or handle such conflicts in the interests of its investors (for example conflicting voting behaviour between it and a company associated with it by way of direct or indirect control). To achieve this goal, Raiffeisen KAG acted in accordance with its conflicts of interest policy, which can be viewed at www.rcm.at/corporategovernance, when conducting its engagement activities.

Raiffeisen Capital Management

UNPRI SUPPORTING INVESTOR

Focus Fundamental aspects

Environment (E)

Social (S)

Apple

BMW

Daimler

General Motors

Infineon

Johnson Mattey

LG Ohem

Microsoft

Panasonic

Renault

Samsung Electronics

Samsung SDI

Sony (Murata)

TDK

Tesla

Toyota Motor

Volkswagen

Company

Corporate governance (G)

engagementreport 2022 |

Annex

Engagement activities in 2022 Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Adidas

Airports of Thailand PCL

Airtel Africa PLC

AMAG

Aquila Part Prod Com SA

Arcelik AS

Ayala Corp

Ayala Land Inc

Azbil

Baader Bank

Banco Santander Brasil SA

Bank of the Philippine Islands

Bank Rakyat Indonesia Persero Tbk PT

Bank-Analyst Jovan Sikimic

Banken-Analystin Anna Maria Benassi

BDO Unibank Inc

Befesa

Best in Parking

Bidvest Group Ltd/The

BIM Birlesik Magazalar AS

Borregaard

CA Immobilien

Capital Goods Analyst Daisuke Fukushima

Cathay Financial Holding Co Ltd

Chailease Holding Co Ltd

Cipla Ltd/India

COLOPLAST

CP ALL PCL

CPI PROPERTY

Company

Raiffeisen Capital Management

Social (S)

Corporate governance (G) X

Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

D&L Industries Inc

Daifuku

Darling Ingredients

Delhivery Ltd

DEUTSCHE BANK

Deutsche Post

Company

Social (S)

Corporate governance (G)

Deutsche Telekom

Dr Reddy's Laboratories Ltd

DS-Smith

Dürr AG

Dynatrace

E Ink Holdings Inc

Ecopro BM Co Ltd

Eicher Motors Ltd

ENBW

Encavis

EQUINOR

Equinor

ESSILORLUXOTICA

EUROPEAN ENERGY

EVN

Faraday Technology Corp

Fast Retailing

FAURECIA

Fertiglobe plc

Ford Otomotiv Sanayi AS

FRESENIUS MEDICAL CARE

GEA GROUP AG

Globalwafers Co Ltd

GMO Payment

Gold Circuit Electronics Ltd

Growthpoint Properties Ltd

X X

engagementreport 2022 |

Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Gruma SAB de CV

Hana Microelectronics PCL

HANNOVER RÜCK

HOLCIM

Home Product Center PCL

IBERDROLA

Ibiden

ICICI Bank Ltd

Indorama Ventures PCL

InPost SA

IREN

Italian Utilities Analyst

Jasa Marga Persero Tbk PT

JCDecaux

JD.com Inc

Kasikornbank PCL

Lanxess

Larsen & Toubro Ltd

Lenzing

LG Energy Solution

Mahindra & Mahindra Ltd

MasTec

MedTech-Analyst Michael Toomey

Millicom International Cellular SA

Minor International PCL

Mitra Adiperkasa Tbk PT

Mitra Keluarga Karyasehat Tbk PT

MMC Norilsk Nickel PJSC

Company

Raiffeisen Capital Management

X X

Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Social (S)

Mondi

Moscow Exchange MICEX-RTS PJSC

Motor Oil Hellas Corinth Refineries SA

Murata

Mytilineos SA

NIDEC

Nippon Express

Nova Ljubljanska Banka dd

Novatek PJSC

Novo Nordisk

Oatly

OMV

OMV Petrom SA

Ooredoo QPSC

Pakuwon Jati Tbk PT

Pegasus Hava Tasimaciligi AS

Pharma und Biotech Analyst

Pharma und Biotech Analyst (China)

PhosAgro PJSC

PI Industries Ltd

Pierer Mobility

Podravka Prehrambena Ind DD

Porr

Powerchip Semiconductor Manufacturing Corp

Powszechna Kasa Oszczednosci Bank Polski SA

Powszechny Zaklad Ubezpieczen SA

Poya International Co Ltd

PPF TELECOM

Purcari Wineries

Rostelecom OJSC

Rubis

RWE

Ryanair

Company

Corporate governance (G)

engagementreport 2022 |

Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Samsung SDI Co Ltd

San Miguel Food and Beverage Inc

SAP

Semperit

SG Holdings

SGS

Siam Cement PCL/The

Silergy Corp

SK Telecom Co Ltd

SKF

SMURFIT KAPPA

Softline Group Inc

Sony

STATKRAFT

Supreme Industries Ltd

Suzano SA

Synlab (Exane DILS CEO Conference)

