As one of the few institutional investors to regularly attend annual general meetings (AGMs) of Asian companies, APG leverages these opportunities to directly voice the expectations of its pension fund clients and influence corporate ESG strategies. Yoo-Kyung (YK) Park (Head of Emerging Markets Equities, Fundamental Strategies) and Miranda Zhao (Responsible Investment Manager) share their insights on the opportunities and challenges of this hands-on approach.
Published on:
6 August 2025
In brief
• Effective AGM participation requires extensive preparation, as well as follow-up engagement to monitor progress.
• AGMs serve as a two-way dialogue, allowing APG to raise concerns, gain visibility, and better understand company dynamics.
• APG advocates for improved access to AGMs by urging Asian regulators to simplify registration processes for international investors.
“In many Asian markets, the dominance of controlling shareholders makes it difficult to access independent directors or the full board,” explains Park. “This limits our ability to communicate our clients’ expectations to the actual decision-makers. That’s why we’ve adopted a strategy in certain markets to attend AGMs—where the entire board is present. It allows us to engage directly, raise concerns, and provide a global investor perspective.”
While APG doesn’t expect immediate solutions, Park emphasizes the value of being heard. “It’s about signaling what long-term asset owners like our clients expect. Often, we’re the only asset manager in the room, which gives us a competitive edge. In addition to raising our concerns, we gain insights into company strategy, culture, ESG awareness at the board level, and how companies respond to both global and local investor concerns. It’s a two-way dialogue, and we’re right in the middle of it.”
Uniquely positioned to raise concerns
“In emerging markets, shareholder rights are often not well understood,” adds Park. “APG is uniquely positioned to raise concerns at AGMs—not just as a commercial investor, but as a representative of a public pension fund. That gives our voice added weight.”
Zhao elaborates: “We typically have structured engagement plans with clear targets. If those don’t yield results, we escalate—sometimes by coordinating with other investors for collaborative engagement. Some AGMs are livestreamed, which gives us a platform to reach the broader market and society.”
Park notes that public statements at AGMs are consequential. “If a chairman responds to a question, it goes on record. That can trigger follow-up from other investors or the media. But public pressure isn’t always appropriate, so we usually schedule follow-up meetings two to three months later to track progress.”
A closer look: CATL case study
A recent example is APG’s role at the 2025 AGM of CATL, the world’s largest EV battery manufacturer and a key supplier to Tesla, BMW, and Toyota. Given its involvement across the EV value chain—from critical mineral extraction to battery recycling—CATL faces significant biodiversity and nature-related risks, including water scarcity, deforestation, and soil contamination.
“In July 2024, CATL was added to the Principles for Responsible Investing (PRI) Spring Investor Working Group due to its systemic importance,” says Zhao. “We became co-lead investor, which made sense given our proximity through our Hong Kong office, our relationship with management, and our history of engagement—including attending their AGMs since 2023.”
Under the PRI framework, APG proposed a collaborative shareholder statement to be read at CATL’s 2025 AGM. “We drafted the statement in March and shared it with other investors for input. It was endorsed by PRI and co-signed by Robeco, E Fund, Polar Capital, and Trinetra IM. At the AGM, we delivered the first global investor statement in CATL’s history—a successful example of collective engagement made possible by our active involvement.”
The response was encouraging, according to Zhao. “The chairman personally addressed our concerns and outlined CATL’s sustainability roadmap, including partnerships with European suppliers to build a local EV battery supply chain. He also introduced new technologies aimed at reducing biodiversity impacts and committed to monitoring six ecologically sensitive sites.”
Zhao concludes: “It took less than three months for CATL to develop an internal understanding of biodiversity risks. We encouraged the board to commit to halting and reversing biodiversity loss by 2030 and to establish board-level oversight of nature-related risks. Looking back, I believe they appreciated our role in representing international investors and aligning ESG goals with their business strategy.”
Advocating for better access to AGMs
To this day, APG remains one of the few institutional investors consistently present in the actual conference rooms where these meetings take place. “We’ve encouraged other investors to join us,” says Zhao, “but many are discouraged by the complex and bureaucratic registration procedures required to attend AGMs. That’s why most institutional investors either don’t participate or do so only sporadically.”
The process involves navigating multiple stakeholders—including the company itself, custodian banks, and sometimes proxy voting agencies. “It takes time, patience, and persistence,” Zhao explains. “That’s why we also engage directly with market participants and regulators in Asia, urging them to simplify the process and make it more accessible for international investors. These conversations have been well received. In fact, some stakeholders were unaware of the barriers and have asked us for recommendations. Encouragingly, we’re already seeing signs of improvement.”
Consistent engagement
After attending numerous AGMs, Park has developed a clear sense of what drives effective engagement. “Success depends on how much time and attention you dedicate to a company. Simply showing up at the AGM isn’t enough. You need to do your homework beforehand and follow up afterward.”
That follow-up includes monitoring progress and scheduling additional meetings to maintain momentum. “You have to show companies that you’re in it for the long haul—that you’re not just a one-time visitor but a long-term partner,” Park says. “We use a variety of tools to engage with companies, but raising an issue at an AGM is arguably one of the most efficient and impactful methods.”
Picture: Miranda Zhao speaking at the AGM of TSMC on June 3, 2025.