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Colonial First State Global Asset Management (including First State Investments)

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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions » Outputs and outcomes

Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. 上場株式については、組織またはサービスプロバイダーが(代理)投票の指示を発行するマンデートを保有している場合、報告年度における投票率を記載してください。

1%単位の投票率

99 %

この投票率の計算基準を明記してください

23.2. 特定の保有株式について議決権を行使しなかった具体的な理由がある場合、可能な場合は、これらの要因に影響された保有株式の割合を記載してください。[任意]

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%,

23.3. 補足情報。[任意]


LEA 24. Proportion of ballot items that were for/against/abstentions

24.1. 組織やサービスプロバイダーが組織のために発行した投票指示を追跡しているかどうかを記載してください。

24.2. 組織が発行した投票指示およびサービスプロバイダーが組織のために発行した投票指示のうち、以下の投票の割合を記載してください。

投票指示
投票の内訳(%)
経営陣の議案に対する賛成票
94 %
経営陣の議案に対する反対票
5 %
棄権
1 %
100%

24.3. 報告年度における株主決議への投票に対する組織のアプローチを説明してください。

Each team vote all resolutions individually and on their merits. In 2015 we supported 25% of shareholder resolutions.

24.4. 補足情報。

"For" votes do not always mean supporting management recommendations as implied by the question, as 'for' is a vote in favour of a resolution which management may not support. In the cases of shareholder resolutions management often recommends voting 'against' the resolution and so a vote 'for' would be voting against management's recommendation. Additionally for some other resolutions management will recommend not to vote, abstain or are silent. 

For the purposes of answering the question we have included votes where we voted 'for' or 'against' the resolution.


LEA 25. Shareholder resolutions

25.1. 組織が直接またはサービスプロバイダーを経由して報告年度に株主決議を提出または共同提出したかどうかを記載してください。

25.6. 補足情報。


LEA 26. Examples of (proxy) voting activities

26.1. 報告年度に組織またはサービスプロバイダーが実行した(委任状による)議決権行使の例を提供してください。

トピックまたはESG問題
          Hyundai Mobis - Election of Directors
        
意思決定者
目的

Vote against directors not acting independently

対象範囲およびプロセス

Board failed to veto US$10bn purchase of property from the government last year, which is not related to its core business.

結果

Vote against board members which was against management's recommendation. 

トピックまたはESG問題
          NEXTDC Limited - Remuneration report
        
意思決定者
目的

Remove inappropriate remuneration practices

対象範囲およびプロセス

The CEO’s total pay package, which is predominately cash based, is too large to support. In FY15 his cash pay accounted for ~41% of the total executive KMP cash expense and his total pay accounted for ~10% of the group employee benefits expense.

結果

We have voted AGAINST the remuneration report which was against management and the proxy advisor's recommendation. 

トピックまたはESG問題
          Gold Road Resources Limited - Grant of options to directors
        
意思決定者
目的

Prevent inappropriate grants to directors

対象範囲およびプロセス

Resolutions are asking for the grant of options to non-executive directors, which can impair independence. If these options are granted, the entire board will be classified by this report as non-independent. 

結果

Voted against which was against management and proxy advisor's recommendation. 

トピックまたはESG問題
          Great-West Lifeco Inc.- Director election
        
意思決定者
目的

Require director attendance

対象範囲およびプロセス

Director had less than 75% attendance and serves on too many boards 

結果

Voted against director relection which was against management's recommendation. 

トピックまたはESG問題
          Hokkaido Electric Power Co. Inc - Shareholder Proposal Regarding Individual Compensation Disclosure
        
意思決定者
目的

Better disclosure of remuneration

対象範囲およびプロセス

Information provided by this proposal could allow shareholders to better determine whether an individuals' compensation is reasonable. 

結果

Voted for the resolution which was against management's recommendation.

トピックまたはESG問題
          Diligent Board Member Services Inc. - Director election
        
意思決定者
目的

Elect more independent directors

対象範囲およびプロセス

The company has neither appointed an independent chairman nor a independent lead. The director is the most senior member of the nominations committee elected by common shareholders, we feel he bears responsibility to the shareholders of the Company's common stock to ensure some form of independent leadership on the board. 

結果

Against the election of teh director which was against management's recommendation. 

トピックまたはESG問題
          Lundin Mining Corp. - Director election
        
意思決定者
目的

Retain valuable directors. 

対象範囲およびプロセス

We acknowledge the proxy advisors concerns regarding directors attendance and will raise this directly with the company, although do not believe it warrants withholding a vote for a valuable contributor to the overall governance of this company. 

結果

Voted for the director which was against proxy advisor's recommendation. 

トピックまたはESG問題
          Trevali Mining Corp - director elections
        
意思決定者
目的

Ensure directors are contributing appropriately to the board.

対象範囲およびプロセス

The team engaged with the company on the matters of director X's (attendance <75%) and Y's (overboarded).  the team was satisfied with the company’s responses and therefore are voting for their re-elections to the board. 

結果

Voted for the directors' election whiach was against the proxy advisor's recommendation. 

トピックまたはESG問題
          News Corp - Advisory Vote on Executive Compensation
        
意思決定者
目的

Vote against excessive remuneration 

対象範囲およびプロセス

Executive pay is to high for the actual operating businesses fully owned and run.

結果

Voted against which was against management and proxy advisor's recommendation. 

トピックまたはESG問題
          Highfield Resources Limited - Remuneration Report
        
意思決定者
目的

Vote against excessive remuneration 

対象範囲およびプロセス

Executives receive consultancy fees (with $556,147 worth of reimbursement expenses and allowances, paid primarily to the CEO, not included in the audited remuneration table) and options which generally vest after one year or less – there is no long-term performance linked element. Non-executive directors also receive options in addition to their cash fees.

結果

Vote against which was against management and proxy advisor's recommendation. 

26.2. 補足情報。

We have selected the above examples to demontsrate the careful consideration and independance of the investment teams when voting. We publish our full proxy voting record biannually which can be downloaded from our webiste at:  http://www.firststateinvestments.com/uploadedFiles/Content/About_Us/Responsible_investment/RI_reports/CFSGAM-RI-Report-15.12-Proxy%20voting_30-Jun-2015_FULL.pdf


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