Sysmex

Tata Consultancy Services Ltd

Tata Motors Ltd

TECHNOGYM

Telco-Analyst Javier Borrachero

Telkom Indonesia Persero Tbk PT

Terna Energy SA

TOYOTA MOTOR CORP

UBM Development

Unicaja Banco

Universal Robina Corp

UPM-KYMMENE

Valamar Riviera DD

Company

Raiffeisen Capital Management

Social (S)

Corporate governance (G)

X X

Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Vanguard International Semiconductor Corp

Versicherungs-Analyst Peter Eliot

VIDRALA

Voestalpine

X5 Retail Group NV

Xinjiang Goldwind Science & Technology Co Ltd

Xinyi Solar Holdings Ltd

Yageo Corp

Zumtobel AG

Company

Corporate governance (G)

X X

Social (S)

Corporate governance (G)

Focus

GROUP MEETINGS Company

Social (S)

Fundamental aspects

Environment (E)

1&1

A2A

ABB

About You

Accor

Adidas

Aena

Allianz

Alstom

Amadeus

American Tower

Andritz

Aquila Part Prod Com SA

ASM International

X X

engagementreport 2022 |

Focus

GROUP MEETINGS Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

AT&S

AT&T

Atos

Auto Trader

Autoliv

Aveva

Ayala Land Inc

Baltic Classifieds Group

Banco Santander Brasil SA

Company

Bank Handlowy w Warszawie SA

Bank Rakyat Indonesia Persero Tbk PT

BAWAG

BE Semiconductor

Befesa

Big Pharma

BIM Birlesik Magazalar AS

Biotech Phipps

Bloom Energy

BMW

Borussia Dortmund

Carl Zeiss Meditec

Casella Waste Systems

Cognex

Continental

Covestro

CP ALL PCL

Daimler Trucks

Darling Ingredients

Deere

Raiffeisen Capital Management

X X

X X X

Focus

GROUP MEETINGS Company

Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Derichebourg

Deutsche Börse

DigitalBridge Group

E.On

Ecopro BM Co Ltd

Edison International

Eicher Motors Ltd

ELIS

Emirates Telecommunications Group Co PJSC

Enagas

ENCE

Engie

Epiroc

Eurofins

EVN

Evoqua Water

Exane

Ferrovial

FlatexdeGiro

Forsee Power

Fresenius Medical Care

Freyr

FTC Solar

Geberit

Getlink

Gilead Sciences

Graphic Packaging Holding

Grifols

Goldman Sachs

GTT

Hain Celestial

Health Care Group Services

Helios Towers

HelloFresh

X X

engagementreport 2022 |

Focus

GROUP MEETINGS Company

Fundamental aspects

Environment (E)

Iberdrola

ICICI Bank Ltd

Indorama Ventures PCL

Intuit

Iveco

Jasa Marga Persero Tbk PT

Kellogg

KION Group

KPN

Lear

Lenzing

Leonardo

Linde

Lufthansa

Mayr Melnhof Karton

Mercedes Benz

Michelin

Minor International PCL

MMC Norilsk Nickel PJSC

MOL Hungarian Oil & Gas PLC

Mondi

Munich Re

Murphy USA

Mytilineos SA

Nel

Netcompany

Nordex

Nordic Semiconductor

Nova Ljubljanska Banka dd

OpenText

Orange

Orpea

Raiffeisen Capital Management

Social (S)

Corporate governance (G)

X X

Focus

GROUP MEETINGS Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Österreichische Post

Palfinger

Payments, Processors & ITServices

Pharma und Biotech Analyst

Philips

Plastic Omnium

Powszechna Kasa Oszczednosci Bank Polski SA

Powszechny Zaklad Ubezpieczen SA

ProsiebenSat.1

Prysmian

Qiagen

Rapid7

Red Electrica

RELX

Renault

Repligen

Rheinmetall

Roche

RUBIS

Scottish and Southern Energy

Scout24

Seco (IOT)

Semperit

Severn Trent

Siemens Energy

Signify

Smiths Group

Soitec

Stora Enso

Company

engagementreport 2022 |

Focus

GROUP MEETINGS Company

Fundamental aspects

Environment (E)

Social (S)

SunOpta

Supreme Industries Ltd

Suzano SA

Swiss Re

Swisscom

Tatneft PJSC

Teamviewer

Tecan

Telkom Indonesia Persero Tbk PT

Temenos

Terna Energy SA

TIM

Tomra

Tractor Supply

UBS US

Umicore

Unibail Rodamco Westfield

United States Cellular

Univar Solutions

Valamar Riviera

Valeo

VAT Group

Verbund

Vinci

Volvo

Vossloh

Wacker Chemie

Wienerberger

William Blair

Worldline

Yara

Zalando

Raiffeisen Capital Management

Corporate governance (G)

X X

Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Ahold Delhaize

Almarai Co JSC

Amazon (Whole Foods)

Astral Foods Ltd

Australian Agricultural Co Ltd

Bakkafrost P/F

Beijing Sanyuan Foods Co Ltd

Beijing Shunxin Agriculture Co Ltd

Bell Food Group AG

Bloomin' Brands

BRF SA

Brinker International

Cal-Maine Foods Inc

Carrefour

Charoen Pokphand Foods PCL

Cherkizovo Group PJSC

China Mengniu Dairy Co Ltd

China Modern Dairy Holdings Ltd

Chipotle Mexican Grill Inc.

