Describe how ESG factors are taken into consideration in voting recommendations.
The exercising of shareholder and creditor rights by the capital management company is part of the proper management of investment funds. The decisive decision criterion for Universal-Investment for exercising or not exercising voting rights according to the BVI rules of conduct is the interests of the investors and the integrity of the market as well as the benefits for the investment fund concerned and its investors according to Regulation (EU) 231/2013. Universal-Investment also uses the “analysis guidelines for shareholder meetings” of the BVI which is considered ESG compliant as the basis for its voting behaviour.This industry standard lays the foundation for a responsible handling of investors' capital and rights. This industry standard is aligned with the interests of investment funds managed by Universal-Investment and is therefore generally applied to all investment funds, unless it is necessary to deviate from these voting rights guidelines for individual investment funds in the interest of investors, market integrity or the benefit to the relevant investment fund.