VOTING REPORTYEAR 2021
We hereby report on how we applied our voting policy and exercised our voting rights on behalf our clients, including detailed statistics on the votes
we cast in 2021.
1. GOVERNANCE AND VOTING PRINCIPLES ......................................................................................................................................................... 2
2. MAIN AMENDMENTS TO OUR VOTING POLICY IN 2021 .................................................................................................................................... 2
3.
Voting scope for 2021 ........................................................................................................................................................................................ 3
4. VOTING STATISTICS FOR 2021 ................................................................................................................................................................................ 3
4.1 Geographic breakdown .......................................................................................................................................................................................... 3
4.2 Voting results ......................................................................................................................................................................................................... 4
5. AGAINST AND ABSTAIN VOTES BY RESOLUTION TYPE ....................................................................................................................................... 5
5.1 Management proposals.......................................................................................................................................................................................... 5
5.1.1 Executive compensation (60% of opposition vs. 59% in 2020) ...................................................................................................................... 5
5.1.2. Financial operations (39% of opposition vs. 42% in 2020) ............................................................................................................................ 5
5.1.3 Board election (37% of opposition vs. 36% in 2020) ...................................................................................................................................... 6
5.2 Shareholder proposals ........................................................................................................................................................................................... 6
5.2.1 Shareholder proposals voted .......................................................................................................................................................................... 6
5.2.2 Filing shareholder proposals........................................................................................................................................................................... 6
6. COMPANY DIALOGUE ................................................................................................................................................................................................ 7
6.1 Dialogue with issuers ............................................................................................................................................................................................. 7
6.2 Evaluation of our dialogues .................................................................................................................................................................................... 7
6.3 The commitment of access to directors ................................................................................................................................................................. 8
6.4 Engagement Campaign on board diversity ............................................................................................................................................................ 8
6.6 Examples of engagement success ........................................................................................................................................................................ 9
6.7 Promotion of environmental and social disclosure ............................................................................................................................................... 10
6.8 Other aspects of shareholder engagement .......................................................................................................................................................... 11
6.9 Focus – Solidarity investments ............................................................................................................................................................................ 12
Appendix 1. STATISTICS OF THE MANAGEMENT COMPANY BNPP AM FRANCE .................................................................................................. 13
Appendix 2: ENVIRONMENT-RELATED PROPOSALS ................................................................................................................................................ 14
Appendix 3. LIST OF ENGAGEMENTS IN 2021 ........................................................................................................................................................... 21

Voting Report– 2021 - 2

1. GOVERNANCE AND VOTING PRINCIPLES
BNP Paribas Asset Management (“BNPP AM”) believes that promoting the best corporate governance practices is an
essential part of its ownership responsibilities. Corporate governance refers to the system by which a corporation is directed
and controlled. It relates to the functioning of the managing board, supervision and control mechanisms, their interrelationships
and their relations with stakeholders. Good corporate governance creates the framework that ensures that a corporation is
managed in the long-term interest of shareholders. Therefore, BNPP AM expects all corporations in which we invest to comply
with the highest corporate governance standards.
Voting at annual general meetings is a key component of our ongoing engagement with companies in which we invest on
behalf of our clients, and forms an integral part of BNPP AM’s investment process. We are committed to ensuring1 that we
consistently exercise the voting rights associated with shares held in Undertakings for the Collective Investment ofTransferable Securities (UCITS), Alternative Investment Funds (AIF), foreign investment funds and investment mandates,
where proxy voting has been delegated to us.
Our “Governance and Voting Policy” explains what we expect of public companies and how we carry out our ownership
responsibilities.
The policy outlines our key governance and voting principles, describes our proxy voting process, and sets guidelines thathighlight, for each item, best practices and issues that may trigger an “oppose” or “abstain” vote.
We cast our votes on the basis of each company's specific circumstances.
This document is available on our website https://www.bnpparibas-am.com/en/sustainability-documents/.
Moreover, all of our votes are published by issuer and by resolution on our website2.

2. MAIN AMENDMENTS TO OUR VOTING POLICY FOR 2021
We review our policy and guidelines annually in order to reflect the evolution of corporate governance codes and market
practices, in terms of engagement as well as voting.
The main amendments to our policy for 2021 were:Gender diversity of Boards of directors:o Vote “against” all appointments of men if the Board of directors is not composed of at least 15% of women(Asia/Latin America) with possible exceptions when the percentage is between 10-15%;
o Application of the 30% threshold for South Africa (the current threshold applied for Europe and North America);
o Our longer-term ambition will be to have a 40% threshold by 2025.
Climate-lobbying practices: Included as a potential reason for opposition to financial statements, discharge ofboard, or election of directors.
Combined Chair/CEO: Introduced clarifications on when we will abstain rather than vote against the combined role.

1 Taking into account technical and legal aspects.
2 Details of our vote available here: https://vds.issgovernance.com/vds/#/MTc3MQ==/Voting Report – 2021 - 3

3. VOTING SCOPE FOR 2021
Each year, we monitor the total votable shares of the portfolios we manage and assess the percentage of votes exercised
during the year in alignment with our Voting Policy. Our selection process of the shares for which we exercise voting rights
aims to concentrate our efforts on positions that are widely held across our assets under management, and to participate
in shareholder meetings of companies in which our collective investment schemes hold a significant portion of the capital.
In 2021, we voted on a scope broader than UCITS3 with mandates, representing almost €66 billion of assets undermanagement.
Our voting scope is comprised of companies for which aggregated holding positions meet at least one of the three following
conditions:

They represent 90% of the accrued total of our stock positions;

They make up 0.1% or more of the company market capitalisation; orAd-hoc demand.

This voting scope represents nearly 54%4 of meetings held by companies held in all of our UCITS with mandates.

4. VOTING STATISTICS FOR 2021
4.1 GEOGRAPHIC BREAKDOWN
Within our voting scope, we voted at 2,098 general meetings4, primarily in Europe and North America, which represented
73% of our votes.
Number of meetings voted

Geographic breakdown

Europe974

46%

North America

554

26%

APAC

467

22%

Others

103

5%

Total

2,098

100%

3 Undertakings for Collective Investment

4

Full voting scope represented 2,098 general meetings voted out of 3,916 possible in 2021

Voting Report – 2021 - 4

4.2 VOTING RESULTS
Out of 2,098 general meetings:


At 377 general meetings (18%), we voted in favour of all items



At 1,721 general meetings (82%), we voted against or abstained on at least one item.

Of 28,276 resolutions voted, 27,450 resolutions were submitted by companies and 826 by shareholders.
Among the resolutions submitted by companies (i.e. excluding shareholder proposals):

We voted in favour of 67% of management resolutions (18,304 resolutions)

We voted in opposition to 33% of management proposals (we abstained on 1,328 items and voted against 7,818
items).

Our rate of opposition to management proposals increased from 32% in 2020 to 33% in 2021. This small increase in our
opposition rate was primarily due to our voting policy changes on board diversity.
Geographic zone

Total

EuropeNorth
America

APAC

OthersManagement
Resolutions Voted on

27,45016,088

5,849

4,141

1,372

Vote for18,304

12,253

2,906

2,388

757

Vote against

7,818

3,005

2,883

1,517

413

Vote abstain

1,328

830

60

236

202

Total Opposition Rate
(abstain or against)

33%

24%

50%

42%

45%

Voting Report – 2021 - 5

5. AGAINST AND ABSTAIN VOTES BY RESOLUTION TYPE
5.1 MANAGEMENT PROPOSALSThe table below outlines percentages of votes “against” or “abstain” per category.
Resolutions
voted

Vote for

Vote against
or abstain

Percentage of
opposition

Executive compensation

3,289

1,316

1,973

60%

Financial operations

2,671

1,632

1,039

39%

Board election

14,348

9,091

5,257

37%

Other resolutions5

7,142

6,265

877

12%

Total

27,45018,304

9,146

33%

The focus of our opposition, excluding shareholder proposals that are analysed below, was on 3 main topics: executive
compensation, financial operations and board elections. Similar detail on all other types of votes is available on our voting
report.
5.1.1 EXECUTIVE COMPENSATION (60% OF OPPOSITION VS. 59% IN 2020)
Our opposition to executive compensation plans (e.g. stock-options, restricted stock plans, severance payments and “say onpay” proposals) falls into the following general categories:

A lack of transparency on the compensation policy (volume, weight, nature of the performance criteria, targets, etc.);

The compensation practices are not in line with stakeholders’ interests, with excessive or disproportionate amounts
relative to the company’s performance;A “pay for failure” approach is in place, with non-challenging performance criteria; and/orCompensation is not oriented toward the long-term.

