Focus area: Green transition
Agenda item: 6. Elect Elise Croteau
PFA's vote: Against
PFA's rationale: PFA voted against the re-election of board member Elise Croteau to hold the board accountable for its decision to abolish the annual ’Say on Climate’ (SoC, i.e., an agenda item allowing shareholders to express their support for the company’s transition plan) in favour of an agenda item dedicated to open discussion of their transition plan, but without the option for shareholders to vote. PFA believes that SoC is an important opportunity for shareholders to express their views on whether the company is on the right track. We have advocated for an annual SoC in our engagement with the company and raised concerns about its removal. We therefore also reflected this position in our voting. TotalEnergies maintains that an SoC will be reintroduced in the event of major strategic changes.
Voting result (% in favour): 89%

Focus area: Green transition
Agenda item: 12. 2024 Remuneration of Patrick Pouyanné, Chair and CEO
PFA's vote: For
PFA's rationale: PFA supported the remuneration package, as the company’s transition plan is appropriately reflected, and no material concerns were identified.
Voting result (% in favour): 94%

Focus area: Green transition
Agenda item: 13. 2025 Remuneration Policy (Chair and CEO)
PFA's vote: For
PFA's rationale: PFA supported the remuneration policy, as the company’s transition plan is appropriately reflected, and no material concerns were identified.
Voting result (% in favour): 95%

Focus area: Social
Agenda item: Open dialogue at the end of the general meeting
PFA's vote: N/A
PFA's rationale: As in 2022, 2023 and 2024, PFA attended TotalEnergies’ annual general meeting in person in 2025. In 2025, PFA called for stronger management of project-related risks – particularly in sensitive regions – to ensure due consideration of people and the environment in line with international standards, a call to which TotalEnergies’ Chairman and CEO, Patrick Pouyanné, responded positively.
Voting result (% in favour): N/A

Focus area: Green transition
Agenda item: 1B. Compensation Report
PFA's vote: Against
PFA's rationale: PFA voted against the proposal due to insufficient transparency in the remuneration structure in relation to best practice for companies of this size, including limited disclosure of performance requirements for both financial and E&S-related targets in the bonus scheme.
Voting result (% in favour): 74%

Focus area: Green transition
Agenda item: All items
PFA's vote: In line with management’s recommendations
PFA's rationale: No material concerns identified.
Voting result (% in favour): N/A

Focus area: Green transition
Agenda item: 1g. Elect Christopher Kempczinski
PFA's vote: Against
PFA's rationale: PFA voted against the proposal because the roles of CEO and Chair are combined. PFA will vote against the election of a chair holding a dual role.
Voting result (% in favour): 90%

Focus area: Green transition
Agenda item: 2. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: PFA voted against the proposal due to the absence of environmental/climate-related considerations in the remuneration package, despite the materiality of these areas to the company’s business.
Voting result (% in favour): 94%

Focus area: Green transition
Agenda item: 5. Shareholder Proposal Regarding Assessment of Climate Transition Plan
PFA's vote: For
PFA's rationale: PFA supported the shareholder proposal because we believe it is in the shareholders’ best interests for McDonald’s to present a plan setting out how the company’s climate targets will be achieved.
Voting result (% in favour): 10%

Focus area: Governance
Agenda item: A06. Elect Alan N. MacGibbon
PFA's vote: Against
PFA's rationale: In October 2024, the US Department of Justice found that, between January 2014 and October 2023, the company had long-standing, pervasive and systemic deficiencies in its US anti-money laundering policies, procedures and controls, but failed to implement appropriate remedial measures. This period coincides with the majority of this board member’s approximately ten-year tenure on the board. This vote reflects accountability for these failures.
Voting result (% in favour): 58%

Focus area: Governance
Agenda item: C. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: Despite the above money laundering case, which had negative reputational and financial consequences, the company chose not to invoke the repayment clause in the remuneration package to hold the management further accountable, even though the money laundering case overlaps with the majority of the company’s CEO’s approximately ten-year tenure.
Voting result (% in favour): 84%

Focus area: Green transition
Agenda item: D. Shareholder Proposal Regarding Energy Supply Ratio
PFA's vote: For
PFA's rationale: Banks play a central role in financing the green transition. This is why PFA, in collaboration with SHARE, submitted this shareholder proposal at Toronto Dominion Bank’s annual general meeting in 2025 to push for transparency regarding the bank’s financing of fossil fuels vs. green energy. Such reporting provides PFA and other investors with insight into banks’ contribution to the green transition and their exposure to climate-related risks.

