Allianz Global Investors, the €557bn asset manager, pressed on with efforts to broaden its tough new stance on corporate governance last year, two years on from an overhaul of its policies that led to a surge in “no” votes.

AllianzGI said it took part in 9,532 shareholder meetings in 2019, up from 8,535 worldwide in 2018. It opposed 24% of all resolutions put up for votes, the same proportion as last year — but the German company applied those standards to around 1,000 extra companies.