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.