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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions » Process
We provide proxy guidelines and use proxy advisers however decisions are made by the teams. See additional information.
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.
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.
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.
Where management or the board have requested an indication ahead of time.
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.