ࡱ> d  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcefghijklmnopqrstuvwxyz{|}~Root Entry FT:,5_@ Workbook  MsoDataStore  G5p{5C0VROZ1S24Q==2 G5P-5Item PropertiesOINIM0OUC3B55==2 G5p{5Item vMProperties SummaryInformation( DocumentSummaryInformation8"CompObj/l ZO\p Aisha Bhattirl Ba==@8!8@"1ARIAL1ARIAL1ARIAL1ARIAL1Arial1 Arial1ARIAL1*h7 Aptos Display1(,7 Aptos Narrow1(7 Aptos Narrow1(7 Aptos Narrow1( Aptos Narrow1( Aptos Narrow1(; Aptos Narrow1(= Aptos Narrow1(> Aptos Narrow1(3 Aptos Narrow1(3 Aptos Narrow1(  Aptos Narrow1(4 Aptos Narrow1( Aptos Narrow1( Aptos Narrow1(  Aptos Narrow1( Aptos Narrow""#,##0;\-""#,##0""#,##0;[Red]\-""#,##0""#,##0.00;\-""#,##0.00#""#,##0.00;[Red]\-""#,##0.005*0_-""* #,##0_-;\-""* #,##0_-;_-""* "-"_-;_-@_-,)'_-* #,##0_-;\-* #,##0_-;_-* "-"_-;_-@_-=,8_-""* #,##0.00_-;\-""* #,##0.00_-;_-""* "-"??_-;_-@_-4+/_-* #,##0.00_-;\-* #,##0.00_-;_-* "-"??_-;_-@_- dd\/mm\/yyyy                                                                      ff>> + ) , *     P  P        `      >>    a  Z@x@  <@@ 8@@ <@@ <@@  8@@  Z ||F3֥}-}; _-;_-* "}A}1 _-;_-* "-@_- }A}2 _-;_-* "?-@_- }A}3 _-;_-* "23-@_- }-}4 _-;_-* "}A}0 a_-;_-* "-@_- }A}( _-;_-* "-@_- }A}7 W_-;_-* "-@_- }}5 ??v_-;_-* "̙-@_-    }}9 ???_-;_-* "-@_- ??? ??? ??? ???}}) }_-;_-* "-@_-    }A}6 }_-;_-* "-@_- }}* _-;_-* "-@_- ??? ??? ??? ???}-}= _-;_-* "}x}8_-;_-* "-@_??? ??? ???}-}/ _-;_-* "}U}< _-;_-* "-@_ }A}" _-;_-* "-@_}A} _-;_-* "ef-@_}A} _-;_-* "L-@_}A} _-;_-* "23-@_}A}# _-;_-* "-@_}A} _-;_-* "ef-@_}A} _-;_-* "L-@_}A} _-;_-* "23-@_}A}$ _-;_-* "-@_}A} _-;_-* "ef-@_}A} _-;_-* "L-@_}A} _-;_-* "23-@_}A}% _-;_-* "-@_}A} _-;_-* "ef-@_}A} _-;_-* "L-@_}A} _-;_-* "23-@_}A}& _-;_-* "-@_}A} _-;_-* "ef-@_}A} _-;_-* "L-@_}A}  _-;_-* "23-@_}A}' _-;_-* " -@_}A} _-;_-* "ef -@_}A} _-;_-* "L -@_}A}! _-;_-* "23 -@_ 20% - Accent1M 20% - Accent1 ef % 20% - Accent2M" 20% - Accent2 ef % 20% - Accent3M& 20% - Accent3 ef % 20% - Accent4M* 20% - Accent4 ef % 20% - Accent5M. 20% - Accent5 ef % 20% - Accent6M2 20% - Accent6  ef % 40% - Accent1M 40% - Accent1 L % 40% - Accent2M# 40% - Accent2 LǬ % 40% - Accent3M' 40% - Accent3 L % 40% - Accent4M+ 40% - Accent4 L % 40% - Accent5M/ 40% - Accent5 L % 40% - Accent6M3 40% - Accent6  L % 60% - Accent1M 60% - Accent1 23D % 60% - Accent2M$ 60% - Accent2 23 % 60% - Accent3M( 60% - Accent3 23GY % 60% - Accent4M, 60% - Accent4 23a % 60% - Accent5M0 60% - Accent5 23m %! 60% - Accent6M4 60% - Accent6  23s % "Accent1AAccent1 ` % #Accent2A!Accent2 q2 % $Accent3A%Accent3 k$ % %Accent4A)Accent4  % &Accent5A-Accent5 + % 'Accent6A1Accent6  N. %(Bad9Bad  %) Calculation Calculation  }% * Check Cell Check Cell  %????????? ???* ColLevel_1* ColLevel_2* ColLevel_3* ColLevel_4 * ColLevel_5 * ColLevel_6* ColLevel_7+ Comma,( Comma [0]-&Currency.. Currency [0]/Explanatory TextG5Explanatory Text % 0Good;Good  a%1 Heading 1G Heading 1 (A%`2 Heading 2G Heading 2 (A%?d3 Heading 3G Heading 3 (A%23D4 Heading 49 Heading 4 (A% 5InputuInput ̙ ??v% 6 Linked CellK Linked Cell }% 7NeutralANeutral  W%"Normal 8Noteb Note   9OutputwOutput  ???%????????? ???:$Percent* RowLevel_1* RowLevel_2* RowLevel_3* RowLevel_4 * RowLevel_5 * RowLevel_6 * RowLevel_7 ;Title1Title (A% <TotalMTotal %``= Warning Text? Warning Text %XTableStyleMedium2PivotStyleLight168 `S3ffff̙3fff3f3f33333f33333\`нSheet1,  ;5  Meeting IDISIN Company NameInvestment RegionCountry Meeting Date Meeting TypeAgenda Item NumbersVoting ExplanationVote By Exception Ballot Count SG1M31001969%United Overseas Bank Ltd. (Singapore)Asia SingaporeAnnualAgainst6 5Concerns related to board gender diversity not meeting the thresholds as outlined in our policy.[BoardCompositionGL1] Concerns related to membership of a key committee, which in line with our voting policy should comprise fully independent directors only in order to better protect shareholder interests and avoid undue influence on key committee decisions and oversight.[BoardStructure3]  TW0002330008,Taiwan Semiconductor Manufacturing Co., Ltd.TaiwanAll For CNE100006WS8)Contemporary Amperex Technology Co., Ltd.Emerging MarketsChina9,11tConcerns that the proposal will introduce or perpetuate diminished minority shareholder rights.[ShareholderRights3] BRB3SAACNOR6B3 SA-Brasil, Bolsa, BalcaoBrazil6Concerns related to insufficient disclosures made available by the company to enable recommendation of shareholder support for the management team's proposal.[Disclosure1] Extraordinary Shareholders KYG875721634Tencent Holdings LimitedCayman Islands3b,5 KYG4602S1057Horizon Robotics4,5,6 2,3 9 11,12MConcerns related to board gender diversity not meeting the thresholds as outlined in our policy.