On behalf of PME, MN executes all the voting and engagement on the basis of PME's policy. PME exercises voting rights for all internally managed equities and for the majority of externally managed equities. MN has a custom policy and is advised by ISS on its votes. We vote in all markets except for markets, where due to administrative burdens, the process is inefficient.
ESG related shareholder resolutions are generally supported by PME. We will generally do not support shareholder resolutions that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit, unless the company faces a risk of non-compliance with international treaties and/or established market and/or industry standards.