COFCO Meat Holdings Ltd

Coles Supermarket

Conagra Brands Inc

Costco

Cranswick PLC

Darden Restaurants

Dechra Pharamceuticals Plc

Denny's

Dine Brands

Domino's Pizza Group

Domino's Pizza Inc

Elanco

Emmi AG

Fonterra Co-operative Group Ltd

Fortune Ng Fung Food Hebei Co Ltd

Company

engagementreport 2022 |

Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Fujian Sunner Development Co Ltd

General Mills

GFPT PCL

Great Wall Enterprises Co Ltd

Greene King

Grieg Seafood ASA

Groupe Casino

Grupo Bafar SAB de CV

Grupo Nutresa SA

Hormel Foods Corp

ICA Gruppen AB

Industrias Bachoco SAB de CV

Inghams Group Ltd

Inner Mongolia Yili Industrial Group Co Ltd

Japfa Ltd

JBS S.A.

JD Wetherspoon

Jinhe Biotechnology

Kerry Group plc

Kraft Heinz

Kroger

LDC SA

Leroy Seafood Group ASA

Loblaw Companies Limited

Maple Leaf Foods Inc

Marfrig Global Foods SA

Marks & Spencer

Marston's PLC

Maruha Nichiro Corporation

McDonald's Corporation

Merck & Co., Inc.

Merck Animal Health

MHP SE

Minerva SA

Company

Raiffeisen Capital Management

Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Mitchells & Butlers

Mondelez

Morrisons

Mowi ASA

Multiexport Foods SA

Muyuan Foodstuff Co Ltd

Nestle

New Hope Liuhe Co Ltd

NH Foods Ltd

Nippon Suisan Kaisha Ltd

Orion Oyj

Papa John's International

Phibro Animal Health Corporation

Prima Meat Packers Ltd

QL Resources Berhad

RCL Foods Ltd/South Africa

Restaurant Brands International

Sainsbury's

Salmar ASA

Salmones Camanchaca SA

San Miguel Food and Beverage Inc

Sanderson Farms Inc

Saputo Inc

Scandi Standard AB

Seaboard Corporation

Sonic Corporation

Tassal Group Ltd

Tesco

Texas Roadhouse

Thai Union Group PCL

Thaifoods Group PCL

The Cheesecake Factory

The Hershey Company

The Restaurant Group

Company

engagementreport 2022 |

Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

The Wendy's Company

Tyson Foods Inc

Unilever

Venky's India Ltd

Vetoquinol S.A.

Vietnam Dairy Products JSC

Virbac S.A.

Walmart

Wens Foodstuff Group Co., Ltd.

WH Group Ltd

Whitbread plc

Woolworth Group Limited

Yum! Brands

Zoetis

Zoetis Inc.

Zydus Cadila / Cadila Healthcare Ltd

Company

Raiffeisen Capital Management

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

United Kingdom

3i Group plc

6/30/2022

629,632

United States

3M Co.

5/10/2022

604,627

Cayman Islands

AAC Technologies Holdings Inc.

5/12/2022

37,000

Switzerland

ABB Ltd.

3/24/2022

220,000

United States

Abbott Laboratories

4/29/2022

38,800

United States

Abbvie Inc

5/6/2022

56,700

Ireland

Accenture plc

1/26/2022

272,013

France

Accor

5/20/2022

1,374,437

India

Adani Ports & Special Economic Zone Ltd

3/14/2022

13,200

Germany

Adidas AG

5/12/2022

28,400

United States

Adobe Inc

4/14/2022

580

United States

Advanced Micro Devices Inc.

5/18/2022

121,000

United States

Agilent Technologies Inc.

3/16/2022

583,111

Austria

Agrana Beteiligungs AG

7/8/2022

30,000

China

Aier Eye Hospital Group Co.Ltd.

11/30/2022

1,039,259

France

Air Liquide S.A

5/4/2022

59,016

Netherlands

Akzo Nobel N.V.

4/22/2022

675,597

Netherlands

Akzo Nobel N.V.

9/6/2022

669,020

Sweden

Alfa Laval AB

4/26/2022

50,000

Cayman Islands

Alibaba Group Holding Ltd

9/30/2022

2,020,940

Bermuda

Alibaba Health Information Technology Limited

8/5/2022

12,100,000

Luxembourg

Allegro.EU Societe Anonyme

10/27/2022

226,914

United States

Alphabet Inc

6/1/2022

34,088

France

Alstom

7/12/2022

185,086

Spain

Amadeus IT Group S.A.

6/22/2022

268,244

Austria

AMAG Austria Metall AG

4/20/2022

63,621

United States

American Express Co.

5/3/2022

28,400

United States

AMGEN Inc.

