We do not vote in share blocking markets, however we are implementing a process change which would allow a portfolio manager to vote shares in share blocking markets if they do not intend to trade the stock during the blockout period.
Our smart beta team Realindex have very diversified portfolios which distort the voting numbers for the remainder of teams as they were responsible for 68% of total votes in 2015.
Realindex and our Multi Asset Team's vote in line with the recommendations of our proxy advisor in most instances.
Due to our current policy of not voting in share blocking markets the Realindex team's unvoted shares account for 95% of all unvoted shares.
For these reason we have excluded RealIndex and Multi Asset from the above voting figure, had we included them the number would have been 93%,