The 38% investor support for the shareholder proposal was among the strongest vote results for climate and environment-related shareholder proposals globally in 2025. The strong shareholder support was leveraged by SHARE and PFA in the ongoing dialogue with the bank, which has now committed to publicly acknowledge the voting results and consider reporting on their financing of fossil fuels vs. green energy in line with the development of relevant reporting standards.
Voting result (% in favour): 38%

Focus area: Social
Agenda item: E. Shareholder Proposal Regarding Report on Forced and Child Labour in Loan Portfolios
PFA's vote: For
PFA's rationale: PFA supported the proposal as we believe it is in shareholders’ interests to obtain greater transparency regarding the measures taken by the company to prevent and reduce the risk of loans being granted to companies that use forced labour and child labour.
Voting result (% in favour): 27%

Focus area: Governance
Agenda item: F. Shareholder Proposal Regarding Adhering to Voluntary Code of Conduct on AI Systems
PFA's vote: For
PFA's rationale: PFA supported the proposal encouraging the company to adopt a voluntary code of conduct for responsible development and management of advanced generative AI systems.
Voting result (% in favour): 17%

Focus area: Green transition
Agenda item: H. Shareholder Proposal Regarding Say on Climate
PFA's vote: For
PFA's rationale: PFA supported the proposal to introduce ‘Say on Climate’, as it enables shareholders to express views on whether the company is on the right track.
Voting result (% in favour): 16%

Focus area: Governance
Agenda item: I. Shareholder Proposal Regarding Disclosure of Country-by-Country Reporting
PFA's vote: For
PFA's rationale: The proposal improves transparency in tax reporting and aligns with emerging international standards, including EU regulation.
Voting result (% in favour): 10%

Focus area: Green transition
Agenda item: 6. Shareholder Proposal Regarding Energy Supply Ratio
PFA's vote: For
PFA's rationale: Banks play a central role in financing the green transition. This proposal increases transparency on fossil vs. green financing and climate risk exposure.

The 37% investor support was among the strongest globally. The bank has committed to acknowledge the results and consider reporting aligned with evolving standards.
Voting result (% in favour): 37%

Focus area: Green transition
Agenda item: 9. Shareholder Proposal Regarding Say on Climate
PFA's vote: For
PFA's rationale: PFA believes Say on Climate gives shareholders a key voice on transition strategies.
Voting result (% in favour): 15%

Focus area: Governance
Agenda item: 10. Shareholder Proposal Regarding Disclosure of Country-by-Country Reporting
PFA's vote: For
PFA's rationale: Enhances transparency and aligns with international tax standards without competitive disadvantage.
Voting result (% in favour): 10%

Focus area: Green transition
Agenda item: 11. Shareholder Proposal Regarding Carbon Risk Scoring and Client Transition Plans
PFA's vote: For
PFA's rationale: Greater transparency on carbon risk scoring benefits shareholders.
Voting result (% in favour): 22%

Focus area: Social
Agenda item: 04. Shareholder Proposal Regarding Disclosure of Country-by-Country Reporting
PFA's vote: For
PFA's rationale: PFA supported improved transparency in tax reporting aligned with international standards.
Voting result (% in favour): 9%

Focus area: Green transition
Agenda item: 05. Shareholder Proposal Regarding Say on Climate
PFA's vote: For
PFA's rationale: PFA supports Say on Climate as a tool for shareholder engagement on transition progress.
Voting result (% in favour): 13%

Focus area: Social
Agenda item: 07. Shareholder Proposal Regarding Adhering to Voluntary Code of Conduct on AI Systems
PFA's vote: For
PFA's rationale: PFA supports adoption of voluntary AI governance standards.
Voting result (% in favour): 8%

Focus area: Green transition
Agenda item: 08. Shareholder Proposal Regarding Energy Supply Ratio
PFA's vote: For
PFA's rationale: The proposal improves transparency on fossil vs. green financing and climate risk exposure.