5/17/2022

53,000

Austria

ams-OSRAM AG

6/24/2022

409,000

Austria

Andritz AG

4/7/2022

59,547

United States

Ansys Inc.

5/12/2022

228,310

India

Apar Industries Ltd.

3/18/2022

647,112

India

Apar Industries Ltd.

8/12/2022

570,000

India

Apollo Hospitals Enterprises Ltd.

8/25/2022

80,000

engagementreport 2022 |

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

United States

Applied Materials Inc.

3/10/2022

73,230

Jersey

Aptiv PLC

4/27/2022

36,000

Netherlands

ASML Holding NV

4/29/2022

99,898

Sweden

Assa Abloy AB

4/27/2022

393,448

Japan

Astellas Pharma Inc.

6/20/2022

3,934,272

Austria

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

7/7/2022

105,289

United States

AT&T, Inc.

5/19/2022

2,981,985

Sweden

Atlas Copco AB

4/26/2022

98,743

Germany

Aurubis AG

2/17/2022

16,500

United States

Autodesk Inc.

6/16/2022

223,114

United States

Automatic Data Processing Inc.

11/9/2022

260,609

Malaysia

Axiata Group Berhad

11/18/2022

164,900

Malaysia

Axiata Group Berhad

5/26/2022

327,500

India

Axis Bank Ltd

3/6/2022

237,660

India

Axis Bank Ltd

4/8/2022

280,080

Japan

Azbil Corporation

6/23/2022

90,000

China

Bank of China Ltd.

2/17/2022

10,895,400

Canada

Bank of Montreal

4/13/2022

621,260

United States

Bank Of New York Mellon Corp

4/12/2022

87,630

Canada

Bank Of Nova Scotia

4/5/2022

909,177

Austria

Bawag Group AG

3/28/2022

57,070

United States

Baxter International Inc.

5/3/2022

57,500

Germany

Bayerische Motoren Werke AG

5/11/2022

109,720

United States

Becton, Dickinson And Co.

1/25/2022

231,734

China

Beijing Capital Int Airport

12/22/2022

254,000

United Kingdom

Berkeley Group Holdings

9/6/2022

88,485

India

Bharti Airtel Ltd.

8/12/2022

959,700

Türkiye

Bim Birlesik Magazalar

6/7/2022

319,262

United States

Bloom Energy Corp

5/11/2022

110,000

France

BNP Paribas

5/17/2022

112,029

United States

Booking Holdings Inc

6/9/2022

3,000

Canada

Boralex, Inc.

5/11/2022

150,000

Norway

Borregaard ASA

4/7/2022

61,483

United States

Bright Horizons Family Solutions, Inc.

6/22/2022

344,19 8

Raiffeisen Capital Management

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

United States

Bristol-Myers Squibb Co.

5/3/2022

69,000

United Kingdom

BT Group

7/14/2022

18,767,107

United Kingdom

Bunzl plc

4/20/2022

313,119

China

BYD Co

5/27/2022

537,500

Austria

CA Immobilien Anlagen AG

5/5/2022

75,000

United States

Campbell Soup Co.

11/30/2022

1,267,216

South Africa

Capitec Bank Hldgs

2/22/2022

24,600

India

CARE Ratings Ltd.

3/23/2022

330,000

India

CARE Ratings Ltd.

9/2/2022

330,000

India

CARE Ratings Ltd.

9/26/2022

330,000

Germany

Carl Zeiss Meditec A G

3/30/2022

33,719

Taiwan

Catcher Technology Co., Ltd

5/27/2022

29,000

Taiwan

Cathay Financial Holding Co.

6/17/2022

1,201,000

United States

CBRE Group Inc

5/18/2022

795,207

Poland

CD Projekt S.A.

12/20/2022

18,888

Sweden

Cellavision AB

5/11/2022

316,967

Taiwan

Chailease Holding Company Limited

9/14/2022

862,363

Hungary

Chemical Works of Gedeon Richter Plc.

4/12/2022

134,917

China

China Construction Bank Corp.

12/19/2022

11,702,800

Cayman Islands

China Education Group Holdings Limited

2/22/2022

4,580,000

Cayman Islands

China Mengniu Dairy Co

6/8/2022

1,940,000

Taiwan

Chunghwa Telecom

5/27/2022

839,350

India

Cipla Ltd.

8/26/2022

371,100

United States

Cisco Systems, Inc.

12/8/2022

1,831,302

Brazil

CognaEducacao S.A.

4/29/2022

55,000

Taiwan

Compal Electronics Inc.

6/24/2022

1,897,000

China

Contemporary Amperex Technology Co. Limited

11/16/2022

60,986

Bermuda

Cosco Shipping Ports Limited

12/1/2022

102,000

United States

Cummins Inc.

5/10/2022

30,350

India

Dabur India Ltd.

8/12/2022

311,920

United States

Darling Ingredients Inc

5/10/2022

265,400

United States

Deere & Co.

