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RBC Global Asset Management

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

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]

It is our policy to exercise the voting rights of the accounts we manage in the best interests of the portfolios and with a view to enhancing the long-term value of the securities held. Voting responsibly is part of our fiduciary duty and we make our voting decisions independently, in accordance with our custom voting guidelines. Through the exercise of our voting rights, we encourage issuers and their boards of directors to consider and adopt recognized best practices in governance and disclosure.

Through our internal expertise and resources, as well as research provided by independent research firms, we have established our own custom proxy voting guidelines. These guidelines are published for the information of clients and to assist issuers in understanding the message we have sent or intend to send through the exercise of proxy voting rights. We review and update the guidelines on an annual basis as corporate governance best practices evolve.

We believe that shareholders should have the right to have relevant proposals included on the proxy ballot as long as they deal with appropriate issues. We are prepared to file shareholder resolutions in certain circumstances including where ESG risks are not adequately disclosed.

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)。

RBC GAM has a detailed process to manage the review and approval of proxies from the receipt of the proxy to the communication of the vote to the tabulator. RBC GAM retains the services of a proxy voting service provider to manage and vote proxies through its online voting platform. In addition, the service provider provides custom vote recommendations for all proxies based on the RBC GAM Proxy Voting Guidelines.

Two members of the CGRI team manage the internal review of proxy voting to ensure that the custom recommendations made by the service provider correctly reflect the intentions of the RBC GAM Proxy Voting Guidelines for each meeting proposal. All shareholders’ meetings are tracked and monitored with relevant notes and indicators for each meeting. Meeting research and all custom vote recommendations are reviewed by the CGRI team's analyst.


In scenarios where the custom voting recommendations are inconsistent with the guidelines, and/or do not reflect the best interests of our clients, a vote change process will be initiated. This process can be prompted through the review process of the CGRI team analyst, direct input from the investment teams or through solicitation by the issuers. Regardless, investment teams are consulted on any vote change request and the request is submitted to the five-member Proxy Voting Committee (which includes the RBC GAM Chief Investment Officer) for approval. In order for a vote change request to be accepted, majority approval from the Proxy Voting Committee is required.


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 (Not Applicable)


LEA 20. Confirmation of votes

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

20.1. 議決権行使に係る証跡の改善や議決権行使の結果を確認するためのプロジェクトにどのように関与しているのかを記載して下さい。

          The Head of RBC GAM's CGRI team participated in Canadian Securities Administrators ("CSA") technical working group on reform of the proxy voting system. In January 2017, the CSA published Proxy Voting Protocols, including various recommendations and guidance for improving the process of proxy vote tabulation.
        

20.2. 補足情報 [任意]

          
        

LEA 21. Securities lending programme

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

21.1. 貴社では、セキュリティーズレンディングを設定していますか?

21.2. 貴社のセキュリティーズレンディングにおいて議決はどのように対処されるかを記載してください。


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

99 %

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:

23.3. 補足情報。[任意]

It is our policy not to vote in shareblocking markets due to the resulting restrictions on trading. Shareblocking accounts for the majority of ballot items not voted on which we could have issued instructions during the reporting year. We issued instructions on the remaining ballot items not voted during the reporting year, but our vote instructions may have been rejected due to administrative impediments or late ballots.


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
89 %
経営陣の議案に対する反対票
11 %
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。

          All vote instructions, regardless of whether or not they oppose management's recommendation, are reviewed as part of our internal monitoring process. Should any additional context or relevant information to that vote be considered material, it will be included in our records. Material issues may lead to the initiation of an engagement process.
        

24.4. 補足情報。 [任意]


LEA 25. Shareholder resolutions

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

25.1. 貴社が直接またはサービスプロバイダーを経由して報告年度にESG関連の株主決議を提出または共同提出したかどうかを明示してください。

25.2. 貴社が行ったまたは共同で行ったESG関連株主決議の数を記載してください。

2 合計

25.3. 以下の結果をもたらした、これらのESG関連株主決議の数の割合を記載してください。

議案に採用された

0 %
企業側での変更または企業との交渉により撤回された
100 %

別の理由で撤回された

0 %
企業側により拒絶された/受け入れられなかった
0 %
合計 100%

25.4. 貴社が提出または共同提出したESGの株式決議で議案に採用された(撤回されなかった)ものに対する賛成票の割合を選択してください。

50%超
20〜50%
20%未満

25.5. 貴社が提出または共同提出したESG関連の株主決議で、結果が達成されたものについて説明してください。

After extensive engagement over several years and in collaboration with the British Columbia Investment Management Corporation (bcIMC), RBC GAM filed our first shareholder proposals with a large Canadian mining company asking the company to: i) nominate additional independent board directors with operational mining expertise; and ii) implement changes to the company’s governance structure.

Our filing led to further productive engagement, and the company ultimately agreeing to implement the first proposal, appointing an experienced geological and mining engineer as an independent director of the Board at the 2016 annual meeting. The company also agreed to nominate an additional independent director with operational mining expertise at the 2017 annual meeting.  In fact a second director with the required experience was appointed in mid-2016 and will be subject to re-election by shareholders at the 2017 annual meeting.

After engaging with the independent directors of the board in response to the second proposal, it was agreed that the second proposal would be withdrawn in exchange for the company’s commitment to provide more detailed disclosure of its corporate governance practices and make improvements to the structure of its executive compensation plan.