The 32% investor support was among the strongest globally and is being used in ongoing engagement with the bank.
Voting result (% in favour): 32%

Focus area: Green transition
Agenda item: 09. Shareholder Proposal Regarding Lobbying Activity Alignment with the Paris Agreement
PFA's vote: For
PFA's rationale: Ensures alignment between lobbying activities and climate commitments.
Voting result (% in favour): 21%

Focus area: Governance; Social issues
Agenda item: 1.01. Elect Peggy Alford
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: PFA chose not to support the re-election of the chair of the remuneration, nomination and corporate governance committee due to lack of diversity reporting and failure to implement a previously approved shareholder proposal.
Voting result (% in favour): 86%

Focus area: Governance; Social issues
Agenda item: 1.02. Elect Marc L. Andreessen
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: Companies must ensure at least 30% representation of the least-represented gender on the board.
Voting result (% in favour): 86%

Focus area: Governance; Social issues
Agenda item: 1.06. Elect Andrew W. Houston
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: Minimum 30% gender representation requirement not met.
Voting result (% in favour): 90%

Focus area: Governance
Agenda item: 1.11. Elect Hock E. Tan
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: Audit committee members should be independent.
Voting result (% in favour): 95%

Focus area: Governance; Social issues
Agenda item: 1.12. Elect Tracey T. Travis
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: Chair should be held accountable for insufficient risk management amid controversies.
Voting result (% in favour): 96%

Focus area: Governance; Social issues
Agenda item: 1.14. Elect Tony Xu
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: Minimum gender diversity requirement not met.
Voting result (% in favour): 90%

Focus area: Governance
Agenda item: 1.15. Elect Mark Zuckerberg
PFA's vote: Withhold (”vote against” not possible)
PFA's rationale: CEO and Chair roles should be separated.
Voting result (% in favour): 93%

Focus area: Governance
Agenda item: 3. Approval of the 2025 Equity Incentive Plan
PFA's vote: Against
PFA's rationale: Includes evergreen provisions limiting shareholder oversight.
Voting result (% in favour): 75%

Focus area: Governance
Agenda item: 5. Frequency of Advisory Vote on Executive Compensation
PFA's vote: 1 year
PFA's rationale: PFA supports annual advisory votes.
Voting result (% in favour): N/A

Focus area: Governance
Agenda item: 6. Shareholder Proposal Regarding Recapitalization
PFA's vote: For
PFA's rationale: Supports one share – one vote principle.
Voting result (% in favour): 26%

Focus area: Governance
Agenda item: 7. Shareholder Proposal Regarding Disclosure of Vote Results by Share Class
PFA's vote: For
PFA's rationale: Enhances transparency across share classes.
Voting result (% in favour): 21%

Focus area: Social
Agenda item: 8. Shareholder Proposal Regarding Report on Efforts to Combat Hate
PFA's vote: For
PFA's rationale: Improves visibility of legal and reputational risks.
Voting result (% in favour): 15%

Focus area: Social
Agenda item: 9. Shareholder Proposal Regarding Report and Targets on Child Safety Impacts
PFA's vote: For
PFA's rationale: PFA co-filed proposal to improve child safety reporting and targets.
Voting result (% in favour): 13%

Focus area: Social
Agenda item: 10. Shareholder Proposal Regarding Transparency Report on Deepfake Identifying Software
PFA's vote: For
PFA's rationale: Addresses risks from deepfake content.
Voting result (% in favour): 6%

Focus area: Social
Agenda item: 11. Shareholder Proposal Regarding Report on Risks of AI Data Sourcing
PFA's vote: For
PFA's rationale: Enhances understanding of risks from external AI data sources.
Voting result (% in favour): 10%

Focus area: Green transition
Agenda item: 12. Shareholder Proposal Regarding Transition Plan and Renewable Energy
PFA's vote: For
PFA's rationale: Supports real emission reductions beyond carbon offsets.
Voting result (% in favour): 3%

Focus area: Social
Agenda item: 14. Shareholder Proposal Regarding Transparency Report on Data Collection and Advertising Practices
PFA's vote: For
PFA's rationale: Improves transparency around data and advertising risks.
Voting result (% in favour): 11%

Focus area: Governance
Agenda item: 1a. Elect Larry Page
PFA's vote: Against
PFA's rationale: Less than 75% attendance at board meetings.
Voting result (% in favour): 81%

Focus area: Governance; Social issues
Agenda item: 1d. Elect John L. Hennessy
PFA's vote: Against
PFA's rationale: Minimum gender representation requirement not met.
Voting result (% in favour): 83%

