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GLG Partners LP

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:

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

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

The Firm's full Global Proxy Voting Policy is attached as a PDF.

Proxy votes that may be voted at Man GLG’s or the portfolio manager's discretion, or where Man GLG has been specifically instructed by a client to vote proxies, will be evaluated and Man GLG will seek to vote in the best interest of the relevant Proxy Client(s) with the goal of increasing the overall economic value of the investment.  It should be noted that there may be times whereby PMs invest in the same securities/assets while managing different investment strategies and/or client accounts; accordingly, it may be appropriate in certain cases that such securities/assets are voted differently across different investment strategies and/or client accounts, based on their respective investment thesis and other portfolio considerations.

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).

Where applicable, GLG, AHL and Numeric will generally vote proxies for Proxy Voting Service Clients in accordance with the relevant proxy voting service company’s proxy voting guidelines, unless otherwise specifically instructed to vote otherwise by the PM or such Proxy Voting Service Client.

These guidelines generally provide that:
(i) when the view of the issuer’s management is favourable, GLG, AHL and Numeric will generally support current management initiatives with exceptions as noted below;
and
(ii) when the view is that changes to the management structure would probably increase security holder value, GLG, AHL and Numeric will not necessarily support current management initiatives.

Exceptions in supporting current management initiatives may include:
• Where there is a clear conflict between management and security holder interests, proxy voting guidelines may call to elect to vote against management.
• In general, proxy voting guidelines will call to oppose proposals that act to entrench management.
• In some instances, even though GLG, AHL and Numeric may support management, there may be corporate governance issues that, in spite of management objections,

Man believes should be subject to security holder approval.

Furthermore, with respect to certain vote issues including, but not limited to, option repricing and the terms and conditions to serving of members of boards of directors, Man may choose to vote on a case-by-case basis, which may be different from the recommendations set forth in the relevant proxy voting guidelines.
Nevertheless, in voting proxies, Man will take into account what is in the overall best economic interest of its Proxy Voting Service Clients. Man will maintain documentation memorialising the decision to vote a proxy in a manner different from what is stated in any relevant proxy voting guidelines, and the Proxy Voting Committee will be periodically informed of any such votes.
Furthermore, although Man may have adopted the relevant applicable proxy voting guidelines, Man may agree to follow the specific proxy voting instructions or guidelines provided by Proxy Voting Service Clients regarding the manner in which they want their proxy matters to be voted. In addition, in the case where a Proxy Voting Service Client provides Man with specific instructions as to the manner in which a proxy should be voted, Man will follow such instruction notwithstanding that they may not be in accordance with the relevant proxy voting guidelines. Documentation will be maintained of any proxy voting instruction or guideline provided by a Proxy Voting Service Client. As deemed appropriate, the proxy voting Service Company will be notified of any specific proxy voting instruction or guideline provided by a Proxy Voting Service Client.


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]

Where the Firm is allowed to vote for the underlying clients of investment strategies, GLG Partners employs ISS for proxy voting with each fund ultimately responsible for specific voting policy preferences. Fund managers can and have varied their own flavours of voting policies with ISS which have in the past included some funds using the Sustainability Proxy Voting Guidelines.


LEA 19. Percentage of voting recommendations reviewed

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

19.1. Of the voting recommendations that your service provider made in the reporting year, indicate the percentage reviewed by your organisation, giving reasons.

Percentage of voting recommendations your organisation reviewed

Reasons for review

19.2. Additional information [Optional]


LEA 20. Confirmation of votes (Not Completed)


LEA 21. Securities lending programme (Not Completed)


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%)

50 %

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]

A 50% voting percentage represents a number of factors: 1) we are constrained by a number of investment mandates that prohibit us from voting on behalf of our clients (5-10% of total); and 2) a large number of GLG's equity funds have historically chosen to trade in contracts for difference (CFDs) and other types of synthetics/swaps which means that the prime broker is the underlying shareholder with voting control.


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
92.8 %
Against (opposing) management recommendations
7.17 %
Abstentions
.02 %
99.99%

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

          If an investment team directs our proxy voting service provider to vote against management's recommendations, investment teams will typically relay this to the company and explain their rationale for the vote. If our investment teams do not direct our proxy voting service provider to vote against management recommendations, it is because it is consistent with our proxy voting policy and no action will be taken.
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Not Completed)


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.

27.5. Indicate the voting information your organisation proactively discloses to clients/beneficiaries.

Indicate how much of your voting record you disclose

Indicate what level of explanation you provide

27.6. Indicate how frequently you report voting information.

27.8. Additional information. [Optional]

As a firm, we will disclose to clients and beneficiaries upon request but do not currently on a proactive basis across all funds. On a fund level, specific fund managers within the firm are migrating updating their clients on a monthly or quarterly basis the voting activities.


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