Implementation of our Engagement Policy

Implementation of our Engagement Policy

This page provides details of how Capital Group has implemented its Engagement Policy that has been prepared in accordance with the Shareholder Rights Directive EU/2017/828 (SRD II), and is reviewed annually.


As outlined in our Engagement Policy, stewardship is an essential part of our responsibility as managers of our clients’ assets and as providers of capital to investee companies. Our Stewardship Report describes our progress and continued commitment to ESG integration and stewardship, and how we are continually striving to meet our clients’ needs and expectations in this area.

Proxy voting

A proxy authorises someone other than the owner of a stock to cast a vote on his or her behalf at the issuing company’s shareholder meeting. Proxies typically are used by shareholders to elect a company’s board of directors, select independent auditors, approve executive compensation, and vote on other management- or shareholder-sponsored proposals.

With responsibility for millions of shares of stocks, Capital Group routinely votes by proxy. Through this process, we aim to promote the long-term financial interests of our shareholders.

Our proxy voting procedures and principles

We view proxies of companies held by the portfolios as significant fund assets — and proxy voting as an integral part of the overall investment process. Our approach to proxy voting can be found in our Global Proxy Voting Procedures and Principles

As we explain in our Engagement Policy, we rely primarily on our own proprietary research in evaluating companies. To provide supplementary analysis of resolutions at shareholder meetings, we will often review proxy research from third party vendors. However, voting decisions are made according to our internal voting policies and Capital Group Analysts’ recommendations and we do not automatically follow proxy adviser recommendations.

Our proxy voting results

Links to the most recent proxy voting results for equity securities held in each of our Luxembourg Funds, UK Funds and segregated portfolios managed by Capital International Management Company SARL, Capital Group UK Management Company Limited and Capital international Limited for each fiscal year are listed below. In line with the expectations of SRD II, we disclose how we vote (for, against or abstain) and provide the rationale for votes against management, shareholder proposals and other votes that we deem significant.

*Capital Group has three separate equity divisions: Capital Research and Global Investors; Capital World Investors and Capital International Investors. These divisions have discrete investment research and proxy voting procedures. Where a company is held by more than one division, it is possible that the separate divisions may vote differently on certain proposals put forward by the company as a result of a diversity of opinions among our investment divisions. On these occasions, each division will vote the shares that they are managing, resulting in a split vote.