It should be noted that the framework was designed to cover all engagement activities carried out with a company, regardless of whether the investor is a bondholder or a shareholder.
All engagement activities, whether they take place in the context of annual general meetings, are covered by the VOICE method.
However, the act of voting itself is not counted as an engagement activity if it does not form part of an iterative and intentional cycle of interactions with the company, involving an objective set-in advance by the investor or engagers (see the definition of engagement, pp. 3 and 6 of the report). And so on, a simple vote against a resolution, if it does not form part of a broader engagement process, cannot be counted as an engagement activity.
However, the method provides that actions taken at annual general meetings, such as voting against a resolution, may be counted as escalation measures if they are linked to a pre-existing engagement (see categories in the reporting tool, p. 21 of the report).