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Longview Partners

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

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。

その他

          Class actions
        

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 carry out proxy voting for all Institutional clients who request Longview Partners to be responsible for the implementation of their voting rights.  In order to effectively meet these requirements, Longview engages Glass Lewis to vote on our clients’ behalf at all relevant company meetings.  We believe Glass Lewis’ expert and independent analysis on governance complements Longview’s stock selection process.  However, Longview Partners would advocate the exercising of votes, and where necessary, objective and informed intervention in line with our Shareholder Activism Policy.

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)。

All voting decisions are made on a case-by-case basis by Glass Lewis’s specialist research analysts, in line with their detailed regional policies, which are approved by Longview on an annual basis.  However, Longview would advocate the exercising of votes, contrary to Glass Lewis policy, where necessary.

 

The decision to vote contrary to Glass Lewis’s recommendation is made collectively by the Research team and CIO and will often follow engagement between our Research team and the company.  Where Longview becomes aware of a governance issue, or has concerns that the company’s management is not acting in shareholders’ interests, we are willing to challenge management in an attempt to protect and enhance the interests of our clients and will exercise our right to vote against management, where appropriate.  

 

The Glass Lewis ViewPoint voting system employs a rigorous ballot reconciliation process to ensure that all ballots which a client is entitled to vote are indeed voted. Reconciliation is a rigorous audit process performed on a daily basis. This process compares a comprehensive list of meeting notices and agendas for shareholder meetings against the holdings data delivered to Glass Lewis by the client, custodian or client representative. This reconciliation process enables Glass Lewis to determine if ballots are missing.

 

For policy implementation, Glass Lewis performs a regular audit post-proxy season to determine whether any irregularities arose in applying vote recommendations. In addition, on an annual basis Longview’s Operations team conduct a review of votes cast to ensure that their rationale adheres to Glass Lewis’s policy. 

 

Reporting & oversight

Longview’s Operations team receives a quarterly report for each participating client account from Glass Lewis, detailing all items on the agenda and votes cast for each company where there was a meeting that quarter. Reports can be accessed on a more regular basis if required. The Operations team ensures that Glass Lewis votes all proxies according to any specific client instructions and Longview’s general guidance, and retains all required documentation associated with proxy voting.

 

Additionally, the Operations team have regular service level calls with Glass Lewis and conduct due diligence on an annual basis to ensure Glass Lewis’s policy and procedures are up to date and functioning as expected.


Process

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。

アプローチ

以下に基づいて行う

18.2. 補足情報。[任意]


LEA 19. Percentage of voting recommendations reviewed

19.1. 報告年度において貴社のサービスプロバイダーが行った議決権行使に関する提言の中で、貴社が検討したものの割合およびその理由を記載してください。

貴社が検討した議決権行使の推奨の割合

検討した理由

19.2. 補足情報 [任意]


LEA 20. Confirmation of votes (Private)


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。

1%単位の投票率

100 %

この投票率の計算基準を明記してください

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:

          We voted 100% of the ballot items on which we could issue instructions.
        

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。

議決権行使に係る指示の対象
投票の内訳(%)
経営陣の議案に対する賛成票
93 %
経営陣の議案に対する反対票
7 %
棄権
0 %
100%

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。

          At management's request, Longview will discuss any votes cast against management.

Where Longview becomes aware of a governance issue, or has concerns that the company’s management is not acting in shareholders’ interests, we are willing to challenge management in an attempt to protect and enhance the interests of our clients and will exercise our right to vote against management, where appropriate.  Furthermore, if after lengthy discussions we believed that management was failing to act in shareholders’ interests, we would reduce our Quality rating to Q3 and sell our holding in order to minimise the loss of shareholder value.
        

24.4. 補足情報。 [任意]


LEA 25. Shareholder resolutions (Private)


LEA 26. Examples of (proxy) voting activities (Private)


Communication

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。

27.5. 貴社が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。

どのくらいの議決記録を開示しているか明示してください

どの程度説明しているか明示してください

27.6. 議決権行使に関する情報を顧客や受益者に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]


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