2/23/2022

13,100

Germany

Delivery Hero SE

6/16/2022

25,508

Japan

Denso Corporation

6/21/2022

678,862

engagementreport 2022 |

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

Germany

Deutsche Boerse AG

5/18/2022

10,000

Germany

Deutsche Post AG

5/6/2022

234,240

Malaysia

Digi.Com Bhd

11/18/2022

50,000

India

Dr. Reddy`s Laboratories Ltd.

3/27/2022

75,140

India

Dr. Reddy`s Laboratories Ltd.

10/20/2022

31,250

United States

Ecolab, Inc.

5/5/2022

443,637

Spain

EDP Renovaveis S.A.

3/31/2022

860,677

Finland

Elisa Oyj

4/6/2022

702,560

Germany

Encavis AG

5/19/2022

140,000

United States

Energy Recovery Inc

6/9/2022

170,000

Cayman Islands

ENN Energy Holdings Limited

5/18/2022

507,700

Brazil

Equatorial Energia

4/29/2022

484,900

Italy

ERG Eolica Campania S.p.A

4/26/2022

90,000

France

Essilorluxottica

5/25/2022

366,543

Sweden

Essity Aktiebolag (publ)

3/24/2022

2,548,608

United States

Eversource Energy

5/4/2022

40,000

Germany

Evotec SE

6/22/2022

135,479

Jersey

Experian Plc

7/21/2022

2,372,297

Taiwan

First Financial Holding Co. Ltd.

6/17/2022

3,197,400

United States

First Solar Inc

5/26/2022

212,845

South Africa

Firstrand Ltd

12/1/2022

433,540

China

Flat Glass Group Co Ltd.

10/20/2022

1,377,000

Türkiye

Ford Otomotiv Sanayi A.S.

11/28/2022

68,072

Taiwan

Fubon Financial Holding Co. Ltd.

6/17/2022

1,015,734

Switzerland

Geberit AG

4/13/2022

3,000

United States

General Mills, Inc.

9/27/2022

154,800

Canada

Gildan Activewear Inc

5/5/2022

966,673

United States

Gilead Sciences, Inc.

5/4/2022

100,000

Switzerland

Givaudan SA

3/24/2022

485

United Kingdom

Glaxosmithkline plc

5/4/2022

326,670

Spain

Grenergy Renovables

5/11/2022

50,000

United Kingdom

GSK Plc

7/6/2022

300,000

United States

Hain Celestial Group Inc

11/17/2022

2,003,304

United Kingdom

Halma plc

7/21/2022

2,512,569

Raiffeisen Capital Management

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

Kazakhstan

Halyk Savings Bank of Kazakhstan JSC

10/21/2022

23,708

United States

Hanesbrands Inc

4/26/2022

2,868,506

United States

Hasbro, Inc.

6/8/2022

52,700

India

HDFC Bank Ltd.

3/27/2022

123,500

India

HDFC Bank Ltd.

11/25/2022

352,920

Greece

Hellenic Telecommunications Organization S.A.

11/1/2022

212,389

Germany

HelloFresh SE

5/12/2022

18,199

United States

Home Depot, Inc.

5/19/2022

21,120

India

Housing Development Finance Corporation Ltd.

6/30/2022

565,380

India

Housing Development Finance Corporation Ltd.

11/25/2022

576,500

United Kingdom

Howden Joinery Group Plc

5/12/2022

995,289

United States

HP Inc

4/19/2022

12,120

Japan

Ibiden Co Ltd

6/17/2022

174,057

India

ICICI Bank Ltd.

3/27/2022

2,273,320

United States

Idex Corporation

5/6/2022

44,960

United States

Idexx Laboratories, Inc.

5/11/2022

120,950

Malaysia

IHH Healthcare Bhd

5/31/2022

3,000,000

Germany

Infineon Technologies AG

2/17/2022

673,420

India

Infosys Ltd

6/25/2022

517,490

India

Infosys Ltd

12/2/2022

504,800

Canada

Innergex Renewable Energy Inc

5/10/2022

300,000

Taiwan

Innolux Corporation

6/24/2022

2,278,000

United States

Intel Corp.

5/12/2022

1,186,286

United States

International Flavors & Fragrances Inc.

5/4/2022

456,588

United States

Intuitive Surgical Inc

4/28/2022

15,300

South Africa

Investec Ltd.

8/4/2022

385,610

United States

Itron Inc.

5/12/2022

192,000

Ireland

Johnson Controls International plc

3/9/2022

940,906

United Kingdom

Johnson Matthey plc

7/21/2022

1,445,660

Indonesia

Kalbe Farma Tbk

5/19/2022

4,140,400

Belgium

KBC Group SA NV

5/5/2022

828,907

United States

Kellogg Co

4/29/2022

96,400

United States

Keysight Technologies Inc

3/17/2022

349,601

Poland

KGHM Polska Miedz S.A.

10/7/2022

66,300

engagementreport 2022 |

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

Ireland

Kingspan Group Plc

4/29/2022

116,887

Germany

Kion Group AG

5/11/2022

131,607

Czech Republic

Komercni Banka, A.S.