Focus area: Governance; Social issues
Agenda item: 1e. Elect Frances H. Arnold
PFA's vote: Against
PFA's rationale: Minimum gender representation requirement not met.
Voting result (% in favour): 90%

Focus area: Governance
Agenda item: 1g. Elect L. John Doerr
PFA's vote: Against
PFA's rationale: Remuneration committee members should not be insiders.
Voting result (% in favour): 85%

Focus area: Governance
Agenda item: 3. Shareholder Proposal Regarding Right to Act by Written Consent
PFA's vote: For
PFA's rationale: Allows shareholder action between AGMs.
Voting result (% in favour): 6%

Focus area: Green transition
Agenda item: 7. Shareholder Proposal Regarding Disclosure Related to 2030 Climate Goals
PFA's vote: For
PFA's rationale: Supports transparency as emissions have increased significantly.
Voting result (% in favour): 8%

Focus area: Governance
Agenda item: 8. Shareholder Proposal Regarding Recapitalization
PFA's vote: For
PFA's rationale: Supports equal voting rights.
Voting result (% in favour): 31%

Focus area: Social
Agenda item: 9. Shareholder Proposal Regarding Third-Party Report on Due Diligence
PFA's vote: For
PFA's rationale: Supports transparency in high-risk areas.
Voting result (% in favour): 4%

Focus area: Social
Agenda item: 11. Shareholder Proposal Regarding Report on Risks of AI Data Sourcing
PFA's vote: For
PFA's rationale: Improves visibility on AI-related risks.
Voting result (% in favour): 12%

Focus area: Social
Agenda item: 12. Shareholder Proposal Regarding Human Rights Impact Assessment of AI-Driven Targeted Advertising
PFA's vote: For
PFA's rationale: Supports independent human rights review.
Voting result (% in favour): 14%

Focus area: Social
Agenda item: 13. Shareholder Proposal Regarding Alignment of Lobbying and Policy Influence Activities with Child Safety Commitments
PFA's vote: For
PFA's rationale: Ensures alignment with child safety policies.
Voting result (% in favour): 5%

Focus area: Social
Agenda item: 14. Shareholder Proposal Regarding Report and Targets on Child Safety Impacts
PFA's vote: For
PFA's rationale: PFA co-filed proposal on child safety improvements.
Voting result (% in favour): 9%

Focus area: Governance
Agenda item: 1e. Elect Jen-Hsun Huang
PFA's vote: Against
PFA's rationale: PFA chose not to support the election of Jen-Hsun Huang as chair of the board because the roles of CEO and chair should be separate. PFA will vote against the election of a chair holding a dual role.
Voting result (% in favour): 98%

Focus area: Corporate governance; Social issues
Agenda item: 1i. Elect Stephen C. Neal
PFA's vote: Against
PFA's rationale: PFA voted against the chair of the nomination and corporate governance committee due to lack of EEO-1 reporting.
Voting result (% in favour): 94%

Focus area: Governance
Agenda item: 2. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: ESG KPIs and climate risk should be integrated into remuneration.
Voting result (% in favour): 91%

Focus area: Governance
Agenda item: 4. Elimination of Supermajority Requirement
PFA's vote: For
PFA's rationale: Supermajority thresholds limit shareholder influence; simple majority preferred.
Voting result (% in favour): 99%

Focus area: Governance
Agenda item: 5. Shareholder Proposal Regarding Length of Share Ownership Required to Call Special Meetings
PFA's vote: For
PFA's rationale: Current rule restricts ability to call extraordinary meetings.
Voting result (% in favour): 7%

Focus area: Governance
Agenda item: 6. Shareholder Proposal Regarding Mandatory Director Resignation Policy
PFA's vote: For
PFA's rationale: Strengthens board accountability when majority support is lacking.
Voting result (% in favour): 18%

Focus area: Social
Agenda item: 7. Shareholder Proposal Regarding Workforce Data
PFA's vote: For
PFA's rationale: Improves insight into workforce diversity.
Voting result (% in favour): 18%

Focus area: Social
Agenda item: 1e. Elect Arthur D. Levinson
PFA's vote: Against
PFA's rationale: Company not part of UN Global Compact.
Voting result (% in favour): 93%

Focus area: Social
Agenda item: 4. Shareholder Proposal Regarding Report on Risks of AI Data Sourcing
PFA's vote: For
PFA's rationale: Improves assessment of AI-related risks.
Voting result (% in favour): 11%

