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Pensionfund Metalektro (PME)

PRI reporting framework 2017

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

(Proxy) voting and shareholder resolutions

Overview

LEA 17. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

17.1. Indicate whether your organisation has a formal voting policy.

17.2. Indicate what your voting policy covers:

17.3. Attach or provide a URL to your voting policy. [Optional]

17.4. Provide a brief overview of your organization’s approach to (proxy) voting.

On behalf of PME, MN executes all the voting and engagement on the basis of PME's policy. MN exercises voting rights for all internally managed equities and for the majority of externally managed equities. MN has a custom policy and is advised by ISS on its votes. We vote in all markets except for markets, where due to administrative burdens, the process is inefficient.
ESG related shareholder resolutions are generally supported by MN. We will generally do not support shareholder resolutions that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit, unless the company faces a risk of non-compliance with international treaties and/or established market and/or industry standards.

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).

On behalf of PME, MN executes all the voting and engagement on the basis of PME's policy. For the executing of its voting rights, MN makes use of the services of Institutional Shareholder Services (ISS). ISS gives a voting advice for each voting item that is placed on an agenda of a general meeting on the basis of the customized voting policy. Issues where our policy guidelines mention a case-by-case approach are implemented in our custom policy in line with the ISS recommendations. Note that MN can choose not to follow this voting advice and is able to vote differently. In cooperation with Eumedion, MN attends and votes at several general meetings per year. In all other cases votes are submitted electronically and on the website of our fiduciary manager MN and the our own website there is a reporting tool on all the votes that have been submitted by MN.


Process

LEA 18. Typical approach to (proxy) voting decisions

18.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

18.2. Additional information.[Optional]

On behalf of PME, MN executes the voting policy. PME has adopted a custom voting policy which deviates from the standard ISS-policy. ISS also votes automatically, except in the case of companies with whom we have an engagement program, or when an agenda contains specific items that we would like to review on beforehand. We review the recommendations and votes on a regular basis.


LEA 19. Percentage of voting recommendations reviewed

New selection options have been added to this indicator. Please review your prefilled responses carefully.

19.1. Of the voting recommendations that your service provider made in the reporting year, indicate the percentage reviewed by your organisation, giving reasons.

Percentage of voting recommendations your organisation reviewed

Reasons for review

19.2. Additional information [Optional]

We review the majority of the votes which are on our engagement lists. In some cases, when active engagements are done, MN attends the meetings to vote.


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. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

22.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

22.3. Additional information. [Optional]

All submitted votes are disclosed on the website of our fiduciary manager MN and PME's website via a reporting tool.


Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

92 %

Specify the basis on which this percentage is calculated

23.2. Explain your reason(s) for not voting certain holdings

23.3. Additional information. [Optional]

In some markets the administrative / cost burden makes it difficult to vote.


LEA 24. Proportion of ballot items that were for/against/abstentions

24.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

24.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
70 %
Against (opposing) management recommendations
30 %
Abstentions
0 %
100%

24.3. Describe the actions you take after voting against management recommendations.

          In general no specific actions are undertaken, except for companies on our engagement list. In those cases our voting recommendations may be communicated with the relevant company.
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Private)


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


Communication

LEA 27. Disclosing voting activities

27.1. Indicate if your organisation proactively discloses information on your voting activities.

27.2. Indicate if the information disclosed to the public is the same as that disclosed to clients/beneficiaries.

27.3. Indicate the voting information your organisation proactively discloses to the public.

Indicate how much of your voting record you disclose

Indicate what level of explanation you provide

27.4. Indicate how frequently you typically report voting information to the public.

27.5. Indicate the voting information your organisation proactively discloses to clients/beneficiaries.

Indicate how much of your voting record you disclose

Indicate what level of explanation you provide

27.6. Indicate how frequently you report voting information to clients/beneficiaries.

27.7. Describe any other differences in the information being disclosed. [Optional]

In addition MN reports to PME on a quarterly and annual basis. MN specifies for which categories votes were cast and how MN voted on PME's behalf.

27.8. Additional information. [Optional]

In our annual report we disclose some examples in more detail.


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