MACIF Gestion is an active investor, exercising its voting rights attached to the company shares in its portfolio. Our policy tends to favour CSR issues linked with the industrial sector and setting where the companies belong. The purpose is to bring elements of progress to the companies through one, or more, of their sustainable development stakes.

Our voting policy, reviewed on an annual basis, assigns particular importance to aspects of company governance with particular regard to the following principles:

• One share = one vote,
• A Board of Directors with at least 1/3 of independent administrators.
• An opposition to anti takeover bid agreements.

In addition, MACIF Gestion takes closely into account Human Resources themes in the companies management, and seeks answers from such companies on social issues: managing "stress at work", dialogue between management and staff, careers management, amongst others.

MACIF Gestion voting policy is structured
over six main fields: