Allianz Global Investors, the €673bn asset manager, has warned some of the largest European companies that it will wield its shareholder power to vote against executive pay packages that do not include key sustainable investment goals.

AllianzGI said it has made several changes to its voting policy ahead of the 2022 proxy voting season, and now expects European large-cap companies to include key performance indicators related to environmental, social and governance issues when deciding executive remuneration.