Focus area: Social
Agenda item: 5. Shareholder Proposal Regarding Transparency Report on CSAM Identifying Software
PFA's vote: For
PFA's rationale: Enhances understanding of risks related to harmful content.
Voting result (% in favour): 9%

Focus area: Governance
Agenda item: 1b. Elect Hugh F. Johnston
PFA's vote: Against
PFA's rationale: Board member serves on too many boards.
Voting result (% in favour): 91%

Focus area: Governance
Agenda item: 1f. Elect Satya Nadella
PFA's vote: Against
PFA's rationale: CEO and Chair roles should be separated.
Voting result (% in favour): 93%

Focus area: Governance
Agenda item: 1g. Elect Sandra E. Peterson
PFA's vote: Against
PFA's rationale: Company disregarded shareholder proposal without SEC consultation.
Voting result (% in favour): 97%

Focus area: Social
Agenda item: 7. Shareholder Proposal Regarding Report on Risks of AI Data Sourcing
PFA's vote: For
PFA's rationale: Improves understanding of AI data risks.
Voting result (% in favour): 13%

Focus area: Social
Agenda item: 8. Shareholder Proposal Regarding Report on Siting in Countries of Significant Human Rights Concern
PFA's vote: For
PFA's rationale: Supports transparency on human rights risks in operations.
Voting result (% in favour): 27%

Focus area: Social
Agenda item: 9. Shareholder Proposal Regarding Report on AI Human Rights Due Diligence
PFA's vote: For
PFA's rationale: Supports reporting on AI-related human rights risks.
Voting result (% in favour): 26%

Focus area: Green transition
Agenda item: 10. Shareholder Proposal Regarding Report on Risks of Providing AI to Facilitate New Oil and Gas Development and Production
PFA's vote: For
PFA's rationale: Improves transparency on AI use in fossil fuel sector.
Voting result (% in favour): 9%

Focus area: Green transition
Agenda item: 1e. Elect Jamie S. Gorelick
PFA's vote: Against
PFA's rationale: Company withdrew SBTi-aligned climate commitments.
Voting result (% in favour): 95%

Focus area: Green transition
Agenda item: 1i. Elect Jonathan J. Rubinstein
PFA's vote: Against
PFA's rationale: Company withdrew SBTi commitments.
Voting result (% in favour): 94%

Focus area: Green transition
Agenda item: 1k. Elect Patricia Q. Stonesifer
PFA's vote: Against
PFA's rationale: Company withdrew SBTi commitments.
Voting result (% in favour): 98%

Focus area: Governance
Agenda item: 3. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: Insufficient justification of pay structure and lack of ESG KPIs.
Voting result (% in favour): 78%

Focus area: Governance
Agenda item: 4. Shareholder Proposal Regarding Separation of CEO and Chair Positions
PFA's vote: For
PFA's rationale: Separate Chair strengthens board independence.
Voting result (% in favour): 17%

Focus area: Green transition
Agenda item: 6. Shareholder Proposal Regarding Disclosure of Material Scope 3 Emissions
PFA's vote: For
PFA's rationale: Supports transparency on emissions and climate risks.
Voting result (% in favour): 14%

Focus area: Green transition
Agenda item: 7. Shareholder Proposal Regarding Climate Commitments and AI Data Centers
PFA's vote: For
PFA's rationale: Improves clarity on climate strategy alongside AI expansion.
Voting result (% in favour): 20%

Focus area: Corporate governance; Social issues
Agenda item: 8. Shareholder Proposal Regarding Third-Party Assessment of Board Oversight of AI
PFA's vote: For
PFA's rationale: Ensures AI governance and human rights safeguards.
Voting result (% in favour): 10%

Focus area: Green transition
Agenda item: 9. Shareholder Proposal Regarding Report on Plastic Packaging
PFA's vote: For
PFA's rationale: Improves understanding of plastic risk exposure.
Voting result (% in favour): 13%

Focus area: Social
Agenda item: 10. Shareholder Proposal Regarding Report on Working Conditions
PFA's vote: For
PFA's rationale: Supports independent review of labour conditions.
Voting result (% in favour): 22%

Focus area: Social
Agenda item: 11. Shareholder Proposal Regarding Report on Risk of AI Data Sourcing
PFA's vote: For
PFA's rationale: Improves visibility on AI data sourcing risks.
Voting result (% in favour): 11%

