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Zürcher Kantonalbank

PRI reporting framework 2017

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

(Proxy) voting and shareholder resolutions

Overview

LEA 17. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

17.1. Indicate whether your organisation has a formal voting policy.

17.2. Indicate what your voting policy covers:

17.4. Provide a brief overview of your organization’s approach to (proxy) voting.

Basic principles of voting policy

A proper corporate governance is the central component of a corporate strategy aligned to the long-term sustainability and enhancement of corporate value. Swisscanto bases the exercise of voting rights on a number of Swiss and international corporate governance rules, as well as on the United Nations’ Principles of Responsible Investment (UN PRI), that specify a comprehensive package of environmental, social and governance standards for the decision process.
The basic principles of Swisscanto’s voting policy were developed in collaboration with ISS (Institutional Shareholder Services Inc.), the world’s leading shareholder consultant.

Because of the often significant shareholdings in Swiss companies, Swisscanto follows the “2016 Swisscanto Sustainability Proxy Voting Guidelines for Swiss Companies” guideline, which focuses on specific concerns of Swisscanto. For companies headquartered outside Switzerland, the ISS “2016 Sustainability International Proxy Voting Summary Guidelines” apply. English versions of both voting policy documents are available on the Internet.

The guidelines for the exercise of voting rights are applicable within the Swisscanto Group for both fund companies, Swisscanto Fund Management Company Ltd. in Switzerland and Swisscanto Asset Management International S.A. in Luxembourg. Both fund companies rely on the same voting
policy, but have their own decision-making bodies.

www.swisscanto.ch/voting

17.5. Provide an overview of how you ensure your voting policy is adhered to, giving details of your approach when exceptions to the policy are made (if applicable).

  • Swisscanto recognizes that sustainability or environmental, social, and corporate governance (ESG) factors could present material risks to portfolio investments.
  • Swisscanto seek to promote support for sustainable business practices advocating for stewardship of environment, fair labour practices, non-discrimination and the protection of human rights as corporate activities and practices should be aligned with the broader objectives of society.
  • The Swisscanto Sustainability Proxy Voting Guidelines will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), CERES Principles, Global Sullivan Principles, MacBride Principles and environmental and social European Union Directives. Each of these initiatives promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions and mitigate related financial and reputational risks.
  • There may be cases in which the exercise of voting rights at a particular company varies from these Guidelines due to the fact that Swisscanto consider company-specific circumstances in arriving at its decision.

Please notice: We did change 2017 our voting policy and voting guidelines. The documents for 2016 are not any more available on our website.

www.swisscanto.ch/voting


Process

LEA 18. Typical approach to (proxy) voting decisions

18.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

18.2. Additional information.[Optional]

Because of the often significant shareholdings in Swiss companies, Swisscanto follows the “2016 Swisscanto Sustainability Proxy Voting Guidelines for Swiss Companies” guideline, which focuses on specific concerns of Swisscanto. For companies headquartered outside Switzerland, the ISS “2016 Sustainability International Proxy Voting Summary Guidelines” apply. English versions of both voting policy documents are available on the Internet.

The guidelines for the exercise of voting rights are applicable within the Swisscanto Group for both fund companies, Swisscanto Fund Management Company Ltd. in Switzerland and Swisscanto Asset Management International S.A. in Luxembourg. Both fund companies rely on the same voting
policy, but have their own decision-making bodies.

Please notice: We did change 2017 our voting policy and voting guidelines. The documents for 2016 are not any more available on our website.

www.swisscanto.ch/voting


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


LEA 20. Confirmation of votes (Private)


LEA 21. Securities lending programme (Private)


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

New selection options have been added to this indicator. Please review your prefilled responses carefully.

22.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

22.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

22.3. Additional information. [Optional]


Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

6 %

Specify the basis on which this percentage is calculated

23.2. Explain your reason(s) for not voting certain holdings

          ProxyVoting not offered in specific markets by the sub-Custodian
        

23.3. Additional information. [Optional]


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

24.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

24.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
86.15 %
Against (opposing) management recommendations
13.85 %
Abstentions
0 %
100%

24.3. Describe the actions you take after voting against management recommendations.

          Interactions with mgmt of respective companies are usually the case also after voting (especially for Swiss companies).
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Private)


LEA 26. Examples of (proxy) voting activities (Private)


Communication

LEA 27. Disclosing voting activities

27.1. Indicate if your organisation proactively discloses information on your voting activities.

provide URL

27.2. Indicate if the information disclosed to the public is the same as that disclosed to clients/beneficiaries.

27.3. Indicate the voting information your organisation proactively discloses to the public and/or to clients/beneficiaries.

Indicate how much of your voting record you disclose

Indicate what level of explanation you provide

27.4. Indicate how frequently you typically report voting information.

27.8. Additional information. [Optional]


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