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First Sentier Investors (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 » Process


LEA 18. Typical approach to (proxy) voting decisions

18.1. Indicate how you typically make your (proxy) voting decisions and what this approach is based on.


Based primarily on

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

18.2. Additional information.[Optional]

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. To ensure that your (proxy) votes are cast and reach their intended destination on time, indicate if you do the following.

20.2. Provide additional information on your organisation’s vote confirmation efforts.

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. Indicate if your organisation has a securities lending programme.

21.3. Please explain the rationale behind not having a securities lending programme

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. Additional information.

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

22.1. Indicate if you ensure that companies are informed of the rationale when you and/or the service providers acting on your behalf abstain or vote against management recommendations.

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

22.2. Additional information. [Optional]

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.