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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

(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]

Proxy voting rights are an important part of shareholder responsibility and we seek to vote on all possible resolutions at company meetings. Prior to voting, the relevant investment manager and analyst carefully consider each resolution, with guidance provided by our ‘Guidelines and principles for corporate engagement on governance, environment and social issues’.

Recommendations from a selection of independent corporate governance research providers are also sought. Our investment teams retain full control over their proxy voting decisions, however, and do not necessarily follow the guidance provided by third party governance research providers.

All teams have an approval and escalation process for proxy votes and maintain records when they vote against management or against the recommendations of the proxy voting adviser.

We see proxy voting as an extension of our engagement activities and will take the company's individual circumstances and willingness to engage into account when making decisions. We do not require different teams to vote the same way on specific resolutions.

We have not filled or co-filled a shareholder resolution but would consider such measures should we believe it was the most effective way to bring about change in an investee company.

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)。

Any material breaches of the policy would be reported to the Global Responsible Investment Steering Group. 


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

          We provide proxy guidelines and use proxy advisers however decisions are made by the teams. See additional information.
        

18.2. 補足情報。[任意]

As described above we provide proxy voting guidelines at a firm level however will take the company’s individual circumstances and willingness to engage into account when making decisions. We do not require different teams to vote the same way on specific resolutions. With oversight from the head of each investment team we believe this is the best way to conduct long-term and ongoing engagement with companies.


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。

          
        

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?

21.3. 補足情報 [任意]

          We do not believe it is in the best interests of our clients to loan shares to other investors who wish to bet against their positions. We also are concerned that issues may prevent shares being properly recalled for voting purposes.
        

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]

Three investment teams reported that they inform companies in all cases of reasons for against or abstain votes while four teams reported that they inform companies in some cases, in particular on certain issues. Importantly as we view proxy voting as an extension of each investment team’s engagement activities issues which result in negative votes are generally addressed in regular interactions with companies rather than as a separate formal process.


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

95 %

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]


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
94.9 %
経営陣の議案に対する反対票
4.5 %
棄権
0.6 %
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。

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

24.4. 補足情報。 [任意]

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. 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。

25.6. 補足情報。 [任意]


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
          Remuneration
        
意思決定者
目的

Proxy vote. 

対象範囲およびプロセス

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.

結果

Voted against

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

Proxy vote

対象範囲およびプロセス

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.

結果

Voted against.

トピックまたはESG問題
          Governance - disclosure
        
意思決定者
目的

Want Want China Holdings Ltd

Authority to Issue Repurchased Shares

対象範囲およびプロセス

Issue price discount not disclosed

結果

Voted against

トピックまたはESG問題
          Governance - Tenure
        
意思決定者
目的

Pacific Gas & Electric Co

Relection of four of the board's directors.

対象範囲およびプロセス

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

結果

Voted against reelection of four directors. 

トピックまたはESG問題
          Governance - preemptive rights
        
意思決定者
目的

TAT Hong Holdings

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

対象範囲およびプロセス

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

結果

Voted against

26.2. 補足情報。

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.  


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

どの程度説明しているか記載してください

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。

27.5. 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

顧客や受益者にどのくらいの議決記録を開示しているかを記載してください

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。

27.7. 開示される情報のその他の違いを説明してください。 [任意]

Proxy voting reports provided to clients occur in line with the relevant investment management agreements which can range from monthly to not at all (in which case clients are advised of public disclosures as they occur)

Some clients receive notifications of votes as they are submitted and prior to the deadline so they can override them should they choose to. Other clients request information on specific votes including the rationale for our voting decision.

Most clients require information on proxy voting for their regular assessment process/questionnaires.

27.8. 補足情報。[任意]


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