The Fund uses the proxy voting agency Pension & Investment Research Consultants (PIRC) and their Corporate Governance Service for analysis of governance issues and executing its proxy voting rights across all markets in which it invests.
The Fund has its own detailed UK Corporate Governance voting guidelines which aim to deal with issues that are either not covered by the UK Corporate Governance Code, require greater emphasis or are specifically left open for shareholders to resolve with company boards. To ensure a risk-based approach PIRC's Corporate Governance Ratings form a primary underpin to our voting policy.
For the remaining markets in which we invest, we currently endorse the international voting guidelines of PIRC.
The Fund has an active stock lending policy and procedures to recall stock for particularly material shareholder resolutions.