Companies' general meetings are generally a good opportunity for the PFA to assert its influence. Voting at companies’ annual general meetings is the most direct and regulatory tool that shareholders possess when it comes to influencing a company’s management team. PFA therefore monitors the management teams of the companies it invests in and uses its voting rights to ensure that companies are on a path of sustainable value creation. In a number of companies, PFA is in constant touch with the management team to ensure this development takes place.

PFA votes at all general meetings of listed companies in Denmark in which PFA invests, and are physically present to participate in selected general meetings. When voting at the annual general meetings of shareholders for international companies, PFA will make a specific assessment of the need to vote and the need to physically participate at the meeting. This is based on an overall assessment of the company's exposure to sustainability risks, the size of PFA's investment and PFA's opportunities for influence.

In connection with voting at general meetings, PFA follows a number of guidelines, which you can read more about in PFA's Guidelines for Active Ownership


Voting in 2023 and participation in general meetings at Shell and TotalEnergies

PFA has physically participated in the general meeting of both Shell (2023) and TotalEnergies in May 2022 and 2023, as we wanted to further specify and accelerate the plans that the companies have laid out for their green transition. Our strengthened commitment to Shell and TotalEnergies must be seen in the context of the fact that in 2020 we chose to concentrate exposure to the oil and gas industry in these two companies in order to increase the intensity behind the active ownership and bring focus to the need for a green transition.

In 2023, PFA has used its influence as an investor in shares to vote at approximately 333 general meetings on topics such as good company leadership, the green transition, diversity and a focus on ESG metrics. General meetings are prioritized based on the size of the investments as well as specific ESG-related issues and themes that we focus on.

Below you can see our voting record at annual general meetings.