AP4 has chosen to vote at the general meeting of companies from up to sixteen countries included in the MSCI Developed Markets, which have relatively well-developed equity markets. The companies selected are the large companies in the respective markets, companies that The Council of Ethics are working with and the companies in which AP4 supports an international initiative. AP4 prioritizes corporate governance work in the companies where the Council of Ethics conducts dialogues. With a focus on corporate governance, priority is given to markets and companies where AP4’s external managers are engaged. Different countries have different laws, rules, praxis and traditions, which affects the ability to act as an active owner. AP4 tries to be pragmatic and adapt policy measures to each respective market. In addition to voting at general meetings, cooperation with other institutional shareholders and interest groups is prioritized in order to push important issues of principle with more influence. AP4 is actively working to expand the number of companies is proxy voting, but like to do so gradually to keep the quality in the voting.