5.1.2. FINANCIAL OPERATIONS (39% OF OPPOSITION VS. 42% IN 2020)
We oppose management proposals regarding financial operations, which generally request a share capital increase, for thefollowing reasons:The global volume is considered too significant (authorisations exceed 50% of the share capital); or

It is a share capital authorisation without pre-emptive rights and without a specific object that leads to an excessive
dilution for current shareholders (more than 5% of share capital or 20% with a specific purpose).

We also vote systematically against all anti-takeover devices.
5

Approval of accounts, appointment and remuneration of auditors, mergers and acquisitions, anti-takeover measures, etc.

Voting Report – 2021 - 6

5.1.3 BOARD ELECTION (37% OF OPPOSITION VS. 36% IN 2020)
Our votes in opposition to individual directors generally indicate our belief that there is weak corporate governance and anissue regarding the balance of power. Most votes against directors fall into the following categories:

A non-independent director with insufficient overall board independence.

Non-compliance with our rules on gender diversity.



Directors with poor attendance or term of mandate exceeding 4 years.

In 2021, half of our opposition votes in relation to directors’ (re)elections was driven by our gender diversity policy. The major
impact was mostly on other regions with the newly integrated 15% minimum threshold. Gender diversity is still a major issue
in the United States as well.

5.2 SHAREHOLDER PROPOSALS
5.2.1 SHAREHOLDER PROPOSALS VOTED
Shareholder proposals are usually opposed by management. Therefore, a vote in favour of the proposal is a vote against
management’s recommendation. We voted in favour of shareholder proposals when they were in line with the long-term
interests of the company and the requested action was warranted given the practices of the company. However, we abstained
when the proposal was not appropriate to the company’s circumstances or if the request was already applied in practice.
Our rate of support for shareholders’ proposals increased in 2021: 70% vs. 63% in 2020
We again demonstrated very strong support for social proposals (100% vs. 86% in 2020) and for environmental and climatechange proposals (89% vs. 94% in 2020).

Shareholder proposals(Global)Resolutions
voted

Vote
againstVote abstain

Vote for826

147 (18%)102 (12%)577 (70%)

5.2.2 FILING SHAREHOLDER PROPOSALSIn 2021, we continued our leadership on the topic of corporate climate lobbying, encouraging companies to align their direct
and indirect lobbying efforts with the goals of the Paris Agreement. As an escalation measure, we filed two shareholder
proposals seeking a Board-led evaluation of each company’s lobbying efforts measured against the temperature target set
by the Paris Agreement.

Voting Report – 2021 - 7

Outcome:

ExxonMobil (US) – 64%: For the second consecutive year, ExxonMobil sought permission from the Securities &Exchange Commission (SEC) to omit our proposal. In 2021, we successfully defended the proposal at the SEC, which
went on to receive a strong majority vote at the company’s annual meeting.
 Delta Airlines (US) – 63%: Our proposal received another strong majority vote, after a 46% vote in 2020.

Both ExxonMobil and Delta Airlines have undertaken the assessment requested and published reports in Q1 2022.

6. COMPANY DIALOGUE
6.1 DIALOGUE WITH ISSUERS
Our engagement with issuers is intended to enhance the long-term value of our shareholdings and to foster corporate
governance best practice, social responsibility and environmental stewardship.
During the proxy season, we engage in dialogue with companies either on our own initiative or at the request of the issuer,
and we generally concentrate on our largest holdings.
The goal of these engagements is:

To communicate our voting policy to prepare for the next general meeting of the issuer in order for companies to aligntheir resolutions to our voting policy ;To obtain additional information on individual voting proposals; andTo express our concerns about specific resolutions that contradict our voting policy.

6.2 EVALUATION OF OUR DIALOGUES
We consider a voting-related engagement to be successful if:


The company withdraws the proposal we are opposing; or

We change our vote to be in favour of the proposal after a modification of the resolution from the issuer, or where we
obtain additional information.

During the 2021 proxy season, we had 239 interactions with 151 companies related to voting issues vs. 255 interactions
with 140 companies in 2020. Of these, 43 were successful (28%), a similar success rate to 2020. However, a potential
modification of our voting decision is not the only criterion for success: some companies modify their practices the following
year and are not necessary counted in the successful engagement statistics.
In addition to these engagements linked to the proxy season, we also maintain a programme of long-term dialogue with issuers
all year round, focused on a wide variety of environmental, social and governance themes. We report on these each year in
our annual sustainability report.

Voting Report – 2021 - 8

6.3 THE COMMITMENT OF ACCESS TO DIRECTORSOne of the most important roles of the board of directors is to supervise the management team. The board should becomposed of a majority of independent directors who should also be present in specific committees such as audit,
compensation or nomination.
We believe the Chair of the board should be independent. However, in the absence of an independent chair, companies
should consider appointing a lead independent director in order to ensure the necessary checks and balances are in place.
To serve as an effective counterweight, this director must have specific powers, including the ability to speak directly toinvestors.
Shareholder access to the board of directors is a well-established practice in some countries such as the United Kingdom.
This good governance practice has spread throughout continental Europe and the governance codes of Germany and France,
for example, explicitly recommend it. Providing shareholders with the opportunity to meet board directors is consistent with
their duty to be accountable to the shareholders who appointed them. For us, access to board members provides a chance
to raise concerns about different subjects when needed. Therefore, because it is good practice, we engage with companies
to promote and expand the opportunity for shareholders to interact with independent directors.
In 2021, we engaged directly with a board member of 35 companies.
6.4 ENGAGEMENT CAMPAIGN ON BOARD DIVERSITY
Activity: Since 2019, our voting policy has contained an explicit provision on gender diversity. For Europe, North America,
Australia, New Zealand and South Africa, our voting policy threshold is for there to be 30% of women on the board, and inothers regions such as Asia and Latin America 15%. Under certain conditions, we support boards that have a ratio just below
this, for example, if the company has made significant improvements in recent years, or if it commits to reaching our thresholds
within two years.
In 2021, we analyse companies to check if they respect our threshold on diversity, and engaged with some of them by
establishing a target list. We engaged with companies whose practice was not in line with our new policy and where we had
important exposure.
Outcome: Our target list comprised 36 companies (14 in Europe, 11 in North America and 11 in Asia) held in our active
portfolios, which we contacted to explain our new voting policy and to ask for a discussion. We had a 36% success rateoverall, with 13 companies adopting changes in line with our voting policy.
Positive
Outcome13

36%

Pending Outcome

5

14%

Negative Outcome

18

50%

We managed to achieve positive outcome with improvement of the gender diversity and avote in favour of board elections
We are still having pending cases where we had some positive feedback but we continue
the engagement in 2022
We had a negative outcome and opposed to board election either due to lack ofimprovement on diversity, and/or to others reasons (e.g. lack of independence)

We will continue to engage companies regarding their gender diversity, as we believe that more diverse boards contribute tobetter decision-making and oversight to ensure that companies deliver long-term sustainable value.

