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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 » Process


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.