We expect our constructive engagement with this company to continue in the years ahead.

25.6. 補足情報。 [任意]

Filing shareholder proposals is something that we will consider when it is in the best interests of our clients and the shareholders of the corporation.


LEA 26. Examples of (proxy) voting activities

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

26.1. 報告年度に貴社またはサービスプロバイダーが実行した(委任状による)議決権行使の例を提供してください。

トピックまたはESG問題
          Climate Change
        
意思決定者
目的

To support a proposal that select oil and gas companies more fully disclose how potential climate change policies would impact their business/operations and how any future regulations might impact their capital investment decision-making process.

対象範囲およびプロセス

We supported major shareholder proposals on this issue at multiple meetings, as we viewed the lack of disclosure and consideration of potential climate change policies to be a material risk to the issuers.

結果

Although the shareholder proposals failed to obtain majority support, we were encouraged by the fact that there was significant shareholder support.

トピックまたはESG問題
          Adopt Jurisdiction of Incorporation as Exclusive Forum
        
意思決定者
目的

To communicate that we will generally not support proposals requesting the adoption of a jurisdiction of incorporation the exclusive forum unless the company can demonstrate a clear need for such a provision and how its adoption would be in the best interests of all shareholders.

対象範囲およびプロセス

We updated the 2016 RBC GAM Proxy Voting Guidelines to address the increase in the number of management proposals seeking approval to establish an exclusive forum. Understanding that there may be valid reasons for adopting an exclusive forum provision, we were still concerned that such provisions could be abused by companies to negatively impact the rights of shareholders. Consequently, we amended our guidelines to state that we will evaluate each exclusive forum provision on a  case-by-case basis. We will only support those proposals when the company demonstrates the need for such a provision and why its adoption would be in the best interests of all shareholders.

結果

During 2016, we voted against management on all exclusive forum proposals, as, in each case, we deemed that the adoption of the provision could have a negative impact on the rights of shareholders.

トピックまたはESG問題
          Executive Compensation
        
意思決定者
目的

To improve executive compensation practices at the company and demonstrate our disapproval regarding the compensation plan's oversight.

対象範囲およびプロセス

We engaged with the company regarding its compensation structure, which we found to be misaligned with the interests of shareholders, overly discretionary and detrimental to the company's cost of capital.

結果

Aside from the detriment to the company's cost of capital and the plan's general misalignment with shareholders, the plan also placed an emphasis on outsized awards for executives contingent solely upon the completion of mergers and acquisitions with uncertain success. Given the structure of the plan, the outsized payments and the outcomes of our engagement efforts, we determined that the company's practices surrounding its compensation for the reviewed year were egregious enough to warrant votes against not only the say-on-pay proposal, but members of the compensation committee as well.

トピックまたはESG問題
          Overboarded Directors
        
意思決定者
目的

To communicate that serving as a director of a public company requires a significant commitment in time and effort and that if directors serve as CEOs and sit on an excessive number of boards, it can compromise their effectiveness.

対象範囲およびプロセス

Although RBC GAM already had voting guidelines in place regarding overboarded directors, after closely monitoring the level of director board commitments in previous years, we updated the RBC GAM Proxy Voting Guidelines to indicate that we will generally withhold votes from directors serving as current CEOs if they sit on more than two boards (their own board plus one other).

結果

In order to minimize board disruption and allow both companies and directors time to adjust, the portion of this guideline specific to current CEOs was implemented in the RBC GAM Proxy Voting Guidelines with a grace period of two years. Further, to inform companies of the change, we sent over 200 engagement letters to companies that will not meet this guideline once it is implemented. 

トピックまたはESG問題
          Board Diversity
        
意思決定者
目的

To communicate that in order to enhance overall board effectiveness, we expect that directors will have a diverse range of backgrounds and experience.

対象範囲およびプロセス

Prior to 2016, RBC GAM had voting guidelines in place in the RBC GAM Proxy Voting Guidelines on board diversity. However, after further consideration and monitoring of trends surrounding board diversity, we enhanced our guidelines to state that if a company's board has no women directors and does not disclose its policy on diversity, or discloses a diversity policy that is inadequate, we may vote against directors who sit on the nominating and corporate governance committees of the board.

結果

To date, this updated guideline has impacted our voting at numerous meetings - often acting as the sole reason for votes against the election of select directors. Further, it has resulted in engagement opportunities where we've been given the additional opportunity to communicate our concerns to boards. To date, we've received encouraging feedback from the companies in question and have made note of their openness to increase the diversity of their board.

26.2. 補足情報。


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。

27.2. 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

どのくらいの議決権行使記録を開示しているか明示してください

どの程度の説明をしているか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]

We publicly disclose the proxy voting record for all of our funds and we provide customized proxy voting reports to our institutional clients as requested. We do not generally disclose how we intend to vote in advance of meetings.  We do not publicly disclose the voting for our segregated institutional client accounts as this is confidential client information.

The links provided in LEA 27.1 will bring the user to the proxy voting portal for RBC GAM Canada. RBC GAM (US) and RBC GAM Lux Funds have their own proxy voting portals that can be accessed through the regional CGRI webpages on www.rbcgam.com


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