Voting Report – 2021 - 9

6.6 EXAMPLES OF ENGAGEMENT SUCCESS
6.6.1 BOARD COMPOSITION AND GOVERNANCE
Danone, France
Activity: Danone is perceived to be one of the best-in-class companies in terms of its performance on environmental andsocial issues, becoming the first B-Corp certified company in France last year. Nevertheless, the company’s governance wasperceived to be inadequate, mainly due to the absence of counter-balanced power due to the company having a combined
CEO-Chair. In 2021, Danone was also criticized for its poor financial results. We met Danone three times during the firstquarter of 2021, following a meeting in December with a former Lead independent Director. We again met Danone in January
2021 to discuss the agenda of the next general meeting, and discuss with the choice of the new Lead Independent Director
M. Schnepp.
Outcome: In March 1st, the company announced it would split the role of Chair & CEO, with M. Faber, the former CEO
becoming non-executive chair, and intended to nominate a new CEO. We met the company on March 12th to discuss theannouncement. We expressed some concerns regarding the fact that former CEO would become Chair, and the risk of limiting
the ability of the new CEO to manage the company and develop its strategy. Finally, the company announced on March 15ththat the M. Faber would leave the company and that a new independent chair was nominated - M. Schnepp. We met the new
independent chair on March 19th. The decision to split the role of Chair and CEO, and to have an independent chair and to
appoint of a new CEO was positive and improved the governance of the company. This decision brings more clarity andstability to the governance of Danone, following several changes of governance over the last few months.
Sword Group, Luxembourg
Activity: We engaged with the CEO of Sword Group (Luxembourg) in 2021 to highlight some concerns regarding the board
composition and governance of the company. Indeed, the Board of directors comprised only 17% independent members (vs.
50% required by our voting policy), and although the company has proposed the appointment of its first female director at the2021 AGM, having then 17% female representation, this level was below our targeted 30% threshold. As a result, we had
voted against the non-independent candidate at the 2020 general meeting. During the engagement, we also highlighted theabsence of nomination and remuneration committees, transparency issues, the problematic practice of combining the chair
and CEO positions, and the lack of clear communication about the structure and features of the CEO’s remuneration.
Outcome: After our engagement, in August 2021, the company made a public commitment to have, by June 2022, an“undisputed independence of a greater number of directors, have more women represented on the Board, and better
communication on the work of the Audit, Remunerations and Appointments Committees”. The company’s quick public
response is an important step, signalling its willingness to further improve its corporate governance practices. We will continue
to engage with the company to align its practices to the maximum extent possible with our guidelines.
Term of mandate in Germany
Activity: BNPP AM’s voting policy favours of a regular renewal of board members, ideally annually, but sets as an acceptablemaximum term of mandate of four years to allow shareholders to vote frequently on board election. A number of German
companies have set a term of mandate of five years, as it is allowed by local regulation, but this is not in line with BNPP AM’s
voting policy.
Outcome: We have discussed this issue with many German companies. Some decided to reduce the term of mandate of
their board members. This was the case of Siemens AG, Fresenius Medical Care AG & CO KGAA, and GEA Group AG.

Voting Report – 2021 - 10

6.6.2 EXECUTIVE COMPENSATIONAs highlighted in our voting results, executive compensation is one of the fields where BNPP AM registers a high level ofopposition. It is thus also an important subject of continuous dialogue with issuers.
Integration of ESG (environmental, social and corporate governance) criteria into assessment of executive
remuneration
Activity: As a responsible investor focused on sustainability, BNPP AM is encouraging issuers to include ESG criteria as partof the assessment of executives’ remuneration. While the integration of ESG criteria into the short-term bonus is becoming
more common, it is still rare to see it within long-term incentives. We have raised questions about the role of ESG criteria in
executive compensation plans, particularly where we believe the target is unclear or insufficiently challenging. We want to see
boards incentivize CEOs to achieve meaningful sustainability goals, but we still see vaguely defined sustainability targets.
Outcome: The following companies decided to include ESG-related criteria into executive remuneration in 2021 following ourprevious dialogue with them on this subject:
 Integration of ESG criteria into medium-term incentives: S&T AG
 Integration of ESG criteria into long-term incentives: AXA SA, E.ON SE, Ontex Group NV Valeo, SE, Vinci SA.
6.6.3 RENEWAL OF SHARE ISSUANCE AUTHORITIES
Activity: After an initial discussion, early 2021, with the Lead Independent Director of Jazz Pharmaceuticals (Ireland), we
had a dialogue with the CEO prior to the 2021’s AGM, in July. We highlighted our concerns that the proposals were in violationof both our limitations in terms of; i) amount (50% overall, 20% without pre-emptive rights, while the company was requesting392%), and; ii) duration (requesting they be subject to approval only every five years, whereas standard practice in the UK
and Ireland is an annual vote).
Outcome: As the company was not willing to modify its approach, we decided not to support the proposal, which was
submitted to a vote at the AGM held on 29th July 2021. The proposal without pre-emptive rights was rejected (supported by
64%, though it required support from at least 75% of votes cast). Following this rejection, the company decided to convene
an extraordinary general meeting and reduce the proposal without pre-emptive rights up to 10% of the share capital, and theduration of the authorization requirement from 60 months to 18 months. Taking into account the lower potential share capitalincrease and duration, and the need of access to capital for this growth company, we supported the proposal at the September
meeting, and the proposal was approved.

6.7 PROMOTION OF ENVIRONMENTAL AND SOCIAL DISCLOSURE
BNPP AM believes that promoting good corporate governance standards and encouraging businesses to improve social andenvironmental practices is an essential part of its ownership responsibilities. Good environmental, social and governance(ESG) practices provide an excellent framework to ensure that a company is managed in the best long-term interest of
stakeholders.
In accordance with our voting policy, we have opposed resolutions concerning the approval of financial statements ordischarge or board re-election where:

Voting Report – 2021 - 11

The company does not properly report on its carbon footprint (scope 1, 2, and 3, when appropriate) or communicate
nor want to constructively engage with regard to its business strategy on climate adaptation or its climate lobbying
strategy.

The company is implicated in serious violations of our Responsible Business Conduct (RBC) Policy6.

In 2021, we opposed 969 resolutions at 168 companies for these reasons (605 resolutions due to our RBC policy and364 resolutions due to our climate-related expectations), a substantial increase compared to 2020 (451 resolutions at 66
companies).
6.8 OTHER ASPECTS OF SHAREHOLDER ENGAGEMENTOther actions are complementary to our dialogue with issuers to improve practices:

We are actively engaged in investor networks focused on establishing strong corporate governance across markets.
At the International Corporate Governance Network (ICGN), our Global Head of Stewardship is a member of theboard, as well as member of the “Human Capital” and “GNIA” (Global Network of Investor Associations) committees.
We are also actively involved with a range of UN PRI-organized corporate engagement and public policy
workstreams, an active member of Climate Action 100+, and a Global Network Initiative board member.



In Europe, our Global Head of Stewardship chairs the "Corporate Governance" Committee of the French AssetManagement Association (AFG), is a member of the “Independent Oversight committee” of the Best PracticePrinciples (BPP) and of the “Grand prix jury of the general meetings” in France. We also participate in the investmentcommittee of Eumedion and our Head of Stewardship Europe is a member of the Corporate Programme Advisory
Group of the Institutional Investors Group on Climate Change (IIGCC).



In the United States, we are a member of Ceres and the Council of Institutional Investors (CII), where our Global
Head of Stewardship chairs the International Corporate Governance Committee. Our Head of Stewardship for theAmericas is a member of CII’s Corporate Governance Advisory Council, Ceres’ Biodiversity Advisory Committee (partof Ceres Climate and Land Use Working Group), the Harvard Law School Institutional Investor Forum Advisory
Council and the steering committee of the Investor Alliance for Human Rights.

In the Asia Pacific region, we are members of the Asian Corporate Governance Association (ACGA), and are
members of the ACGA’s working groups for Japan and China.

6 Responsible Business Conduct Policy : https://docfinder.bnpparibas-am.com/api/files/D8E2B165-C94F-413E-BE2E-154B83BD4E9B

Voting Report – 2021 - 12

6.9 FOCUS – SOLIDARITY INVESTMENTS
Through its solidarity funds, mainly distributed in the framework of employee saving schemes, BNP Paribas AssetManagement invests and supports structures with a strong social impact in France. At the end of 2021, 33 non-profit
organisations, companies and microfinance funds had been supported through investment of €158 million.
Link to the social performance report > B1B1394A-63E5-4163-B935-B29376A85424 (bnpparibas-am.com)7
We are committed to fully supporting our partners in our solidarity funds. Our support includes the following actions:

Being active shareholders: We invest through equity positions in 16 of our partners. As shareholders, we vote eachyear at general meetings. Resolutions are analysed and a discussion with the company is held if necessary, and wehave been elected to serve as members of four supervisory boards.

