We think that integrating an analysis of environmental, social and governance risk factors into our investment process is essential to delivering superior risk-adjusted returns over the long term. For this reason, we evaluate ESG risk factors from both the top-down (i.e. macro) and bottom-up (i.e. security specific) across our investment process.

Given PIMCO's size and global presence, our analysts and portfolio managers spend a significant amount of time meeting with senior management at the companies we invest in on behalf of our clients. In addition to discussing financial matters, we also focus on strategic issues that often relate to ESG risks and responsible business management practices.

PIMCO has a written voting policy and we vote all proxies according to this policy unless we do not have client authorization to do so.

In relation to our equity securities, PIMCO has contracted with Institutional Shareholder Services (ISS) to assist in researching, voting, recordkeeping and reporting in relation to proxies. Our equity portfolio managers are also responsible for reviewing each action that ISS recommends, determining whether it is in the best interest of clients and then deciding whether to accept or reject the recommendation.

We think that integrating an analysis of environmental, social and governance risk factors into our investment process is essential to delivering superior risk-adjusted returns over the long term. For this reason, we evaluate ESG risk factors from both the top-down (i.e. macro) and bottom-up (i.e. security specific) across our investment process.

We think that integrating an analysis of environmental, social and governance risk factors into our investment process is essential to delivering superior risk-adjusted returns over the long term. For this reason, we evaluate ESG risk factors from both the top-down (i.e. macro) and bottom-up (i.e. security specific) across our investment process.

We think that integrating an analysis of environmental, social and governance risk factors into our investment process is essential to delivering superior risk-adjusted returns over the long term. For this reason, we evaluate ESG risk factors from both the top-down (i.e. macro) and bottom-up (i.e. security specific) across our investment process.