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Baillie Gifford

PRI reporting framework 2017

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions » Overview


LEA 17. Voting policy & approach

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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.

Baillie Gifford has a formal Proxy Voting Policy. Our policy is to take an active approach to share ownership rights and responsibilities on behalf of our clients.  We aim to interpret guidelines flexibly in the light of local market regulation and practice, as well as individual company factors. Our philosophy underpinning our approach to share voting is to ensure that our voting decision is in the best interests of clients. All voting decisions are made in-house by our Corporate Governance team in conjunction with the investment managers. 

We vote all of our clients' shares globally and vote against proposals where we feel that these are not in our clients’ interests. Where a stock is listed in a “blocking market” (where trading restrictions apply if we vote), we will only vote our clients’ shares on issues which could have a material impact on shareholder value. When we do not vote in line with management’s recommendation, we endeavour to discuss our concerns with the company prior to submitting our vote.

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).

Baillie Gifford undertakes all voting internally, overseen by our dedicated corporate governance team. We are therefore well placed to ensure that we vote in line with our guidelines. We also have bespoke in-house software which helps with ensuring a consistency of approach, and we are now undertaking enhanced checks to provide additional assurance on our execution of voting.

Our policy ultimately gives us flexibility to vote in line with what we believe to be in our clients' best long-term interests, and we therefore do vote in a range of different ways on any given topic depending on the on the particular circumstances for the company concerned. Rather than this being an 'exception' it is an integral part of our pragmatic approach to active management.