Overseeing and monitoring investees: Part of our role includes overseeing and monitoring closely the social
businesses in which we invest. We meet at least once a year face-to-face with management and make an on-site
visit every two years. During our annual review, financial, governance and social issues are discussed in-detail. In
2021, we continue to closely monitor and analyse the impact of the health and economic crisis on our partner
structures and provided them with the best possible support.

Reporting and transparency: We publish a report on social performance twice a year, which includes social
businesses’ performance against a list of customised indicators as well as a complete list of solidarity partners.

Link to the SDG brochure > 427C0A52-82ED-4533-8958-91678F2CC55E (bnpparibas-am.com)
Key figures for 2021
- AGMs voted on: 14- Of which by remote or physical presence: 10- Member of the Supervisory Board: 5- Meetings with management: 27

7 BNPP AM voting policy mentioned above does not apply to solidarity investments

Voting Report – 2021 - 13

APPENDIX 1. STATISTICS OF THE MANAGEMENT COMPANY BNPP AM
FRANCE
1. GEOGRAPHIC BREAKDOWN
Within the Management Company BNPP-AM France, we voted at 8348 general meetings with votes mainly in Europe andNorth America, representing slightly more than 90% of our overall possible votes.
Number of meetings voted

Geographic breakdown

Europe601

72%

North America

172

21%

APAC

58

7%

Others

3

<1%

Total

834

100 %

2. VOTING RESULTS
Within our voting scope, out of 834 general meetings voted,


We voted in favour of all items at 122 general meetings; andAt 712 general meetings (i.e. 85%), we voted against or abstained on at least one item.

Of 12,605 resolutions voted, 12,170 resolutions were submitted by companies and 435 by shareholders:

We supported 72% of the resolutions; andWe opposed 28% of the resolutions (abstained on 4% of the resolutions and voted against 224%).

3. OTHER POINTS
Cases where the portfolio management company considered that it could not comply with the principles set out in
its "voting policy" document
We have identified no conflicts with the principles of our voting policy.
Conflicts of interest that the portfolio management company has been required to handle when exercising the voting
rights attached to securities held by the AIFs that it manages.
We have identified no conflicts of interest during this financial year.

8 834 general meetings voted out of 1,176

Voting Report – 2021 - 14

APPENDIX 2: ENVIRONMENT-RELATED PROPOSALS
We consider environment-related proposals at AGMs to be ‘significant votes’. We therefore describe our rationale for each ofthese votes, in line with the Shareholder Rights Directive II. As a responsible investor, we believe that Environmental, Socialand Governance (ESG) issues may impact the value and reputation of entities in which we invest. We believe that exceeding
1.5°C of global warming above pre-industrial levels will seriously affect humanity and the global economy. This, in turn, willaffect the value of investments in the long-run. Therefore, we expect companies to provide full disclosure of their carbon
emissions (scope 1, 2 and 3, when appropriate), and their commitment to combat climate change and align with the aims of
the Paris Agreement. In 2021, BNPP AM voted on 81 environment- and climate-related proposals, including 79 proposed byshareholders and two submitted by management. Of these, we supported the following 70 proposals (89%):PROPOSALS SUBMITTED BY SHAREHOLDERS, SUPPORTED BY BNPP AM:
ENERGY TRANSITION

Resolution submitted by BNPP AM
Resolution approved

CLIMATE-RELATED LOBBYING* Resolution supported by management

Company NameCountry
Australia
USA
USA

Meeting
Date
06-May-21
12-May-21
13-May-21

Proposal
Number20
6
5

Rio Tinto Limited
Phillips 66
Norfolk Southern
Corporation
Sempra Energy
Exxon Mobil
Corporation
Delta Air Lines, Inc.
BHP Group Plc

USA
USA

14-May-21
26-May-21

USAUK

Origin Energy
LimitedSouth32 Ltd.
BHP Group Limited

Proposal Text
Approve Climate-Related Lobbying
Report on Climate Lobbying
Report on Corporate Climate Lobbying Aligned with Paris Agreement% of votes
For
99%*
62%
76%

5
10

Report on Corporate Climate Lobbying Aligned with Paris Agreement
Report on Corporate Climate Lobbying Aligned with Paris Agreement

38%
64%

17-June-21
14-Oct.-21

522Report on Climate Lobbying
Approve Climate-Related Lobbying

Australia

20-Oct.-21

10eAustralia
Australia

28-Oct.-21
11-Nov-21

6b
22

Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal
Re: Climate-Related Lobbying Resolution
Approve Climate-Related Lobbying
Approve Climate-Related Lobbying

63%
Not available
(N/A)
N/A
N/A
N/A

BNPP AM’s Rationale:
We began our work on “Paris-aligned corporate climate lobbying” in 2018, and are witnessing very rapid uptake byinstitutional investors – a good sign that investors are coming to grips with the climate crisis and beginning to focus on theimportance of strong public policy and the role that corporations are playing. In 2021, we continued our leadership on the
topic of corporate climate lobbying, encouraging companies to align their direct and indirect lobbying efforts with the goals of
the Paris Agreement. In 2021, we filed two shareholder proposals at Exxon Mobil and Delta Air Lines seeking a Board-led
evaluation of each company’s lobbying efforts measured against the temperature target set by the Paris Agreement. Our
proposal is being used as a template for two collaborative engagement initiatives in the US, coordinated by Ceres, on behalfof the CA100+, and by the Interfaith Center on Corporate Responsibility. We are helping to advise both initiatives.
Corporate lobbying that is inconsistent with Paris goals presents regulatory, reputational and legal risks to investors, andexacerbates the threat of climate change. Our proposal is seeking to put a governance process in place to ensure that
corporate boards are evaluating their company’s lobbying efforts (direct and indirect) against the Paris goals, taking action toaddress material misalignments, and providing information to shareholders about this process. Trade associations that speakVoting Report – 2021 - 15

for business are of particular concern because they too often present forceful obstacles to progress in addressing the climate
crisis.
CLIMATE-RELATED REPORTS
Climate Report and/or votes
Company NameCountry

Meeting Date

Proposal Proposal Text
Number% of votes
For

DSV Panalpina A/S

Denmark

15-March-21

8.5

Reporting on Climate-Related Financial Risks and Opportunities

N/D*

Bank of Montreal

Canada07-April-21

A

19%

Santos Limited
Woodside Petroleum Ltd.
Canadian Pacific Railway
Charter Communications Inc
Oil Search Ltd.

Australia
Australia
CanadaUSA
Papua

15-April-21
15-April-21
21-April-21
27-April-21
30-April-21

6b
5b
5
6
8

Issue a Report Describing a Clear Plan to Make the Greenhouse Gas Footprint of theCompany, Including the Portfolio on Lending Practices, Carbon Neutral
Approve Capital Protection
Approve Capital Protection
Hold an Annual Non-Binding Advisory Vote on Climate Change
Report on Greenhouse Gas Emissions Disclosure
Approve Capital Protection

N/A
N/A
85%*
39%
10%

Berkshire Hathaway Inc.
General Electric Company
QBE Insurance Group Ltd
Hennes & Mauritz AB
T. Rowe Price Group, Inc.
Equinor ASA
United Parcel Service, Inc.
Union Pacific Corporation
Chevron Corporation
Exxon Mobil Corporation
Booking Holdings Inc.
Booking Holdings Inc.
Caterpillar Inc.
Monster Beverage Corp
Worthington Industries, Inc.
BHP Group Plc
BHP Group Limited
Sysco Corporation
AutoZone, Inc.

