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Our long-term approach to stewardship reflects the investment horizon of the majority of our clients and takes a financial materiality-based approach, focused solely on advancing clients' long-term financial interests.

BIS’ Benchmark Policies set out the core elements of corporate governance that guide BlackRock's investment stewardship efforts globally and within each market. These policies include our Global Principles, regional voting guidelines, and Engagement Priorities.

BIS’ annual report and annual voting spotlight are published on its website to provide transparency and help clients understand how the work we do on their behalf aligns with their long-term financial interests.

The FOE report mentions BIS’ votes against AAL’s management in 2023. We cast these votes as part of our investment stewardship responsibility in a manner that is consistent with the investment objectives of our clients. As the report mentions, at the time, our analysis indicated that AAL could improve its transparency regarding the management of material sustainability-related risks associated with the production of palm oil. We note that companies with controlling shareholder structures are widespread in the palm oil industry, and therefore minority investor sentiment can appear as muted given the controlled ownership structure.