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Colonial First State Global Asset Management (including First State Investments)

PRI reporting framework 2017

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

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%)

95 %

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]


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
94.9 %
Against (opposing) management recommendations
4.5 %
Abstentions
0.6 %
100%

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

          Generally we will inform companies of the reasons we have voted against directly after the vote or at our next scheduled meeting.
        

24.4. Additional information. [Optional]

We have included votes against company management recommendations (regardless of whether it is for or against the resolutions) for example shareholder resolutions where we have voted for the resolution even where the company have recommended voting against. 

We have excluded our Realindex and multiasset teams as they vote inline with our proxy voting advisor CGS Glass Lewis. 


LEA 25. Shareholder resolutions

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

25.1. Indicate if your organisation directly or via a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

25.6. Additional information. [Optional]


LEA 26. Examples of (proxy) voting activities

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

26.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

Topic or ESG issue
          Remuneration
        
Decision made by
Objectives

Proxy vote. 

Scope and Process

The options grant had no hurdles besides the strike price (which is below the current share price, as at May 4 2016). The options vest in one year, which is an insufficient performance period relative to conventional ASX 300 LTI plans, which have performance periods of at least three years. The reasoning from the board is this grant is to align the interests of the CEO with the growth and success of the company. This alignment already appears to be in place, with the CEO already holding ~$67.8mn in Syrah equity.

Outcomes

Voted against

Topic or ESG issue
          Governance
        
Decision made by
Objectives

Proxy vote

Scope and Process

Zhengzhou Yutong Bus Co. Ltd.

Items 12 for authority to invest up to RMB20 billion in wealth management products looks a bad practice from risk management and governance perspectives.

Outcomes

Voted against.

Topic or ESG issue
          Governance - disclosure
        
Decision made by
Objectives

Want Want China Holdings Ltd

Authority to Issue Repurchased Shares

Scope and Process

Issue price discount not disclosed

Outcomes

Voted against

Topic or ESG issue
          Governance - Tenure
        
Decision made by
Objectives

Pacific Gas & Electric Co

Relection of four of the board's directors.

Scope and Process

We believed tenure was an issue, including board representation during controversial safety issues.

Outcomes

Voted against reelection of four directors. 

Topic or ESG issue
          Governance - preemptive rights
        
Decision made by
Objectives

TAT Hong Holdings

Authority to Issue Shares w/ or w/o Preemptive Rights

Scope and Process

We don't support issuing up to 20% of the company without pre-emptive rights.

Outcomes

Voted against

26.2. Additional information. [Optional]

We have included examples where we voted against BOTH the management's and the proxy advisor's recommendations to demonstrate the independent decision making by our investment teams.  


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