USA
USA
Australia
SwedenUSA
Norway
USA
USA
USA
USA
USA
USA
USA
USA
USA
UK
Australia
USA
USA

01-May-21
04-May-21
05-May-21
06-May-21
11-May-21
11-May-21
13-May-21
13-May-21
26-May-21
26-May-21
03-June-21
03-June-21
09-June-21
15-June-21
29-Sept.-21
14-Oct.-21
11-Nov-21
19-Nov-21
15-Dec.-21

2
7
4b
17
4
9
7
8
5
6
7
8
4
4
4
23
23
4
4

Report on Climate-Related Risks and Opportunities
Report on Meeting the Criteria of the Net Zero Indicator
Approve Exposure Reduction Targets
Approve Annual Proxy Vote and Report on Climate Change Policy and Strategies
Report on and Assess Proxy Voting Policies in Relation to Climate Change Position
Instruct Company to Report Key Information on both Climate Risk and Nature Risk
Report on Climate Change
Annual Vote and Report on Climate Change
Report on Impacts of Net Zero 2050 Scenario
Issue Audited Report on Financial Impacts of IEA's Net Zero 2050 Scenario
Report on Annual Climate Transition
Annual Investor Advisory Vote on Climate Plan
Report on Climate Policy
Annual Vote and Report on Climate Change
Report on Climate Policy
Approve Capital Protection
Approve Capital Protection
Report on GHG Emissions Reduction Targets
Report on Annual Climate Transition

28%
98%*
21%
N/A
17%
N/A
36%
32%
48%
49%
56%
34%
47%
N/A
41%
N/A
N/A
92%
70%

BNPP AM’s Rationale: We support resolutions that align with our climate change expectations: Additional information oncompanies’ climate change policies and practices would allow investors to better assess companies’ management of relatedrisks and opportunities, and strategies to ensure issuers take necessary action on the energy transition.
Alignment with Paris agreement
Company NameCountry

Meeting Date

Skandinaviska
Enskilda Banken AB
Sumitomo Corp.

Sweden

Proposal
Number30-March-21
23.1

Japan

18-June-21

5

Mitsubishi UFJ
Financial Group, Inc.
AGL Energy Limited
Origin Energy
LimitedJapan

29-June-21

3Australia
Australia

22-Sept.-21
20-Oct.-21

6b10f

Proposal Text
By 2025, the Bank will Only Finance those Companies and Projects that are in Line
with what Science Requires for the World to Stay below 1.5 Degree Celsius
Amend Articles to Disclose Plan Outlining Company's Business Strategy to Align
Investments with Goals of Paris Agreement
Amend Articles to Disclose Plan Outlining Company's Business Strategy to Align
Investments with Goals of Paris Agreement
Approve Paris Goals and Targets
Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal Re:
Paris-Aligned Capital Expenditure Resolution% of votes
For
3%
N/A
N/A
N/A
N/D

BNPP AM’s Rationale: We support resolutions that contribute to the low-carbon energy transition, and pursue efforts to limit
warming to 1.5 degrees Celsius by aligning corporate strategy with the Paris agreement.

Voting Report – 2021 - 16

Climate - Approve Climate Strategy/targets
Company NameCountry

Meeting Date

Royal Bank of
CanadaCanada08-April-21

Proposal
Number4

Imperial Oil Limited
Rio Tinto Limited
ConocoPhillips
Equinor ASA

CanadaAustralia
USA
Norway04-May-21
06-May-21
11-May-21
11-May-21

3
19
5
8

Phillips 66
BP PlcChevron Corporation

USA
United Kingdom
USA12-May-21
12-May-21
26-May-21

5
13
4

Proposal Text
SP 1: Adopt Company-Wide, Quantitative, Time-bound Greenhouse Gas (GHG)
Emissions Reduction Targets and Issue an Annual Report Discussing the Plans andProgress of Achieving Such Targerts
Adopt a Corporate Wide Ambition to Achieve Net Zero Carbon Emissions
Approve Emissions Targets
Emission Reduction Targets
Instruct Company to Set Short, Medium, and Long-Term Targets for Greenhouse Gas(GHG) Emissions of the Companys Operations and the Use of Energy Products
Adopt GHG Emissions Reduction Targets
Approve Shareholder Resolution on Climate Change Targets
Reduce Scope 3 Emissions% of votes
For
31%
14%
99%*
59%
N/A
79%
21%
61%

BNPP AM’s Rationale: Climate change will seriously affect humanity and the global economy and affects the value ofinvestments in the long-run. Therefore, companies should provide full disclosure of their carbon emission and theircommitment and targets to combat climate change. We supported those resolutions that were in line with BNPP AM’s climatechange expectations at those companies where extensive disclosure on their climate strategy and targets are considerednecessary.
CLIMATE - OTHER
Fossil energy and Coal
Company NameCountry

Meeting Date

Swedbank AB

Sweden25-March-21

Proposal
Number
23.a1

Swedbank AB

Sweden25-March-21

23.a2

Swedbank AB

Sweden25-March-21

23.b

Skandinaviska
Enskilda Banken AB
Skandinaviska
Enskilda Banken AB
Skandinaviska
Enskilda Banken AB

Sweden30-March-21

22.1

Sweden30-March-21

22.2

Sweden30-March-21

23.2

The Kansai ElectricPower Co., Inc.

Japan

25-June-21

7

Proposal Text
Swedbank Adopts Guidelines to Immediately Decline Loans to Projects Aiming at
Extracting Fossil Fuels
Swedbank Adopts Guidelines to Immediately Decline Loans to Companies whose
Main Activity is to Extract Fossil Fuels (Excluding Specific Projects Focused on
Activities Other than Fossil Fuel Extraction)
Swedbank, before the AGM 2022, Reports its Exposure in Loans to Companies
whose Main Activity is to Extract Fossil Energy
The Bank Immediately shall Work for the Exclusion of Fossil Companies as
Borrowers in the Bank
The Bank shall Exclude Fossil Fuels as Investment Objects
The Board of Directors of the Bank shall Report back on how this has been
Implemented at the Latest at the 2022 AGM and thereafter Annually until it has been
Fully Implemented
Amend Articles to Add Provisions Concerning Management Based on CSR(Withdrawal from Coal-Fired Power Generation Business)% of votes
For
2%
2%
17%
5%
4%
3%
N/A

BNPP AM’s Rationale: Additional information on sustainability commitments towards fossil energy and coal policy for thosecompanies would allow investors to better assess the company's strategies, geared to helping tackle climate change byalignment of strategy with a 1.5° world.
ENVIRONMENTAL SUSTAINALBILITYCIRCULAR ECONOMY
Company NameCountry

The Toronto-Dominion BankRoyal Bank of Canada
Canadian Imperial Bank of Commerce
The Bank of Nova Scotia

CanadaCanadaCanadaCanadaMeeting
Proposal Proposal Text
Date
Number01-April-21
4
Produce a Report on Loans Made by the Bank in Support of the Circular Economy
08-April-21
6
Produce a Report on Loans Made by the Bank in Support of the Circular Economy
08-April-21
4
Produce a Report on Loans Made by the Bank in Support of the Circular Economy
13-April-21
4.4
Produce a Report on Loans Made by the Bank in Support of the Circular Economy% of votes
For
9%
16%
23%
16%

Voting Report – 2021 - 17

BNPP AM’s Rationale: Circular economies help to protect our natural resources, by extending the life of products, reducing
and reusing waste, and reducing greenhouse gas emissions. We support resolutions requesting additional information on
the company's approach in support of the Circular Economy, which are aligned with our biodiversity roadmap.
PLASTIC
Company NameCountry

DuPont de Nemours, Inc.
Amazon.com, Inc.

