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Quarter 2 2026: Our active stewardship illustrated

Published on
August 5, 2026
Read time
1 minute(s) read

As long-term investors, Carmignac actively engages with investee companies to drive continuous improvement in how they integrate environmental, social and governance (ESG) considerations into their practices, thereby supporting sustainable value creation.

Find out how our active approach to stewardship was borne out in Q2 2026.

25
Engagements held with investee companies.
97%
of meetings voted in Q2 2026.
58%
of meetings where Carmignac voted against management at least once*.

*This data refers to the number of meetings where Carmignac took a vote position against the recommendation of the board. In practice, this refers to votes cast against management-led resolutions and, in most cases, votes cast for shareholder-led resolutions (unless the shareholder-led resolution is supported by management).

We structure our engagement strategy around two complementary approaches: ‘engage for change’ and ‘engage for information’.

Q2 2026 Engagement Approach (in %)

Within this framework, Carmignac’s engagement activities can be broken down into the following five areas: ESG ratings, thematic engagement, public policy, engagement on controversial behaviour, and engagement related to proxy voting decisions.

In Q2 2026, we initiated 25 engagements with investee companies across the five types of engagement covering a full spectrum of ESG topics. Engagements may be relevant to more than one category at the same time.

Q2 2026 Engagement Activity (in %)
Percentages have been rounded for presentation purposes; as a result, totals may not equal 100%.

The proportion of our engagements which had ESG relevance in Q2 2026 was as follows.

Q2 2026 Engagement Topics (in %)
Percentages have been rounded for presentation purposes; as a result, totals may not equal 100%.

In Q2 2026, Carmignac mostly engaged with investee companies on Climate change and Responsible AI topics:

Q2 2026 Thematic Type (in %)
Percentages have been rounded for presentation purposes; as a result, totals may not equal 100%.

We engaged with our investee companies in a variety of ways, including direct engagement and as part of a group.

Q2 2026 Engagement Method (in %)

In Q2 2026, Carmignac achieved a 97% participation rate, voting at 262 eligible meetings.

Carmignac also voted on 104 shareholder proposals and against management on at least one resolution at 58% of meetings.

Meetings voted for/against management (in %)

In Q2 2026, Carmignac’s voting activity was diversified across markets, with the highest share of meetings voted in the United States, followed by Taiwan, and Germany.

Meetings Voted by Market (in %)
Percentages have been rounded for presentation purposes; as a result, totals may not equal 100%.

Below we outline how we specifically engaged with one of our investee companies in Q2 2026:

THERMO FISHER SCIENTIFIC INC

Sector: Life Sciences Tools & Services
Region: United States

Carmignac is an equity investor in the company across several funds1.

Carmignac engaged with the company to improve the alignment of executive remuneration with long-term shareholder value. The key asks were to extend performance horizons, strengthen long-term incentive metrics, increase the weight of performance-based pay, and improve disclosure on non-financial targets.

Following the failed 2025 say-on-pay vote (~65% votes against), Carmignac engaged in the summer of 2025 with a Board-level Remuneration Committee member. This engagement was followed up with written feedback on the design of the long-term incentive plan and the need for stronger pay-for-performance alignment.

Carmignac’s engagement with the company focused on strengthening the structure, transparency and long-term orientation of executive remuneration. Key areas of discussion included the following:

  • Long Term Incentive pay mix for Named Executive Officers (excl. CEO): Carmignac welcomed the changes introduced in February 2024 to ensure that at least half of the CEO’s long-term incentive pay is granted in performance-based equity. Carmignac encouraged the company’s Compensation Committee to extend this approach to the long-term incentive structure of the other Named Executive Officers.
  • Long-Term Incentive plan: Carmignac encouraged the company to place greater emphasis on long-term performance measurement. In particular, Carmignac recommended that a larger portion of the long-term incentive plan should be assessed over a three-year performance period.
  • Alignment between performance targets and payout quantum: Carmignac asked the company to provide clearer disclosure on how performance targets are selected and how they align with company guidance and strategic objectives. Where targets are set at less ambitious levels, Carmignac believes this should be reflected in the target and maximum payout opportunities.
  • Transparency in assessing performance against non-financial targets.

The company introduced several changes to its 2026 remuneration policy, incorporating key recommendations from Carmignac including:

  • Policy commitment to grant half of Named Executive Officers long-term incentives in performance-based equity
  • Extended performance period from 1 to 3 years
  • Removal of negative organic revenue growth target
  • Improved disclosure in 2026 proxy statement regarding non-financial metrics criteria and achievement
1As of 30/06/2026, Carmignac Épargne Actions Monde ISR, Carmignac Portfolio Evolution, Carmignac Portfolio Grandchildren, Carmignac Multi Expertise, FP Carmignac Global Equity Compounders.

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