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Pictet Asset Management

PRI reporting framework 2017

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(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:

17.3. 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.

 

 


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]


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%)

98 %

Specify the basis on which this percentage is calculated

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

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
89 %
Against (opposing) management recommendations
10 %
Abstentions
1 %
100%

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

          This provides additional input in our internal evaluation of corporate governance and may lead to further company engagement on an ad-hoc basis.
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Private)


LEA 26. Examples of (proxy) voting activities (Not Completed)


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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