USA
USA

Meeting Date
28-April-21
26-May-21

Proposal Number
7
8

Proposal Text
Report on Plastic Pollution
Report on the Impacts of Plastic Packaging% of votes
For
81%
36%

BNPP AM’s Rationale: BNPP AM has a long-standing commitment on reducing Plastic Pollution, having endorsed the New
Plastics Economy Global Commitment, the EPR Statement for packaging Extended Producer Responsibility and the revised
business statement for a Global Treaty on Plastic Pollution. The issue of plastic pollution is global in nature and leads tosignificant negative impacts on our environment, society and economy. Additional information on plastic pollution and on how
the company will meet its sustainability commitments while continuing to distribute single-use plastic shopping bags wasconsidered to be a positive contribution to efforts to tackle climate change and biodiversity loss, while bringing positive socialand economic impacts.
SOY
Company NameCountry

Bunge Limited

BermudaMeeting
Date05-May-21

Proposal Number
5

Proposal Text
Report on the Soy Supply Chain% of votes For
99%*

BNPP AM’s Rationale: Soy production is a leading driver of native vegetation conversion including deforestation in Brazil's
Cerrado region and the Brazilian Amazon. Converting native ecosystems to commodity agriculture drives climate-related risks
and biodiversity loss, and impacts soil protection, pollination, and precipitation patterns. The proponent requested that Bunge
issue a report assessing if and how it could increase the scale, pace, and rigor of its efforts to eliminate native vegetation
conversion in its soy supply chain. A report providing more information on how the company is managing its supply chain
impact on deforestation and how its actions line up with recommended practices would benefit the company. The resolution
was approved, largely due to the board’s recommendation that shareholders vote in favour of the proposal.
WATER
Company NameCountry

Meeting Date

Origin Energy Limited Australia

20-Oct.-21

Proposal Number Proposal Text
10b

Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal Re:
Water Resolution% of votes
For
N/A

BNPP AM’s Rationale: Additional disclosure about how the company is addressing water resource protection and water
quality would better allow shareholders to assess how the company is managing related risks.
CULTURAL HERITAGE
Company NameCountry

Meeting Date

Origin Energy Limited Australia

20-Oct.-21

10cFortescue Metals
Group Ltd.

09-Nov-21

8Australia

Proposal Number

Proposal Text
Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal Re:
Cultural Heritage Resolution
Approve Support for Improvement to Western Australian Cultural Heritage
Protection Law% of votes
For
N/A
N/A

BNPP AM’s Rationale: This proposal would ensure the company's commitments with respect to protecting sacred sites andconducting exploration in licensed areas, as well as guarantee the company's compliance with relevant legislations.

Voting Report – 2021 - 18

ENVIRONMENTAL AND COMMUNITY IMPACT
Company NameCountry

Meeting Date

Proposal Number

Origin Energy Limited Australia

20-Oct.-21 10c

Fortescue Metals
Group Ltd.

09-Nov-21 8

Australia

Proposal Text
Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal Re:
Cultural Heritage Resolution
Approve Support for Improvement to Western Australian Cultural Heritage
Protection Law% of votes
For
N/A
N/A

BNPP AM’s Rationale: This proposal would ensure the company's commitments with respect to protecting sacred sites andconducting exploration activity in licenced areas, as well as guarantee the company's compliance with relevant legislations.
OTHER
Company NameCountry

Walmart Inc.
Origin Energy
LimitedUSA
Australia

Meeting
Date
02-June-21
20-Oct.-21

Proposal
Number4
10d

Proposal Text
Report on Refrigerants Released from Operations
Subject to Resolution 10a Being Passed, Approve the Shareholder Proposal Re: Consent &FPIC Resolution% of votes
For
5.5%
N/A

BNPP AM’s Rationale:
Walmart Inc.: This resolution is in line with our climate change expectations, geared to helping tackle climate change byincreasing the scale, pace and rigor of its plans to reduce refrigerants released from its operations.
Origin Energy Limited: The adoption of the proposal should serve to further strengthen Origin's commitment to Indigenous
Peoples' rights, as well as augment its existing Indigenous People's rights-related oversight mechanisms.
PROPOSALS SUBMITTED BY COMPANIES, SUPPORTED BY BNPP AM:
Company NameCountry

Aena S.M.E. SA
Iberdrola SA

Spain
Spain

Meeting
Date
27-April-21
17-June-21

Proposal
Number
7.3
9Proposal Text
Amend Articles Re: Board Committees, Remuneration and Climate Action Plan
Amend Article 32 Re: Climate Action Plan

% of votes
For
99%
99%

BNPP AM’s Rationale:
Aena S.M.E. SA: In its climate action plan (Item 10), the company says that the board will set up a dedicated committee tomonitor the company's sustainability and climate action efforts. These are the corresponding bylaw amendments. We
supported the proposal as it positively contribute to improving the supervision of the company’s action on climate change.
Iberdrola SA: We are the lead investor on behalf of Climate Action 100+. In 2021, we secured a success with the company
as it committed to submit its climate action plan to shareholders for an advisory vote. Shareholders approved the revision of
the Articles of Association to place responsibility for the company’s climate strategy on the Board of Directors as well as
responsibility for approving and producing annual climate management reports, starting in 2022 within the Non-Financial
Information Report. It also provided for a shareholder vote on the climate change plan from 2022. This new roles assigned to
the Board was approved by the shareholders at the general meeting and we supported the proposal which is aligned with our
expectations and a good step in order for the company to achieve its net zero goal by 2050.

Voting Report – 2021 - 19

PROPOSALS VOTED ABSTAIN BY BNPP AM:

We abstained on only nine proposals for six companies.
Company NameCountry

Meeting Date

Royal Dutch Shell Plc

18-May-21

Equinor ASA

UnitedKingdom
NorwayProposal
Number21

11-May-21

10Equinor ASA

Norway11-May-21

12Equinor ASA

Norway11-May-21

14

Equinor ASA

Norway11-May-21

15

Barclays Plc

UnitedKingdom
Australia
Australia

05-May-21

Australia

Westpac Banking Corp.
Australia and New Zealand
Banking Group Ltd
National Australia Bank Ltd

Proposal Text
Request Shell to Set and Publish Targets for Greenhouse Gas (GHG) Emissions% of votes
For
30%

29

Instruct Company to Stop all Exploration Activity and Test Drilling for Fossil Energy
Resources
Instruct Company to Stop all Oil and Gas Exploration in the Norwegian Sector of the
Barents Sea
Instruct Company to Divest all Non-Petroleum-Related Business Overseas and toConsider Withdrawing from all Petroleum-Related Business Overseas
Instruct Company that all Exploration for New Oil and Gas Discoveries is Discontinued,that Equinor Multiplies its Green Investments and Reduces its Risk for Future Lawsuits
Approve Market Forces Requisitioned Resolution

N/A

14%

15-Dec.-21
16-Dec.-216b6

Approve Transition Planning Disclosure
Approve Transition Planning Disclosure

N/A
N/A

17-Dec.-21

5bApprove Transition Planning Disclosure

N/A

N/A
N/A
N/A

BNPP AM’s Rationale:
Equinor: We abstained on the four shareholder proposals that we considered too prescriptive.
Royal Dutch Shell: Shell was one of the first companies globally to commit to an annual shareholder advisory vote on its
climate reporting, and will also provide shareholders with a vote ex-post on its energy transition strategy. In view of the option
for shareholders to express their view on the climate change strategy through a vote, we considered the shareholder proposal
to be redundant and abstained on the proposal.
Barclays Plc: While we agreed with the proposal’s intention to improve transparency of the short, medium and long-termtargets consistent with Paris Agreement, we were not in favour of the binding aspects of the proposal as it could have createduncertainty around the near-term agenda of the company, forcing it to retrace the steps it made over the last year. Moreover,including a fossil fuel policy for the short term might not have aligned with the energy transition framework that will require gas
to play a role in the transition phase. Therefore, we abstained on the proposal.
Westpac Banking Corp, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd: These
companies have already committed to a Net Zero 2050 target and publicly disclosed their next steps. We were not in favourof the binding aspects of the proposal, and the fact that including a fossil fuel policy for the short-term might not align with theenergy transition framework that will require gas to play a role in the transition phase. We abstained on the proposals.

Voting Report – 2021 - 20

SAY-ON-CLIMATE PROPOSALS:
In 2021, BNPP AM voted on 21 say-on-climate resolutions proposed by companies, a new type of proposal this year
providing shareholders with the opportunity to vote on companies’ climate action strategy. On average we voted in favour of
71% of those proposals. As we did not have specific guidelines in 2021 for say-on-climate, we looked at each proposal ona case-by-case basis, taking into account the sector and the effort made by each company to tackle climate change.
BNPP AM opposed say-on-climate resolutions at 5 companies:Glencore Plc, Jersey: In light of the extent of the company’s activities related to coal, we decided to vote against theclimate action plan.