4/20/2022

86,308

Czech Republic

Komercni Banka, A.S.

11/21/2022

83,718

Netherlands

Koninklijke DSM N.V.

5/10/2022

31,916

Netherlands

Koninklijke KPN NV

4/13/2022

16,807,045

Netherlands

Koninklijke Philips N.V.

5/10/2022

176,304

Netherlands

Koninklijke Philips N.V.

9/30/2022

176,304

Germany

Krones AG

5/31/2022

113,430

Japan

Kurita Water Industries Ltd

6/29/2022

985,350

France

L`Oreal

4/21/2022

24,889

Switzerland

Landis+Gyr Group AG

6/24/2022

30,000

Austria

Lenzing AG

4/26/2022

121,098

Cayman Islands

Li Ning Co., Ltd.

6/15/2022

609,500

United States

Lilly(Eli) & Co

5/2/2022

20,930

China

Longi Green Energy Technology Co. Ltd.

11/21/2022

945,272

Canada

MAG Silver Corp.

6/22/2022

153,736

India

Mahindra & Mahindra Ltd.

8/5/2022

290,910

Malaysia

Malayan Banking Bhd

4/14/2022

3,181,429

Philippines

Manila Water Co., Inc.

4/20/2022

274,300

United States

Marsh & McLennan Cos., Inc.

5/19/2022

430,629

United States

Marvell Technology Inc

6/23/2022

70,000

United States

Mastercard Incorporated

6/21/2022

13,600

Austria

Mayr-Melnhof Karton AG

4/27/2022

21,885

Austria

Mayr-Melnhof Karton AG

12/22/2022

21,885

Taiwan

Media Tek Inc

5/31/2022

78,000

United States

Merck & Co Inc

5/24/2022

171,100

Germany

Merck KGAA

4/22/2022

449,685

United States

Mettler-Toledo International, Inc.

5/5/2022

57,576

France

Michelin (CGDE)-B

5/13/2022

443,430

United States

Microsoft Corporation

12/13/2022

448,551

United States

MillerKnoll Inc

10/17/2022

1,125,9 84

Poland

Mo-Bruk SA

4/25/2022

44,040

Poland

Mo-Bruk SA

12/5/2022

16,159

Raiffeisen Capital Management

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

United Kingdom

Mondi

5/5/2022

2,801,616

United States

MongoDB Inc

6/28/2022

10,000

United States

Mosaic Company

5/19/2022

81,200

United States

Motorola Solutions Inc

5/17/2022

319,229

United States

MSCI Inc

4/26/2022

135,822

Germany

Muenchener Rueckversicherungs-Gesellschaft AG

4/28/2022

293,587

India

Multi Commodity Exchange of India Ltd

9/27/2022

130,000

Greece

Mytilineos S.A.

3/23/2022

105,000

South Africa

Naspers Ltd

8/25/2022

18,080

United Kingdom

National Grid Plc

7/11/2022

5,010,832

Republic of Korea

Naver Co Ltd

3/14/2022

24,923

Norway

Nel ASA

4/21/2022

1,200,000

Luxembourg

NEPI Rockcastle Plc

5/10/2022

111,920

Canada

NEXE Innovations Inc

4/29/2022

1,150,000

United States

NextEra Energy Partners LP

4/20/2022

60,000

Japan

Nidec Corporation

6/17/2022

50,000

Cayman Islands

NIO Inc

8/25/2022

385,100

Germany

Nordex SE

5/31/2022

355,000

United States

Northern Trust Corp.

4/26/2022

590,387

United States

NortonLifeLock Inc

9/13/2022

17,000

United States

Novavax, Inc.

6/16/2022

6,000

United States

NVIDIA Corp

6/2/2022

177,168

Netherlands

NXP Semiconductors NV

6/1/2022

291,284

Austria

Oesterreichische Post AG

4/21/2022

110,000

Japan

Omron Corporation

6/23/2022

682,720

United States

ON Semiconductor Corp.

5/26/2022

180,000

United States

Oracle Corp.

11/16/2022

79,100

Poland

Orange Polska Spolka Akcyjna

10/6/2022

728,709

United States

Ormat Technologies Inc

6/2/2022

50,000

Hungary

OTP Bank

4/13/2022

150,170

United States

Owens Corning

4/14/2022

878,425

Austria

Palfinger AG

3/24/2022

130,000

United States

Palo Alto Networks Inc

12/13/2022

45,000

Russian Federation

PAO Severstal.

5/20/2022

210,700

engagementreport 2022 |

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

Ireland

Pentair plc

5/17/2022

179,768

United States

PetIQ Inc

6/22/2022

102,490

Russian Federation

PJSC Mining and Metallurgical Company Norilsk Nickel

8/11/2022

41,200

Russian Federation

PJSC Tatneft

9/22/2022

1,096,329

United States

Plug Power Inc

6/30/2022

100,000

United States

PNC Financial Services Group

4/27/2022

24,470

Poland

Polish Oil & Gas

10/10/2022

1,461,820

Poland

Polski Koncern Naftowy Orlen S.A.