[BoardCompositionGL1] Concerns related to board gender diversity not meeting the thresholds as outlined in our policy.[BoardCompositionGL1] Concerns related to the level of independent directors on the board, which in line with our voting policy should be at a higher level in order to better protect minority shareholder interests (see regional voting guidelines on specific thresholds).[BoardStructureGL2] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns that the proposal will result in share issuance which unduly dilutes minority shareholders.[ShareholderRights1] CNE0000018R8Kweichow Moutai Co., Ltd.5 8.2Concerns related to insufficient disclosures made available by the company to enable recommendation of shareholder support for the management team's proposal.[Disclosure1] Concerns related to the level of independent directors on the board, which in line with our voting policy should be at a higher level in order to better protect minority shareholder interests (see regional voting guidelines on specific thresholds).[BoardStructureGL2] KYG596691041Meituan7Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] KYG9066F1019Trip.com Group Limited1 Concern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] NL0000235190 Airbus SEEurope Netherlands NL0011821202 ING Groep NV5.A. LU1778762911Spotify Technology SA Luxembourg6. 4a,4b7Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] Concerns that the proposal supports multiple class share structures with unequal voting rights which limits the interests of minority shareholders.[ShareholderRights4] CH0038863350 Nestle SA Switzerland1.2 FR0000052292Hermes International SCAFranceAnnual/Special5 7,8,9,11,18 6Concern that there is insufficient evidence to justify that the related party transaction is sufficiently in the interests of the company.[DirectorElection4] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] Concerns that the proposal introduces anti-takeover measures which may prevent an offer to acquire shares being presented to long-term shareholders.[ShareholderRights2] IT0004965148 Moncler SpAItaly4.1.1,4.2,4.3 7 2.1Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] NL0010273215ASML Holding NV3.a.,5 NL0000008977Heineken Holding NV 10.b.,10.c.Concerns related to the level of independent directors on the board, which in line with our policy should comprise a majority of directors in order to better protect minority shareholder interests.[BoardStructure1] NL0000009165 Heineken NV1.c.,3.Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] FR0000121667EssilorLuxottica SA5,6,7,9,10,11,18 FR0000131104BNP Paribas SA10,11,14,15,16 FR0010307819 Legrand SA NL0012969182Adyen NV CH1391448177BeOne Medicines Ltd.4e,4h A 20 4b,6a 11,15a 17,19RConcern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] Concerns related to insufficient disclosures made available by the company to enable recommendation of shareholder support for the management team's proposal.[Disclosure1] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] Concerns that the proposal will result in share issuance which unduly dilutes minority shareholders.[ShareholderRights1] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potential< ly diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] CH0012549785Sonova Holding AG6 4.1>Concerns related to insufficient disclosures made available by the company to enable recommendation of shareholder support for the management team's proposal.[Disclosure1] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] ES0177542018,International Consolidated Airlines Group SASpain9Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the use of more than two types of concurrent variable pay arrangements.[RemunerationGL6] Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationGL7] US1255231003The Cigna Group North AmericaUSA1c US40412C1018HCA Healthcare, Inc.1i,3Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the relatively low shareholding requirement.[RemunerationUS9] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the lack of a sufficiently effective clawback policy in the event of cases of fraud, material financial misstatement, conduct or reputational issues.[Remuneration10] Concerns that remuneration is insufficiently aligned to long-term shareholder value, based on performance share units being granted which vest over a relatively short time-scale of less than 36 months.