Canadian National Railway Company, Canada: The company set an “intensity” reduction target for Scope 1 and 2 but
excluded Scope 3 from its target. Further, the company has not committed to be net-zero by 2050. Also, the company
has only set an ‘intensity’ target which does not appear to be ‘science-based’. Even though the company was expected
to announce a new higher ambition target later in the year, we voted against the proposal in light of these concerns.



BHP Group Plc, UK, BHP Group Limited, Australia: BHP's long-term goal is to achieve net-zero operational emissions
by 2050. However, we were concerned that the targets relating to scope 3 emissions were not sufficiently strong. Fully
96% of BHP’s GHG emissions are related to scope 3, of which more than 75% are covered by the steelmaking process.
Consequently, addressing scope 3 emissions is the main challenge for the company, and as the steel industry is alreadycommitted to a net-zero trajectory, not being committed to this scope clearly reduces the impact of its climate strategy.
Taking into consideration the above-mentioned concerns on scope 3 emissions and the fact that the company's public
commitments have not been approved by the Science Based Targets Initiative (SBTi), we considered that this say-onclimate proposal did not bring sufficient assurance to be able to support it, and we thus voted against item 20, both at thecompany’s UK meeting (held on 14/10/2021) and Australian meeting (held on 04/11/2021).

Aena S.M.E. SA, Spain: Although the climate transition plan includes clear targets for 2030 and the governance structure
for addressing and dealing with the climate topics is quite transparent, the company does not disclose scope 3 emissions
and has not set a target approved by the SBTi. Therefore, we decided to abstain.

HSBC Holdings Plc, United Kingdom: We recognized the intention of the Company's stated ambition is to bring
operations and supply chain to net-zero by 2030 or sooner, and align financed emissions to the Paris Agreement goal toachieve net-zero by 2050 or sooner. However, in the absence of disclosure of scope 3 by the companies (on its investment
and financed emissions) and of a policy to reduce carbon emission of its investment and financing emissions, we decided
to abstain on the proposal.

BNPP AM voted in favour of the other 15 say-on-climate resolutions at: Atos SE, Aviva Plc, Ferrovial SA (2 proposals),
Iberdrola SA, Moody’s Corporation, National Grid Plc, Nestlé SA, Royal Dutch Shell Plc, S&P Global Inc, Seven Trent Plc,
SSE Plc, TotalEnergies, Unilever Plc and Vinci SA.


Example of support of say-on-climate proposal: TotalEnergies, France and Royal Dutch Shell, The Netherlands:
Both companies were the first energy companies to commit to a shareholder vote on their energy transition strategy. The
two companies made significant progress last few year in their energy transition, committing to achieving carbon neutrality
by 2050, setting short, medium and long-term emissions reduction targets. In light of their strategies, that are among themost advanced in the sector, we decided to vote in favour of both proposals. BNPP AM wishes to encourage oil and gas
companies to progress and to commit to fight climate change over the long-term. To oppose such a significant resolution
would not provide a good incentive to transform the oil and gas industry.

Voting Report – 2021 - 21

APPENDIX 3. LIST OF ENGAGEMENTS IN 2021
IssuerCountry

IssuerCountry

A2A SPAItaly

BELFIUS BANQUE SA

Belgium

AALBERTS NV

Netherlands

BENETEAU SA

FranceABN AMRO BANK NV

Netherlands

BHARAT ELECTRONICS LTD

India

ACEA SPA

Italy

BIOGEN INC

USA

ADANI GREEN ENERGY LTD

India

BNG BANK NV

Netherlands

AEROPORTS DE PARIS SAFranceBNP PARIBAS SA

FranceAIA GROUP LTD

Hong Kong

BONDUELLE SA

FranceAIRBUS SE

Netherlands

BOUYGUES SA

FranceAKER CARBON CAPTURE ASA

NorwayBPI France

FranceAKZO NOBEL NV

Netherlands

BRISTOL-MYERS SQUIBB COUSA

ALBIOMAFranceBROADCOM Inc.

USA

ALPHABET INC

USA

BUNGE LTDUSA

ALSTOM SA

FranceCAPGEMINI SE

France

AMADEUS IT GROUP SASpain

CARREFOUR SA

FranceAMAZON.COM INC

USA

Cell Impact AB

SwedenAMG ADVANCED METALLURGICAL GROUP NV

Netherlands

CERVED GROUP SPA

Italy

AMGEN INCUSA

CHARGEURS SA

FranceAON PLC

Ireland

CHEVRON CORPUSAAPPLUS SERVICES SA

Spain

CHILE (REPUBLIC OF)

Chile

ARCELORMITTAL

Luxembourg

CHINA MENGNIU DAIRY CO LTD

Hong Kong

ARKEMA SA

FranceCHINA METALLURGICAL GROUP CORP

China

ASAHI KASEI CORPORATIONJapan

CHINA TOURISM GROUP DUTY FREE CORP LTD

China

ASR NEDERLAND NV

Netherlands

CITIC LTD

China

ASSICURAZIONI GENERALI SPA

CITIGROUP INC

USA

ASTRAZENECA PLC

Italy
UnitedKingdom

CLARIANT AG

Switzerland

ATLANTIA SPA

Italy

CLP HOLDINGS LTD

Hong Kong

ATLANTIC SAPPHIRE AS

Norway

CNP ASSURANCESFranceCOMPAGNIE DE SAINT GOBAIN SACOMPAGNIE GENERALE DES ETABLISSEMENTS
MICHELIN SCAFranceCOMPAGNIE PLASTIC OMNIUM SE

FranceCONOCOPHILLIPSUSACONTEMPORARY AMPEREX TECHNOLOGY CO LTD

China

COVESTRO AG

Germany

COVIVIO SA

FranceCREDIT AGRICOLE SA

FranceCRH PLCATOS SE
AVAST PLC

FranceUnitedKingdom

AXA SA

FranceBANCA GENERALI SPA

Italy

BANCO BILBAO VIZCAYA ARGENTARIA SA

Spain

BANCO SANTANDER SA

Spain

BANK OF IRELAND GROUP PLC

IrelandFranceBANK OF MONTREAL

CanadaBANK RAKYAT INDONESIA (PERSERO) TBK PT

Indonesia

BARRICK GOLD CORP

CanadaCRODA INTERNATIONAL PLC

IrelandUnitedKingdomBARRY CALLEBAUT AG

Switzerland

CTS EVENTIM AG & CO KGAA

Germany

BAWAG Group AG

AustriaCYBER ARK SOFTWARE LTD

IsraelBAYER AG

Germany

DABUR INDIA LTD

India

BAYERNLB HOLDING AG

GermanyDANONE SA

FranceBEFIMMO SA

Belgium

Dassault Systemes

France

BEIGENE LTD

China

DELTA AIR LINES INC

USA

Voting Report – 2021 - 22

IssuerCountry

IssuerCountry

DEUTSCHE BOERSE AG

Germany

HOME DEPOT INC

USA

DEUTSCHE TELEKOM AG

Germany

HUNGARY (REPUBLIC OF)

Hungary

DOMINION ENERGY INC

USA

IBERDROLA SA

Spain

E.ON SE

Germany

ILLIMITY BANK SPA

Italy

EDENRED

FranceINDONESIA (REPUBLIC OF)

Indonesia

EDP - ENERGIAS DE PORTUGAL SA

Portugal

ING DiBa

Netherlands

EIFFAGE SA

FranceFranceING GROEP NV
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Netherlands

