Annual Stewardship 2015

Authors
Jean-Louis Laforge Chairman, AXA IM Corporate Governance Committee
Insight
11 July 2016

Foreword

The continuing importance of good corporate governance and the need for investors to act as
active stewards on our clients’ behalf continues to be AXA IM Corporate Governance Committee’s priority. Our focus during 2015 was to use our influence as investors to strengthen the position of minority investors.

This communication is intended for professional investors use only and should not be relied upon by retail clients. Circulation must be restricted accordingly.


This document is for informational purposes only and does not constitute, on AXA Investment Managers part, an offer to buy or sell or a solicitation or investment advice. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this information. This document is a promotional document used for informational purposes only and does not constitute, on AXA Investment Managers part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. Due to the subjective and indicative aspect of these analyses, we draw your attention to the fact that the effective evolution of the economic variables and values of the financial markets could be significantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplification, the information given in this document can only be viewed as subjective. This document may be modified without notice and AXA Investment Managers may, but shall not be obligated,
update or otherwise revise this document. All information in this document is established on data given made public by official providers of economic and market statistics. AXA
Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. Furthermore, due to the subjective nature of these analysis and
opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by AXA IM’ management teams or its affiliates who may act
based on their own opinions and as independent departments within the Company. By accepting this information, the recipients of this document agrees that it will use the information only to evaluate its potential interest in the strategies described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is unless otherwise authorised by AXA IM prohibited.