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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

17.1. 貴社において正式な議決権行使ポリシーを設定しているかどうかを明示してください。

17.2. 議決権行使ポリシーの対象範囲を記載してください。

17.3. 議決権行使ポリシーを添付するか記載されたURLを提示してください。[任意]

17.4. (委任状による)議決権行使に対する貴社のアプローチの概要を説明してください。 [任意]

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. どのような方法により、議決権行使ポリシーが遵守されるよう万全を期しているかその概要を記載するとともに、ポリシーに例外を設ける際のアプローチについて、その詳細を明示して下さい(該当する場合)。

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. (委任状による)議決権行使を通常どのように決定しているかを明示して下さい。

アプローチ

以下に基づいて行う

18.2. 補足情報。[任意]

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

19.1. 報告年度において貴社のサービスプロバイダーが行った議決権行使に関する提言の中で、貴社が検討したものの割合およびその理由を記載してください。

貴社が検討した議決権行使の推奨の割合

検討した理由

19.2. 補足情報 [任意]


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. 貴社または貴社に代わって行動するサービスプロバイダーは、議決権の行使に先立って、当該企業に対し懸念等を表明しているかどうか明示してください。

22.2. 貴社や貴社に代わって行動するサービスプロバイダーは、議決を棄権したり、経営陣の提案に反対票を投じる場合に、当該企業にその理由を伝えているかどうかを明示してください。

22.3. 補足情報。[任意]


Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. 貴社やサービスプロバイダーが(代理)投票の指示を発行するマンデートを有している上場株式について、報告年度中に行った投票の割合を記載してください。

1%単位の投票率

50 %

この投票率の計算基準を明記してください

23.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:

23.3. 補足情報。[任意]

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. あなたの貴社では、貴社や貴社に代わって行動するサービスプロバイダーが出した議決権行使に係る指示を追跡しているかどうか明示してください。

24.2. 貴社または貴社の代理である第3者機関が出した議決権行使に係る指示について投票の割合を記載してください。

議決権行使に係る指示の対象
投票の内訳(%)
経営陣の議案に対する賛成票
92.8 %
経営陣の議案に対する反対票
7.17 %
棄権
.02 %
99.99%

24.3. 経営陣の提案に反対票を投じた後にあなたの貴社が取る措置について記載して下さい。

          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. 補足情報。 [任意]


LEA 25. Shareholder resolutions (Not Completed)


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


Communication

LEA 27. Disclosing voting activities

27.1. 貴社が議決権行使活動に関する情報を積極的に開示しているかどうかを明示してください。

27.5. 貴社が顧客や受益者に積極的に開示している議決権に関する情報を記載してください。

どのくらいの議決記録を開示しているか明示してください

どの程度説明しているか明示してください

27.6. 議決権行使に関する情報を顧客や受益者に報告する頻度について明示してください。

27.8. 補足情報。[任意]

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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