Proxy voting and company engagement Q1 2026

Across Betashares’ range of ethical and impact ETFs^[1], in the quarter ending 31 March 2026 we voted at 45 shareholder meetings on 605 individual proposals. We voted FOR 519 times and AGAINST 71 times and WITHHOLD 15 times.

We voted WITH management 528 times and AGAINST management 77 times.

We supported shareholder proposals at Skandinaviska Enskilda Banken (SEB) and Danske Bank aimed at strengthening climate-related risk management. At SEB, we supported a proposal to cease financing and facilitation of upstream fossil fuel companies, aligning with its sustainability ambitions and Paris Agreement commitments. At Danske Bank, we supported a proposal to divest from fossil fuel companies lacking Paris-aligned transition plans and to avoid new long lead-time oil and gas projects. We also supported a proposal at Novonesis to strengthen ethical policies and compliance frameworks, reflecting regulatory risks highlighted by recent investigations and fines.

Engagement activity

Engagement activity over the quarter focused on labour practices and worker safety, including human rights considerations linked to third-party enforcement actions; environmental and community impacts associated with potential land use and development; and the governance of workforce conditions during periods of heightened operational demand.

The Responsible Investment Committee (RIC) engaged with The Home Depot, Inc. in Q1 2026 following media reports highlighting increased U.S. Immigration and Customs Enforcement (ICE) activity at or near its store locations. This followed a broader reported rise in immigration enforcement activity, with certain Home Depot stores identified as common gathering points for day labourers and, in some cases, sites of enforcement operations^[2].

The RIC sought clarification from Home Depot regarding its human rights position and responsibilities in relation to immigration enforcement activity involving day labourers at or near its premises. The company confirmed that it is legally prohibited from intervening in ICE operations conducted on its property and that store management is not notified in advance of such activities. Home Depot also outlined the support mechanisms available to employees who may be affected by these incidents.

The engagement aimed to better understand Home Depot’s approach to managing potential human rights risks associated with third-party enforcement actions and its broader governance framework. The RIC will continue to monitor developments and assess any implications for the company’s human rights practices and stakeholder management.

The RIC engaged with Woolworths Group Limited following media and stakeholder commentary regarding proposed development plans at Kincumber. Reports indicated that local residents and environmental advocates had called on Woolworths and the Darkinjung Local Aboriginal Land Council (DLALC) to reconsider plans for a potential development at Carrak Road, citing concerns around biodiversity impacts, increased traffic congestion and alignment with community expectations for sustainable land use. These concerns were also framed in the context of Woolworths’ stated commitment to environmental stewardship in its Sustainability Plan 2025^[3].

The RIC sought clarification from Woolworths on how any potential development at Kincumber would align with its commitment to responsible stewardship of natural resources. Woolworths confirmed that there is no formal development proposal at this stage, but that it is in preliminary discussions with the Darkinjung Land Council, the landowner, regarding a potential lease arrangement for development on a portion of the site. The company noted that the area under initial consideration sits outside identified wetlands conservation zones and represents a limited section of the broader site, which is currently zoned for recreational use.

The engagement aimed to better understand the status of the proposal and its alignment with Woolworths’ environmental commitments and community expectations. While discussions remain at an early stage, the RIC will continue to monitor developments and assess any implications for environmental risk management and stakeholder engagement.

The RIC engaged with Stellantis N.V. following media reports concerning the use of emergency scheduling at its Toledo Assembly Complex. The reports highlighted extended working hours, including 10-hour shifts and schedules spanning six to seven days per week, with some workers experiencing prolonged periods without rest. An internal safety memo cited in the reporting indicated that the Toledo facility accounted for a disproportionate number of recorded injuries across Stellantis’ North American operations over a recent 10-week period, with fatigue identified by workers as a contributing factor^[4].

The RIC sought clarification from Stellantis regarding its governance of emergency scheduling practices and the measures in place to manage fatigue-related safety risks. Stellantis responded by outlining the duration and circumstances under which “emergency status” was applied at the facility. The company also confirmed that additional time off was provided to workers and that training programs were in place to support the reporting of potential safety risks. Stellantis noted its ongoing efforts to promote safety awareness and foster a culture of accident prevention across its operations.

The engagement aimed to better understand Stellantis’ approach to workforce management and occupational health and safety under periods of heightened operational demand. The RIC will continue to monitor developments and assess any implications for the company’s labour practices and safety oversight.

1. Being Betashares Global Sustainability Leaders ETF (ASX: ETHI), Betashares Australian Sustainability Leaders ETF (ASX: FAIR) and Betashares Climate Change Innovation ETF (ASX: ERTH). ↑
2. https://www.reuters.com/sustainability/boards-policy-regulation/amid-ice-raids-some-home-depot-investors-want-know-how-law-enforcement-uses-its-2026-01-16/ ↑
3. https://coastcommunitynews.com.au/central-coast/news/2025/02/up-in-arms-over-proposed-kincumber-development/ ↑
4. https://www.toledoblade.com/business/automotive/2025/10/28/jeep-plant-mandatory-overtime-exhaustion-injuries-union/stories/20251028100? ↑