5/25/2022

249,679

Poland

Polski Koncern Naftowy Orlen S.A.

7/21/2022

241,539

Austria

Porr AG

6/17/2022

60,882

China

Postal Savings Bank of China

11/1/2022

14,065,000

India

Power Grid Corporation of India Ltd.

11/3/2022

86,366

Poland

Powszechna Kasa Oszczednosci Bank Polski SA

10/18/2022

585,200

Poland

Powszechny Zaklad Ubezpieczen SA

3/25/2022

475,760

Malaysia

PPB Group Bhd

5/12/2022

38,500

United States

Procter & Gamble Co.

10/11/2022

429,960

Indonesia

PT Jasa Marga (Persero) Tbk

4/27/2022

4,223,400

Malaysia

Public Bank Bhd

5/23/2022

6,697,200

Russian Federation

Public Joint Stock Company PIK-specialized homebuilder

11/8/2022

171,842

Austria

Raiffeisen Bank International AG

3/31/2022

257,218

United Kingdom

RELX Plc

4/21/2022

263,746

United States

Resmed Inc.

11/16/2022

6,340

France

Rexel SA

4/21/2022

140,000

United States

Roku Inc

6/9/2022

10,000

United States

S&P Global Inc

5/4/2022

203,975

United States

Salesforce Inc

6/9/2022

524,792

Republic of Korea

Samsung Electronics

11/3/2022

16,300

Germany

Sap SE

5/18/2022

684,339

France

Schneider Electric SE

5/5/2022

474,034

Ireland

Seagate Technology Holdings Plc

10/24/2022

19,000

Japan

Sekisui Chemical Co. Ltd.

6/22/2022

3,113,494

Austria

Semperit AG Holding

4/27/2022

58,588

Switzerland

SGS AG

3/29/2022

700

Germany

Siemens AG

2/10/2022

21,910

Raiffeisen Capital Management

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

Spain

Siemens Gamesa Renewable Energy SA

3/24/2022

40,000

India

Siemens Ltd.

2/4/2022

106,950

India

Siemens Ltd.

7/7/2022

273,180

Republic of Korea

SK Hynix Inc

3/30/2022

47,455

Germany

Sma Solar Technology

5/31/2022

22,000

France

Sodexo

12/19/2022

108,755

Belgium

Sofina

5/5/2022

960

United States

Solaredge Technologies Inc

6/20/2022

37,000

Spain

Solaria Energia Y Medio Ambiente SA

6/29/2022

242,679

Switzerland

Sonova Holding AG

6/15/2022

6,886

Japan

Sony Group Corporation

6/28/2022

70,000

United States

Splunk Inc

6/16/2022

19,217

United Kingdom

SSE Plc.

7/21/2022

400,000

Switzerland

Straumann Holding AG

4/5/2022

4,370

Japan

Sumitomo Mitsui Trust Holdings Inc.

6/23/2022

1,150,856

United States

Sunnova Energy International Inc

5/18/2022

302,968

Switzerland

Swisscom AG

3/30/2022

6,420

Taiwan

Taiwan Semiconductor Manufacturing

6/8/2022

900,000

India

Tata Consultancy Services

2/12/2022

172,628

Poland

Tauron Polska Energia SA

7/13/2022

3,014,500

Cyprus

TCS Group Holding PLC

11/22/2022

145,961

Germany

TeamViewer AG

5/17/2022

44,000

Brazil

Telefonica Brasil S.A.

8/4/2022

193,951

Austria

Telekom Austria AG

6/27/2022

675,000

Malaysia

Telekom Malaysia Bhd

5/25/2022

1,133,700

Cayman Islands

Tencent Holdings Ltd.

5/18/2022

1,293,413

United States

Texas Instruments Inc.

4/28/2022

25,500

United States

Thermo Fisher Scientific Inc.

5/18/2022

35,800

Sweden

Thule Group AB

4/26/2022

253,514

Japan

Toyota Motor Corporation

6/15/2022

300,000

United States

Travelers Companies Inc.

5/25/2022

25,000

United States

Trimble Inc

5/25/2022

56,500

Türkiye

Turk Telekomunikasyon A.S.

3/31/2022

77,600

Türkiye

Turkiye Petrol Rafinerileri AS

3/30/2022

480,480

engagementreport 2022 |

PARTICIPATION IN ANNUAL GENERAL MEETINGS

Country

Company

Date of annual general meeting

Voting shares

United States

Twilio Inc

6/22/2022

30,000

Austria

UBM Development AG

5/16/2022

73,000

Brazil

Ultrapar Participacoes S.A.

4/13/2022

627,200

Belgium

Umicore

4/28/2022

2,039,422

Netherlands

Unibail-Rodamco-Westfield

5/11/2022

237,400

Netherlands

Unibail-Rodamco-Westfield

6/22/2022

227,549

United Kingdom

Unilever plc

5/4/2022

148,100

United States

Union Pacific Corp.

