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Christian Brothers Investment Services, Inc.

PRI reporting framework 2017

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.

CBIS has developed a comprehensive list of proxy voting guidelines to positively influence the behavior of companies we invest in — whether on corporate governance matters (e.g., director independence, excessive executive compensation), social concerns (human rights, diversity, employee health and safety), or environmental issues (climate change, energy efficiency). Each year, we vote more than 3,000 proxies — consistently calling on companies to adopt higher ethical, environmental and human rights standards.

We publicly publish our proxy votes on an ongoing, real-time basis to identify how we are voting shares during the course of the voting season. We make available on our website our voting guidelines, and have graphics that summarize our voting trends (like voting for and against management, geographical voting and by sector, etc.).

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).

Our proxy voting service provider votes our shares according to our specific guidelines. Where there are extenuating circumstances, or where the guidelines do not clearly indicate how to vote, they are referred to our CRI team for direct assessment and voting instructions.


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]

CBIS has developed a customized set of proxy voting guidelines based upon the teachings of the Catholic Church, and we use the guidelines to inform our proxy voting decisions. We endeavor to vote ballots consistent with our guidelines at all times. 


LEA 19. Percentage of voting recommendations reviewed (Not Applicable)


LEA 20. Confirmation of votes

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

20.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          We assess at year-end our votes that were not able to be cast, and discuss potential changes/improvements and the resources needed to improve those numbers.
        

20.2. Additional information. [OPTIONAL]

          
        

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]

In 2014 and years prior, CBIS wrote to companies where we voted against Board members due to a lack of diversity. This was a massive initiative since it entailed many companies, given the size of our portfolios.

We suspended that activity in 2015, because we began to get deluged with responses from companies which required much more time to respond to them and in some cases engage with them. This took many more resources than we had anticipated.

One of our learnings was that this type of activity needs to be managed much more carefully, so that we are sure we have the resources to adequately respond when companies answer those letters. That can be quite a time consuming activity.

We are looking to see whether a more limited strategy should be developed for 2017. We only communicated our votes to the board in rare cases in 2016.


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%)

99 %

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
55 %
Against (opposing) management recommendations
45 %
Abstentions
0 %
100%

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

          none during 2016, unless involving discussions with companies on our engagement list.
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Private)


LEA 26. Examples of (proxy) voting activities

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

26.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

26.2. Additional information. [Optional]

Our voting guidelines make clear typically how we vote and the reasons why, and tend to support most reasonable shareholder requests for additional information or ESG performance improvements, along with support for improved shareholder rights and board independence.


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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