Shareholder Engagement update from Utmost PanEurope dac Utmost PanEurope dac (Utmost) offers investment linked life insurance products in a number of markets. Utmost plays a passive role regarding policyholder investments and does not make investment decisions for policyholders, nor does it play a role in recommending or advising on investment selection. Utmost’s investments are managed on a discretionary basis. Management of those investments may be delegated to a number of regulated discretionary asset managers. In addition, Utmost offers ranges of internal unit-linked funds each of which invests into an underlying investment fund with an appointed fund manager. In a small number of cases, Utmost may appoint an investment adviser who would advise on investment choice, in accordance with an investment strategy chosen by a policyholder. Utmost would authorise the recommendation and transmit to the relevant custodian for execution, based on the investment adviser’s advice.Utmost’s investments have been selected by discretionary asset managers or, in a small number of cases, on the basis of advice from an investment adviser, who ensure that investment decisions or recommendations are aligned to the risk profiles and investment objectives of Utmost’s policyholders. Accordingly, Utmost does not actively engage with investee companies in its portfolios and relies on its appointed asset managers to do so.Utmost does not take part in shareholder voting and therefore does not have the ability to influence voting outcomes. Utmost may set or describe a ‘standard’ investment strategy that policyholders may select. However, Utmost will delegate the portfolio management of that strategy to its appointed discretionary asset manager or, in a small number of cases, appoint an investment adviser who will advise on the portfolio management. Utmost has determined that this description provides sufficient information for policyholders in a meaningful way and has used its discretion not to publish a shareholder engagement policy in accordance with the European Union (Shareholders’ Rights) Regulations 2020 (S.I. 81 of 2020), which implements the provisions of the Shareholders Rights Directive II (Directive (EU) 2017/828).