ELECTRICITE DE FRANCE SA
ELI LILLY AND COMPANY

USA

Interparfums SA

FranceELO SA

FranceIPSEN SAFranceEnagas SA

Spain

ITALY

Italy

ENCAVIS AG

Germany

JAPAN BANK FOR INTERNATIONAL COOPERATION

Japan

Endesa SA

Spain

JAZZ PHARMACEUTICALS PLC

Ireland

ENEL SPA

Italy

JOHNSON & JOHNSONUSAENGIE SAFranceJUBILANT FOODWORKS LTD

India

ENI SPAItaly

KAUFMAN & BROAD SA

FranceESSILORLUXOTTICA SA

FranceKDDI CORPORATION

Japan

EUROFIMA

Switzerland

KERING SA

FranceEUROFINS SCIENTIFIC SE

Luxembourg

KFW

Germany

European Union

EuropeKOMMUNALBANKEN AS

NorwayEVONIK INDUSTRIES AG

Germany

KONINKLIJKE AHOLD DELHAIZE NV

Netherlands

EXXON MOBIL CORP

USA

KONINKLIJKE DSM NV

FAURECIA SE

FranceFEDEX CORP

USA

Korea (Republic of)Netherlands
Korea(Republic of)

FIRST SOLAR INC

USA

KORIANFranceFISKER INC

USA

KROGER COUSA

FRESENIUS MEDICAL CARE AG & CO KGAA

Germany

KUTXABANK SA

Spain

FRONTDOOR INC

USAFranceGEA GROUP AG

Germany

LA FRANCAISE DES JEUX SALAIR LIQUIDE SA POUR LETUDE ET LEXPLO DESPROCEDES GEORGES CLAUDE SA

GECINA SA

FranceLANDESBANK BADEN-WUERTTEMBERG

Germany

GENERAC HOLDINGS INC

USALANDIS+GYR GROUP AG

Switzerland

GENERAL ELECTRIC COUSALANXESS AG

Germany

GEOPARK LTD

Colombia

Leasys (FCA Bank)

Italy

GEORGIAN RAILWAY JSC

Georgia

LEG IMMOBILIEN SE

Germany

GERMANY (FEDERAL REPUBLIC OF)

Germany

LEGRAND SA

Glanbia PLc

Ireland

LG CHEM LTD

FranceKorea(Republic of)GRAN TIERRA ENERGY INC

CanadaLI NING CO LTD

GREENCORE GROUP PLC

Ireland

GUANGDONG INVESTMENT LTD

Hong Kong

HENKEL AG & CO KGAA

Germany

HERA SPA

Italy

Hermes International Sca

FranceHIBERNIA REIT PLC

Ireland

HILTON WORLDWIDE HOLDINGS INC

USA

HINDUSTAN UNILEVER LTD

India

USA

FranceLINDE PLC

China
UnitedKingdom

LONGFOR GROUP HOLDINGS LTD

China

LOREAL SA

France

LVMH MOET HENNESSY LOUIS VUITTON SE

FranceMALAYSIA

Malaysia

MANITOU BF SA

FranceMERCK & CO INC

USA

METALLURGICAL CORPORATION OF CHINA LTD

China

Voting Report – 2021 - 23

IssuerCountry

IssuerCountry

METSA BOARD OYJ

Finland

SAFRAN SA

FranceMIDEA GROUP CO LTD

China

SALESFORCE.COM INC.

USA

MITSUBISHI UFJ FINANCIAL GROUP INC

Japan

SANOFI SA

FranceMoF Mexico

SCHNEIDER ELECTRIC SE

FranceMONDI PLC

MexicoUnitedKingdom

FranceNATURGY ENERGY GROUP SA

Spain

SCOR SESHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS COLTD

NEDERLANDSE GASUNIE NV

Netherlands

SIEMENS AG

Germany

NETEASE INC

China

Siemens Energy

Germany

NEW WORLD DEVELOPMENT CO LTD

Hong Kong

SIEMENS GAMESA RENEWABLE ENERGY SA

NEXTERA ENERGY INC

USA

SK HYNIX INCNICHIREI CORPORATIONJapan

NN Bank

Netherlands

SK INNOVATION CO LTD

Spain
Korea
(Republic of)
Korea(Republic of)

NORDIC INVESTMENT BANK

Finland

SLOVENIA (REPUBLIC OF)

Slovenia

NOVARTIS AG

Switzerland

SOCIETE GENERALE SA

FranceNUTRIEN LTD

SODEXO SAFranceSOLUTIONS 30 SE

Luxembourg

OCI CO LTD

CanadaKorea(Republic of)

SOLVAY SA

Belgium

ONTEX GROUP NV

Belgium

SOUTHERN COMPANY (THE)USA

ORANGE SA

FranceSpain (Kingdom of)Spain

OTONOMO TECHNOLOGIES LTD

IsraelSQUARE INC

PARK HOTELS & RESORTS INC

USAPEPSICO INC

USA

SSE PLCUSA
UnitedKingdom

Peridot Acquisition Corp

USA

STARBUCKS CORPORATION

USA

Pernod-Ricard SA

FranceSTEF SAFrancePETMED EXPRESS INC.

USA

STELLANTIS NV

Netherlands

PETROLEOS MEXICANOS

Mexico

STMICROELECTRONICS NV

Switzerland

PFIZER INC

USA

STROEER SE & CO KGAA

Germany

PING AN INSURANCE GROUP CO OF CHINA LTD

China

SUEZ SAFrancePLUG POWER INC

USASUNNOVA ENERGY INTERNATIONAL INC

USA

POWER ASSETS HOLDINGS LTD

Hong Kong

SUOFEIYA HOME COLLECTION CO LTDChina

PPB GROUP BHD

Malaysia

SWEDBANK AB

SwedenPREMIER INC

USA

SWISS RE AG

Switzerland

PROCTER & GAMBLE CO

USA

Sword Group

Luxembourg

PROSUS NVSYMRISE AG

Germany

TAG IMMOBILIEN AG

Germany

PRUDENTIAL PLC

Netherlands
UnitedKingdom

TALANX AG

Germany

PTT PCL

ThailandTE CONNECTIVITY LTD

Switzerland

PUBLICIS GROUPE SAFranceTELEFONAKTIEBOLAGET LM ERICSSON

SwedenQL RESOURCES BHD

Malaysia

TELEFONICA SA

Spain

RED ELECTRICA CORPORACION SA

Spain

TELEPERFORMANCE

FranceRENAULT SA

FranceTENAGA NASIONAL BHD

Malaysia

Repsol SA

Spain

TENCENT HOLDINGS LTD

China

REXEL SAFranceTERNA ENERGY SA

GreeceROYAL DUTCH SHELL PLC

Netherlands

THALES SA

FranceROYAL UNIBREW A/S

Denmark

TOTAL PRODUCE PLC

Ireland

S&T AG

Austria

TOTAL SEFranceChina

Voting Report – 2021 - 24

IssuerCountry

IssuerCountry

TOYO SUISAN KAISHA LTDJapan

VESTEDA GROEP BVNetherlands

TWITTER INC

USA

VIEW INC

USA

TYSON FOODS INC

USA

VINCI SAFranceUBS GROUP AG

Switzerland

VIVENDI SE

FranceUCB SA

Belgium

VOLKSWAGEN AG

Germany

UDG HEALTHCARE PLC

Ireland

VONOVIA SA

Germany

UNIBAIL-RODAMCO-WESTFIELD NV

FranceWALMART INC

USA

UNICREDIT SPA

Italy
Taiwan,Province ofChina

WH GROUP LTD

Hong Kong

WIENERBERGER AG

AustriaWORLDLINE SA

FranceUSA
UnitedKingdom

WULIANGYE YIBIN CO LTDChina

WUXI APPTEC CO LTD

China

UNITED PARCEL SERVICE INC

USAWUXI BIOLOGICS (CAYMAN) INC

China

VALEO SEFranceXENIA HOTELS & RESORTS INC

USA

VEOLIA ENVIRONNEMENT SAFranceYUM CHINA HOLDINGS INC

China

VERBUND AG

Austria

ZAI LAB LTD

China

VERISIGN INCUSAZF FRIEDRICHSHAFEN AG

Germany

UNI-PRESIDENT ENTERPRISES CORP
UNITED AIRLINES HOLDINGS INC
United Kingdom