[Remuneration13] US46120E6023Intuitive Surgical, Inc. US75513E1010RTX Corporation CA0089118776 Air CanadaCanadaAbstain AgainstA B US0605051046Bank of America Corporation4Shareholder proposal promotes actions that should help achieve long-term value creation while safeguarding shareholder interests. US3695501086General Dynamics Corporation1g US7134481081 PepsiCo, Inc.1k 5Concern that the combined CEO/Chair has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] Shareholder proposal seeks to address an identified sustainability opportunity or risk which in our view would help the company better manage the risks and opportunities raised by the proposal.[ShareholderProposal7] US5398301094Lockheed Martin CorporationShareholder proposal promotes appropriate accountability as it applies to annual director votes and annual say on pay votes in line with best practice corporate governance and aligned to long-term shareholder value. US0367521038Elevance Health, Inc.1.3,3 US46625H1005JPMorgan Chase & Co.EOS manual override. Shareholder proposal promotes appropriate accountability as it applies to annual director votes and annual say on pay votes in line with best practice corporate governance and aligned to long-term shareholder value.[ShareholderProposal6] 1h US9100471096United Airlines Holdings, Inc. US0231351067Amazon.com, Inc.7 5 1k 3 1h 1chareholder proposal promotes appropriate accountability as it applies to annual director votes and annual say on pay votes in line with best practice corporate governance and aligned to long-term shareholder value.[ShareholderProposal6] hareholder proposal seeks to address an identified sustainability opportunity or risk which in our view would help the company better manage the risks and opportunities raised by the proposal.[ShareholderProposal7] oncern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] oncerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] oncerns that the board is not appropriately managing risks in its business and wider supply chain related to the respect of human rights which are relevant and material to business opportunity and risk and that changes in board composition would help improve governance and the effectiveness of management in pursuit of long-term value creation.[HumanRights1] 2-Concerns related to board oversight and the necessary evaluation of the balance of skills, experience and range of industry and sector experience which generally contribute towards good governance across different types of issues that must be addressed by the business over time to determine the board fit for purpose [BoardEvaluationUS1] oncerns that the board is not appropriately managing risks in its business and wider supply chain related to the respect of human rights which are relevant and material to business opportunity and risk and that changes in board composition would help improve governance and the effectiveness of management in pursuit of long-term value creation.[HumanRights1] 2-Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] US6668071029Northrop Grumman CorporationShareholder proposal promotes appropriate accountability as it applies to annual director votes and annual say on pay votes in line with best practice corporate governance and aligned to long-term shareholder value.[ShareholderProposal6] 1e US7731211089Rocket Lab Corporation1a 33Concerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns related to board oversight and the necessary evaluation of the balance of skills, experience and range of industry and sector experience which generally contribute towards good governance across different types of issues that must be addressed by the business over time to determine the board fit for purpose [BoardEvaluationUS1] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the relatively low shareholding requirement.[RemunerationUS9] US2521311074 DexCom, Inc. US30303M1027Meta Platforms, Inc.)3,7,8,9,11 4,5,6 1.5,1.6,1.11 1.1 1.8 1.7hareholder proposal seeks to address an identified sustainability opportunity or risk which in our view would help the company better manage the risks and opportunities raised by the proposal.[ShareholderProposal7] hareholder proposal seeks to protect and, where appropriate, advance shareholder rights on behalf of institutional investors.[ShareholderProposal9] oncern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] oncerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could < potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] 2-Concern that the Chair and CEO role are combined, which can lead to a lack of independent oversight of management, particularly when insufficiently balanced by the presence of a Lead Independent Director with adequate powers to ensure the board may act independently of the Chair in certain circumstances.