The Executive Management Committee, which consists of directors and executive officers, deliberates on SMAM's basic policy on the exercise of voting and other shareholder rights, and the CEO approves the policy. The Voting Rights Exercise Subcommittee stipulates specific guidelines, the SMAM Guidelines for the exercise of voting rights, establishes the decision-making process, and develops the operation structure relating to instructions for voting. The executive officer responsible for corporate research serves as the head of this subcommittee, which consists of the heads of each investment group and its staff. The heads of the relevant investment groups decide to vote for or against each proposal in accordance with the SMAM Guidelines, the Directions and Regulations for the Exercise of Voting Rights, and the Practical Overview on Exercise of Voting Rights for Domestic Stocks. Currently, SMAM in principle does not exercise inconsistent votes. When more than one of the investment groups holds a particular stock, and if the voting decision differs from one investment group to another, the Voting Rights Exercise Subcommittee makes the final decision to ensure consistent voting.