ERAFP updates its engagement guidelines and strengthens its voting criteria for 2026

Paris, March 13, 2026 – At its most recent meeting, the ERAFP Board of Directors updated its engagement guidelines and its voting policy for general meetings.

In 2026, ERAFP will deepen its commitments by focusing notably on combating climate change, preserving biodiversity, and ensuring tax transparency among multinationals to counter aggressive tax planning practices.

Regarding voting at general meetings, the Board of Directors has decided to strengthen the Institution’s requirements: heightened scrutiny will be applied when approving financial statements and management actions—particularly for companies involved in tax controversies—and shareholder resolutions aimed at curbing aggressive tax planning will be supported, provided they are sufficiently detailed, well-reasoned, and aligned with SRI principles and ERAFP guidelines.

Other updates to the guidelines include clarified criteria for electing employee directors in contested elections. A minimum shareholding threshold will also now be required for the renewal of board members' terms of office, in order to align their interests with those of the shareholders.

These guidelines are being implemented with a commitment to fiduciary responsibility toward the 4.5 million civil servants who are beneficiaries of the Scheme.