[IndividualDirector2] 3-Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders. [Remuneration5} oncerns related to the chair not being fully independent of the company, which in our view may at times compromise the ability to oversee the executives of the company in the interests of minority shareholders.[BoardStructure4] oncerns that the board is not appropriately managing risks in its business and wider supply chain related to the respect of human rights which are relevant and material to business opportunity and risk and that changes in board composition would help improve governance and the effectiveness of management in pursuit of long-term value creation.[HumanRights1] US05464C1018Axon Enterprise, Inc. US7710491033Roblox Corporation1.2 2Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] US79466L3024Salesforce, Inc.1j 5 2Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the lack of a sufficiently effective clawback policy in the event of cases of fraud, material financial misstatement, conduct or reputational issues.[Remuneration10] Concerns that remuneration is insufficiently aligned to long-term shareholder value, based on performance share units being granted which vest over a relatively short time-scale of less than 36 months.[Remuneration13] Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationUS8] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] US91324P1021UnitedHealth Group, Inc.1e 4Concern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] Shareholder proposal promotes appropriate accountability as it applies to annual director votes and annual say on pay votes in line with best practice corporate governance and aligned to long-term shareholder value.[ShareholderProposal6] 1b US09857L1089Booking Holdings Inc.1f 1e 5/Concern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] Concerns that the board is not appropriately managing risks in its business and wider supply chain related to the respect of human rights which are relevant and material to business opportunity and risk and that changes in board composition would help improve governance and the effectiveness of management in pursuit of long-term value creation.[HumanRights1] Shareholder proposal would result in material additional disclosures that would be decision-useful to investors and would be an efficient use of company resources.[ShareholderProposal10] KYG651631007Joby Aviation, Inc.JConcerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] US03831W1080AppLovin Corporation 1b,1d,3,4,5Shareholder proposal seeks to protect and, where appropriate, advance shareholder rights on behalf of institutional investors.[ShareholderProposal9] US26603R1068Duolingo, Inc.1.1Concerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concern that the Chair and CEO role are combined, which can lead to a lack of independent oversight of management, particularly when insufficiently balanced by the presence of a Lead Independent Director with adequate powers to ensure the board may act independently of the Chair in certain circumstances.[IndividualDirector2] US64110L1061 Netflix, Inc.1f,1g 1aConcern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] Concern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] US75734B1008 Reddit, Inc.1.6Concerns related to membership of a key committee, which in line with our voting policy should comprise fully independent directors only in order to better protect shareholder interests and avoid undue influence on key committee decisions and oversight.[BoardStructureUS3] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] US12572Q1058CME Group Inc. 1i 1d 1k,3Concerns related to indicators of a lack of detailed succession planning, which in our view is an important driver of long-term effective governance at times of transition of board membership.[BoardStructure6] Concerns that the board is not appropriately managing environmental risks which are relevant and material to business opportunities and risks that could impact the company's long-term value.[ClimateUS3] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the relatively low shareholding requirement.[RemunerationU<S9] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the lack of a sufficiently effective clawback policy in the event of cases of fraud, material financial misstatement, conduct or reputational issues.[Remuneration10] Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationUS8] Concerns that overall compensation for the CEO is inappropriately high relative to other Named Executive Officers. In our view, compensation beyond what is necessary is not a good use of limited company resources and can be in indicator or lack of effective governance.