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Pictet Asset Management

PRI reporting framework 2017

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

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:

17.3. Attach or provide a URL to your voting policy. [Optional]

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

For mutual funds managed by Pictet Asset Management entities: proxy voting is based on ISS Sustainability policy. The policy covers 100% of equity holdings for actively managed strategies and Swiss index strategies & 90% of the passively managed strategies. Holdings within the 90% AUM threshold are defined once a year (typically in December) by the Index Team but can be updated more frequently in case of material deviations This threshold typically represents 50% by no of companies.

For liquidity reasons, voting rights are not exercised in share blocking markets (eg Argentina, Germany, Portugal, Sweden and Norway). Index funds where execution costs may exceed 0.5bp are carved out.

Pictet Asset Management does not usually assume the role of an activist investor and does not initiate shareholder resolutions or shareholder groups. However, Pictet Asset Management may consider supporting the submission of shareholder resolutions initiated by third parties. Shareholder resolutions that are on AGM/EGM agenda are evaluated based on their own merits and are supported when they would improve the company’s corporate governance or business profile at a reasonable cost.

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).

Voting decisions are based on ISS Sustainability Policy. However, Pictet Asset Management reserves the right to vote differently on a case-by-case basis in order to act in the best interest of our clients.

For securities held in active strategies, the Events Processing Team notifies Investment Managers (IM) when the third party research provider recommends to vote against management (VAM reports).

Active IMs have the option to override the third party research provide’s recommendations based on a written rationale to be provided by the IM with the largest position. In such cases, the IM must justify its recommendation.

Indexation IMs retain the right to take part to the decision-making process on a case-by-case basis in order to act in the best interest of our clients.

 

 


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