5/12/2022

283,456

Taiwan

United Micro Electronics

5/27/2022

1,210,700

United Kingdom

United Utilities Group PLC

7/22/2022

753,477

France

Veolia Environnement

6/15/2022

149,168

Austria

Verbund AG

4/25/2022

339,810

United States

Verisk Analytics Inc

5/25/2022

373,137

United States

Veritone Inc

6/17/2022

200,000

United States

Verizon Communications Inc

5/12/2022

130,500

United States

Visa Inc

1/25/2022

359,569

United Kingdom

Vodafone Group plc

7/26/2022

2,647,521

Austria

Voestalpine AG

7/6/2022

518,545

Mexico

Wal-Mart de Mexico S A B de C V

4/7/2022

942,600

United States

Walt Disney Co (The)

3/9/2022

18,800

United Kingdom

Whitbread plc

6/15/2022

269,974

Austria

Wienerberger AG

5/3/2022

200,000

United States

Wolfspeed Inc

10/24/2022

249,000

United States

Workday Inc

6/22/2022

302,132

France

Worldline

6/9/2022

330,108

China

Xinjiang Goldwind Science & Technology Co Ltd

2/25/2022

5,611,000

China

Xinjiang Goldwind Science & Technology Co Ltd

6/22/2022

6,059,200

Cayman Islands

Xinyi Solar Holdings Limited

6/2/2022

7,726,900

Cayman Islands

Xinyi Solar Holdings Limited

11/25/2022

8,683,900

United States

Xylem Inc

5/12/2022

915,072

Taiwan

Yageo Corporation

6/8/2022

115,000

Netherlands

Yandex NV

12/22/2022

297,450

Germany

Zalando SE

5/18/2022

18,800

Raiffeisen Capital Management

Voting record in 2022 1,956 Mixed

2,034

163

For

Against

Voting behaviour in detail Detailed presentation of the voting behaviour of the three most important general meetings - measured by the percentage share in the respective company. MO-BRUK SA

Proposal Description

Management Recommendation

Vote Decision

Election of Presiding Chair

For

Compliance with Rules of Convocation

For

Agenda

For

Election of Scrutiny Commission

For

Presentation of Supervisory Board Report

For

Presentation of Management Board Report and Financial Statements

For

Presentation of Management Board Report and Financial Statements (Consolidated)

For

Supervisory Board Report and Management Board Report

For

Abstain

Financial Statements

For

Financial Statements (Consolidated)

For

Allocation of Profits/Dividends

For

Ratification of Supervisory Board Acts

For

Ratification of Management Board Acts

For

Changes to Supervisory Board Composition

For

Against

Remuneration Report

For

Against

Transaction of Other Business

For

Against

Election of Presiding Chair

For

Agenda

For

Amendments to Remuneration Policy

For

Long-Term Incentive Plan; Issuance of Shares w/o Preemptive Rights

For

Against

Amendments to Articles

For

Elect Arkadiusz Semczak

For

Board Fees

For

Uniform Text of Articles

For

engagementreport 2022 |

HAIN CELESTIAL GROUP INC

Proposal Description

Management Recommendation

Vote Decision

Elect Richard A. Beck

For

Elect Celeste A. Clark

For

Elect R. Dean Hollis

For

Elect Shervin J. Korangy

For

Elect Mark Schiller

For

Elect Michael B. Sims

For

Elect Carlyn R. Taylor

For

Elect Dawn M. Zier

For

Advisory Vote on Executive Compensation

For

Against

Ratification of Auditor

For

Approval of the 2022 Long-Term Incentive and Stock Award Plan

For

Management Recommendation

Vote Decision

Elect Kaushal Jaysingh Sampat

For

Accounts and Reports

For

Allocation of Profits/Dividends

For

Elect Kushal N. Desai

For

Against

Elect Rajesh Sehgal

For

Against

Appointment of Kushal N. Desai (MD & CEO); Approval of Remuneration

For

Against

Appointment of Chaitanya N. Desai (MD); Approval of Remuneration

For

Against

Approve Payment of Fees to Cost Auditors

For

APAR INDUSTRIES LTD.

Proposal Description

Prepared by: Raiffeisen Kapitalanlage-Gesellschaft m.b.H. Mooslackengasse 12, A-1190 Vienna As of 31 December 2022 Raiffeisen Capital Management stands for Raiffeisen Kapitalanlage GmbH, or short Raiffeisen KAG.

Raiffeisen Capital Management

Raiffeisen Capital Management is a partner and member of

engagementreport 2022 |

www.rcm.at/sustainability

Raiffeisen Capital Management is the umbrella brand for: Raiffeisen Kapitalanlage-Gesellschaft m.b.H. Raiffeisen Immobilien Kapitalanlage-Gesellschaft m.b.H Raiffeisen Salzburg Invest GmbH Mooslackengasse 12 1190 Vienna, Austria t I +43 1 711 70-0 f I +43 1 711 70-761092 e I info@rcm.at w I www.rcm-international.com