TEN -2526- 019 (PA2023) Proxy Voting

We require support to hold our fund managers to account on the voting decisions they take. Each year we focus our efforts on a subset of shares. We compare how our fund managers intend to vote these shares at upcoming general meeting to how our voting policy tells us we would vote in our members’ best interests. We identify differences between how our fund managers intend to vote and how we would vote on a particular issue. With the differences identified we have an informed debate with our fund managers and influence them. The approach allows us to meaningfully participate in a dialogue on corporate governance, value, risk, environmental and social matters.