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Norwegian Government Pension Fund Global (Norwegian Ministry of Finance and Norges Bank Investment Management)

PRI reporting framework 2017

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(Proxy) voting and shareholder resolutions


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]

We vote in a principled and consistent manner to maximise the long term performance of the fund. We base our principles and voting decisions on internationally recognised standards, such as the G20/OECD Principles of Corporate Governance, UN Global Compact, UN Guiding Principles for Business and Human Rights, and the OECD Guidelines for Multinational Enterprises.                       Where appropriate, we will takes company and local factors into consideration.                                      Our vote decisions will be published on one day after a general meeting has concluded.   We may also publish voting intentions ahead of general meetings for a selected number of companies, and for certain fundamental issues that we emphasize in particular.

Our global voting guidelines can be found at:


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)。

We continuously works to improve the voting process. Given the high number of shareholder meetings, we are dependent on a reliable voting chain. In 2016, in partnership with Citibank N.A., our global  custodian, we initiated a project to test the feasibility of a standardised model for final vote confirmation. This pilot project is part of our efforts to establish a process where we would have confirmation that all our voting rights were exercised at each shareholder meeting and that each resolution was voted as per our electronic instruction (known as end-to-end confirmation).

The majority of our voting decisions fall within the scope of our public voting guidelines. There are, however, cases where the global voting guidelines are less relevant due to the nature of the resolution. Some resolutions may be contentious or simply fall outside the general voting guidelines’ framework. In such cases, we analyse the agenda items individually and vote on the basis of what we deem to be in the fund’s best long-term interest. One common example of such cases is an extraordinary general meeting called to vote on a merger or acquisition.

We have an integrated voting process where we incorporate investment knowledge from portfolio managers into the final voting decision. By incorporating the insights of investment teams, we are in a position to consider company factors on a case-by- case basis. Voting decisions at 521 companies were made in collaboration with portfolio managers in 2016. These companies accounted for approximately 48 percent of the equity portfolio’s market value.



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。



18.2. 補足情報。[任意]

We take recommentations from several proxy service providers, but final voting decision is based on our own internal policies.

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

LEA 20. Confirmation of votes (Not Completed)

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. 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。


98 %


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]

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。

94 %
6 %
0 %

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。

          We voted at more than 11,000 meetings, with 6% of voted against management. We do not regard it as practical to follow up on all against votes. In the cases where we have an ongoing engagement with a company or if it is a major holding, we are more likely to communicate our against vote either ahead of the meeting or after the meeting.

24.4. 補足情報。 [任意]

LEA 25. Shareholder resolutions (Not Completed)

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


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。


27.2. 一般に開示されている情報が、顧客や受益者に開示されている情報と同じであるかどうかを明示してください。

27.3. 貴社が一般や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



27.4. 議決情報を通常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]