AXA Investment Managers believe that high standards of corporate governance protect our clients' interests, assist risk management, contribute to the maximisation of shareholder value and underpin the integrity and efficient operation of the financial markets.

Voting at company meetings is an important part of the dialogue between a company and its shareholders and a fundamental aspect of our fiduciary duty to our clients.

We recognise that corporate governance practices vary in different jurisdictions and that the companies in which we invest are subject to different local laws and regulations on governance matters. When reviewing resolutions proposed at general meetings we judge resolutions against fundamental principles of good corporate governance, while taking account of best practice standards pertinent to the relevant market and the Company's particular circumstances.

This report sets out AXA Investment Managers' voting activities during the relevant period. The voting recommendations do not necessarily reflect how a specific client's shares were voted.

For more information, please visit our Active Stewardship section