The FRR’s voting rights are exercised by the asset managers it has selected, and solely in the interests of the Fund.

The FRR cannot hold more than 3% of a company’s capital. It is therefore intended to remain a minority shareholder, whose level of ownership evolves based on the management decisions made by its managers. Consequently, it is not required to be represented in the governing bodies of companies.

The FRR’s voting guidelines are based on the following general principles:

• It is in the FRR’s interest to actively participate in improving the governance of the companies in which it invests. This approach aims to promote clarity and balance in the powers of these companies’ governing bodies, as well as the quality of information provided to shareholders, respect for their rights, and the integrity of their votes. As a result, this is one of the key elements contributing to the sustainability of the corporate community, the continuity of their strategies, and the way they fulfill their responsibilities toward all stakeholders. All these factors directly contribute to their future valuation.
• The FRR is a long-term investor. It has chosen to prioritize, in the structure of its portfolio and its management mandates aligned with the asset allocation strategy decided by the Supervisory Board, an active approach based on an analysis of the fundamental valuation prospects of equity and debt securities issued by different categories of issuers. It is therefore logical that this horizon should also be taken into account by managers when applying the guidelines contained in this framework on a case-by-case basis, particularly when assessing the relevance of financial operations affecting the capital of companies.
• Efforts to improve corporate governance whether from companies themselves, regulators, or legislators—have increased in recent years. It is essential that these efforts continue. However, the active exercise of the FRR’s voting rights, as desired by its Supervisory Board, must pragmatically consider the concrete conditions existing in each market or among companies based on their relative size, as well as the significant differences that may exist in corporate rights and governance practices between the countries concerned, including within the European Union.

The FRR’s voting guidelines have been defined based on various existing french and international guidelines issued by investors, professional organizations, or international bodies (such as the OECD). These guidelines will be progressively refined or amended as needed. The FRR commits to reviewing its voting and engagement policy in 2026.