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.
*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’.
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.
The proportion of our engagements which had ESG relevance in Q2 2026 was as follows.
In Q2 2026, Carmignac mostly engaged with investee companies on Climate change and Responsible AI topics:
We engaged with our investee companies in a variety of ways, including direct engagement and as part of a group.
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 56% of meetings.
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.
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.
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CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676
CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel: (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549