Focus area: Green transition
Agenda item: 3. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: ESG-related KPIs should be included in companies’ remuneration packages, and for companies where climate is a financially material risk, the integration of climate risks must be reflected in remuneration. If the latter is not the case, PFA will vote against.
Voting result (% in favour): 92%

Focus area: Green transition; Social issues; Corporate governance
Agenda item: All items
PFA's vote: In line with management’s recommendations
PFA's rationale: No material concerns.
Voting result (% in favour): N/A

Focus area: Green transition; Social issues; Corporate governance
Agenda item: All items
PFA's vote: In line with management’s recommendations
PFA's rationale: No material concerns.
Voting result (% in favour): N/A

Focus area: Corporate governance; Social issues
Agenda item: 1a. Elect Ira Ehrenpreis
PFA's vote: Against
PFA's rationale: PFA voted against the re-election of Ira Ehrenpreis due to lack of board independence, significant concerns regarding remuneration practices, restrictive amendments without shareholder approval, and failure to act on shareholder vote outcomes.
In addition, companies must ensure at least 30% representation of the least-represented gender on the board; otherwise, PFA votes against nomination committee members.
Voting result (% in favour): 65%

Focus area: Green transition
Agenda item: 1b. Elect Joe Gebbia
PFA's vote: Against
PFA's rationale: Tesla lacks climate targets and has withdrawn from SBTi commitments.
Voting result (% in favour): 87%

Focus area: Governance
Agenda item: 1c. Elect Kathleen Wilson-Thompson
PFA's vote: Against
PFA's rationale: Concerns regarding remuneration practices, governance failures, and lack of gender diversity thresholds.
Voting result (% in favour): 78%

Focus area: Governance
Agenda item: 2. Advisory Vote on Executive Compensation
PFA's vote: Against
PFA's rationale: Significant concerns regarding remuneration structure including 2025 CEO Interim Award and dilution risks.
Voting result (% in favour): 78%

Focus area: Governance
Agenda item: 3. Amendment to the 2019 Equity Incentive Plan
PFA's vote: Against
PFA's rationale: Linked to CEO award and limits shareholder assessment; introduces dilution risk.
Voting result (% in favour): 79%

Focus area: Governance
Agenda item: 4. Approval of 2025 CEO Performance Award
PFA's vote: Against
PFA's rationale: Concerns about size of package, dilution, and key-person dependency.
Voting result (% in favour): 77%

Focus area: Governance
Agenda item: 6. Elimination of Supermajority Requirement
PFA's vote: For
PFA's rationale: Supports simple majority voting.
Voting result (% in favour): 54%

Focus area: Governance
Agenda item: 8. Shareholder Proposal Regarding Linking Executive Compensation to Sustainability Metrics
PFA's vote: For
PFA's rationale: Supports ESG KPIs in remuneration.
Voting result (% in favour): 9%

Focus area: Social
Agenda item: 9. Shareholder Proposal Regarding Child Labor Linked To Electric Vehicles
PFA's vote: For
PFA's rationale: Addresses risks related to child labour in supply chain.
Voting result (% in favour): 8%

Focus area: Governance
Agenda item: 10. Shareholder Proposal Regarding Repeal of Ownership Thresholds for Derivative Proceedings
PFA's vote: For
PFA's rationale: Protects shareholders’ legal rights.
Voting result (% in favour): 25%

Focus area: Governance
Agenda item: 11. Shareholder Proposal Regarding Shareholder Approval of Limits to Submitting Shareholder Proposals
PFA's vote: For
PFA's rationale: Ensures shareholders are consulted before restrictions.
Voting result (% in favour): 15%

Focus area: Governance
Agenda item: 12. Shareholder Proposal Regarding Board Declassification
PFA's vote: For
PFA's rationale: Supports annual board elections.
Voting result (% in favour): 54%

Focus area: Governance
Agenda item: 13. Shareholder Proposal Regarding Simple Majority Vote
PFA's vote: For
PFA's rationale: Opposes supermajority requirements.
Voting result (% in favour): 32%

Focus area: Governance
Agenda item: 14. Shareholder Proposal Regarding Shareholder Approval of Restrictions on the Submission of Shareholder Proposals
PFA's vote: For
PFA's rationale: Ensures shareholders approve restrictions on proposals.
Voting result (% in favour): 49%