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

PRI reporting framework 2016

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

(Proxy) voting and shareholder resolutions


LEA 17. Voting policy & approach

17.1. 組織に正式な議決権行使ポリシーがあるかどうか示してください。

17.2. 議決権行使ポリシーの対象範囲を記載してください。

other description

          We have an engagement and proxy voting policy and Global Stewardship Principles. In addition they  cover the escalation of engagements.

17.3. 議決権行使ポリシーのURLを記載してください。[任意]

17.4. (委任状による)議決権行使に対する組織のアプローチの概要を説明してください(該当する場合は株主決議の提案および/または共同提案を含む)。[任意]

Proxy voting rights are an important part of shareholder responsibility and we seek to vote on all possible resolutions at company meetings. Prior to voting, the relevant investment manager and analyst carefully consider each resolution, with guidance provided by our ‘Guidelines and principles for corporate engagement on governance, environment and social issues’.

Recommendations from a selection of independent corporate governance research providers are also sought. Our investment teams retain full control over their proxy voting decisions, however, and do not necessarily follow the guidance provided by third party governance research providers.

All teams have an approval and escalation process for proxy votes and maintain records when they vote against management or against the recommendations of the proxy voting adviser.

We see proxy voting as an extension of our engagement activities and will take the company's individual circumstances and willingness to engage into account when making decisions. We do not require different teams to vote the same way on specific resolutions.

We have not filled or co-filled a shareholder resolution but would consider such measures should we believe it was the most effective way to bring about change in an investee company.

17.5. 補足情報 [任意]




LEA 18. Typical approach to (proxy) voting decisions

18.1. (委任状による)議決権行使を通常どのように決定し、このアプローチは何に基づいて行われるかを記載してください。



          We provide proxy guidelines and use proxy advisers however decisions are made by the teams. See additional information.

18.2. 補足情報。[任意]

As described above we provide proxy voting guidelines at a firm level however will take the company’s individual circumstances and willingness to engage into account when making decisions. We do not require different teams to vote the same way on specific resolutions. With oversight from the head of each investment team we believe this is the best way to conduct long-term and ongoing engagement with companies.

LEA 19. Percentage of voting recommendations reviewed (Not Applicable)

LEA 20. Confirmation of votes

20.1. 組織の(委任状による)議決権が行使され、期日通りに目的地に到着して投票されたことを確認するため、以下を行うかどうか示してください。

20.2. 組織の議決を確認する取り組みについて補足情報を提供してください。

Due to the external administrative processes to deliver proxy votes to companies we not currently receive explicit confirmation that a company has counted our votes, although we do receive confirmation that the votes have been properly lodged. Should a voting outcome seem incorrect we would engage with the company on the vote to understand what had occurred.

LEA 21. Securities lending programme

21.1. 組織に証券貸借プログラムがあるかどうかを記載してください。

21.3. 証券貸借プログラムがない理由を説明してください。

We do not believe it is in the best interests of our clients to loan shares to other investors who wish to bet against their positions. We also are concerned that issues may prevent shares being properly recalled for voting purposes. 

21.4. 補足情報

LEA 22. Informing companies of the rationale of abstaining/voting against management

22.1. 組織や組織のために行動するサービスプロバイダーが議決を棄権したり、経営陣の提案に反対を投票する時、企業にその理由を知らせていることを確認しているかどうかを記載してください。

          Where management or the board have requested an indication ahead of time.

22.2. 補足情報。[任意]

Three investment teams reported that they inform companies in all cases of reasons for against or abstain votes while four teams reported that they inform companies in some cases, in particular on certain issues. Importantly as we view proxy voting as an extension of each investment team’s engagement activities issues which result in negative votes are generally addressed in regular interactions with companies rather than as a separate formal process.

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。


99 %


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。

94 %
5 %
1 %

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。

          Hyundai Mobis - Election of Directors

Vote against directors not acting independently


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


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

          NEXTDC Limited - Remuneration report

Remove inappropriate remuneration practices


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.


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

          Gold Road Resources Limited - Grant of options to directors

Prevent inappropriate grants to directors


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. 


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

          Great-West Lifeco Inc.- Director election

Require director attendance


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


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

          Hokkaido Electric Power Co. Inc - Shareholder Proposal Regarding Individual Compensation Disclosure

Better disclosure of remuneration


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


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

          Diligent Board Member Services Inc. - Director election

Elect more independent directors


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. 


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

          Lundin Mining Corp. - Director election

Retain valuable directors. 


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. 


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

          Trevali Mining Corp - director elections

Ensure directors are contributing appropriately to the board.


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. 


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

          News Corp - Advisory Vote on Executive Compensation

Vote against excessive remuneration 


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


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

          Highfield Resources Limited - Remuneration Report

Vote against excessive remuneration 


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.


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:


LEA 27. Disclosing voting activities

27.1. 組織が議決権行使活動に関する情報を積極的に開示しているかどうかを記載してください。

27.2. 一般に開示されている情報が、顧客や受益者に開示されている情報と同じであるかどうかを記載してください。

27.3. 組織が一般および/または顧客や受益者に積極的に開示している議決権に関する情報を記載してください。



27.4. 議決情報を通常報告する頻度について記載してください。

27.5. 組織が顧客や受益者に積極的に開示している議決権に関する情報を記載してください。



27.6. 顧客や受益者に議決情報を通常報告する頻度について記載してください。

27.7. 開示される情報のその他の違いを説明してください。 [任意]

Proxy voting reports provided to clients occur in line with the relevant investment management agreements which can range from monthly to not at all (in which case clients are advised of public disclosures as they occur)

Some clients receive notifications of votes as they are submitted and prior to the deadline so they can override them should they choose to. Other clients request information on specific votes including the rationale for our voting decision.

Most clients require information on proxy voting for their regular assessment process/questionnaires.

27.8. 補足情報。[任意]