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PRI reporting framework 2017

You are in Direct - Listed Equity Active Ownership » (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.

Our voting policy in embedded in the legal disclaimer. We are currently in the process of review our voting rights policy.

As an active and responsible shareholder, Mirabaud believes that voting at shareholder meetings is a key moment for taking part in companies' decision-making. This is why Mirabaud has pledged to vote uniformly at shareholder meetings of all companies, regardless of the nationality of issuing companies, as long as the issuer provides sufficient information and as long as its custodians are able to take its votes into account.

As such, Mirabaud exercises its shareholder’s rights through a third-party proxy voting specialist firm, Institutional Shareholder Services Europe S.A. (ISS). ISS carries out analysis on the companies in which the funds/mandates invest and makes voting suggestions while taking into account the approach defined by Mirabaud with ISS. If Portfolio Managers (PMs) decide to vote against ISS’ recommendations, they must justify its stance. Under no circumstances ISS replaces Mirabaud PMs, who alone shall decide how to vote, in the sole interests of unit holders in their portfolios (funds and/or mandates).

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).

The voting rights are, in principle, exercised according to the recommendations of ISS. A particular care is giving to “meaningful” events such as merger proposals, liquidations, or spin-offs, which could have a notable effect on the organisation of the company in question, its value or the rights attached to the shares held.

Portfolio Managers (PMs) have the possibility at any time, prior to the deadline for the validation on the instructions, to derogate from the recommendation issued by ISS. However, they must motivated their decision in front of a committee composed of executive management representative, whose purpose is to validate the voting decision.