Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced today its intention to support three shareholder proposals at Alphabet’s upcoming Annual General Meeting (AGM) on June 6, 2025. The votes relate to Proposal 12 Regarding a Human Rights Impact Assessment of AI-Driven Targeted Ad Policies, Proposal Number 13 Stockholder Proposal Regarding a Report on Alignment of Lobbying Activities with Child Safety Policies and Proposal Number 14 Stockholder Proposal Regarding a Report on Online Safety for Children.
Alphabet’ upcoming Annual General Meeting on 6 June.
Advertisements are a major part of Alphabet’s business, accounting for almost 75% of its revenues. Allianz Global Investors recognise the important role Artificial Intelligence (AI) has in growing this business. As shareholders AllianzGI is excited to see new growth opportunities. The company has in place policies to deal with related risks. Yet AllianzGI believes that a third-party assessment of human rights impact is in itsinterest, to achieve better validation of existing policies and provide shareholders with better transparency.
Proposal Number 12: Stockholder Proposal Regarding a Human Rights Impact Assessment of AI-Driven Targeted Ad Policies. AllianzGI will vote in favour of the proposal requesting the Board of Directors of Alphabet Inc. to “publish an independent third-party Human Rights Impact Assessment (the “Assessment”), examining the actual and potential human rights impacts of Google’s artificial intelligence-driven targeted advertising policies and practices. This Assessment should be conducted at a reasonable cost; omit proprietary and confidential information, as well as information relevant to litigation or enforcement actions; and be published on Alphabet’s website by June 1, 2026.”
Allianz Global Investors additionally intends to support the following proposals, which it believes are in the best interest of shareholders as they seek improvements in other important areas: Proposal Number 13 Stockholder Proposal Regarding a Report on Alignment of Lobbying Activities with Child Safety Policies; and Proposal Number 14 Stockholder Proposal Regarding a Report on Online Safety for Children.
Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI, commented: “Our decision to vote for these three proposals reflects the high importance we give to social issues. With our support, we want to highlight the growing importance of AI and especially the impact it has on a range of social issues. We expect companies we are invested in to address this and as appropriate, engage with them to understand their approach”.
Earlier this year, AllianzGI published its annual analysis of how it voted at AGMs in 2024 around the globe, based on its participation in 8,879 (2023: 9,137) shareholder meetings and voting on around 90,000 shareholder and management proposals. AllianzGI voted against, withheld, or abstained from at least one agenda item at 72% (2023: 71%) of all meetings globally. The firm opposed 19% of capital-related proposals, 22% of director elections, and 41% of remuneration-related proposals, reflecting its high expectations for governance standards.