[RemunerationUS7] US58733R1023MercadoLibre, Inc.1b 2Concerns related to membership of a key committee, which in line with our voting policy should comprise fully independent directors only in order to better protect shareholder interests and avoid undue influence on key committee decisions and oversight.[BoardStructureUS3] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the relatively low shareholding requirement.[RemunerationUS9] US90384S3031Ulta Beauty, Inc.1h 5!Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns that remuneration is insufficiently aligned to long-term shareholder value, based on performance share units being granted which vest over a relatively short time-scale of less than 36 months.[Remuneration13]Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationUS8]Concerns that overall compensation for the CEO is inappropriately high relative to other Named Executive Officers. In our view, compensation beyond what is necessary is not a good use of limited company resources and can be in indicator or lack of effective governance.[RemunerationUS7] US22266T1097 Coupang, Inc.1f,3 1gEOS manual override Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] US57636Q1040Mastercard Incorporated1d oncern that the director has insufficient time to dedicate to the their directorship, particularly at times of heavy demand for board oversight, taking into account other commitments including relevant board, executive and other formal positions.[DirectorElection1] 1e,1f CA82509L1076 Shopify Inc. 1B 3 1D 4Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns related to the governance of executive compensation due to a perceived lack of response to relatively low shareholder support on remuneration-related proposals.[Remuneration9] 2- Concerns that remuneration is insufficiently aligned to long-term shareholder value, based on the lack of shares granted as part of the company's long-term incentive plan.[Remuneration12] 3- Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the relatively low shareholding requirement.[RemunerationGL8] 4- Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, based on the significant use of qualitative metrics.[RemunerationGL3] 5- Concerns that severance pay for a Named Executive Officer is inappropriately high with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationUS5] Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Shareholder proposal promotes actions that should help achieve long-term value creation while safeguarding shareholder interests.[ShareholderProposal8] US2473617023Delta Air Lines, Inc.1b,1d US76954A1034Rivian Automotive, Inc.1a5Concerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] US67066G1040NVIDIA Corporation1d,2,4 US82846H4056 QXO, Inc.Special US18915M1071Cloudflare, Inc.!1.3 7 4A,4B,4C,4D,4E,4F 1.2 6 3,5Concerns related to overall board structures that may result in the reduction of shareholder rights.[BoardStructure5] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4 Concerns related to protecting shareholder value, in situations where a board initiates actions or decisions that could potentially diminish, compromise, or place shareholder interests at risk.[Miscellaneous4] Concerns related to the governance of executive compensation due to repeated incidents of development of remuneration proposals which appear insufficiently aligned to long-term value for the company and for shareholders.[Remuneration5] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] Concerns that remuneration policy design is insufficiently aligned to long-term shareholder value, in particular appearing to display an insufficient combination of simplicity of design, alignment of incentives to long-term company success, material executive shareholdings, accountability of the board to compensation outcomes; and good engagement between the company and investors.[Remuneration1] GB0009895292AstraZeneca PLCUnited Kingdom*Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds. 5m GB00BM8PJY71NatWest Group Plc GB0002634946BAE Systems Plc GB0005405286HSBC Holdings Plc2 GB00BVZK7T90 Unilever Plc3;Concerns that compensation for certain Named Executive Directors is inappropriately high relative to performance, based on the ratio of variable pay to fixed salary with compensation beyond what is necessary is an indicator of lack of effective governance and a poor use of limited company funds.[RemunerationUK7] 2,7 GB0008706128Lloyds Banking Group Plc12Votes For/Against ManagementF/ /F0 6273R49 ; 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