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Lombard Odier

PRI reporting framework 2017

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(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.

Since 1 March 2008, the voting policy of LO Funds is implemented by RiskMetrics Group, formerly Institutional Shareholder Services Limited (ISS).

Guiding principles in performing proxy voting are to make decisions that:

- favour proposals that in the Company's view tend to maximise Fund's shareholder value,

- are not influenced by conflicts of interest

- factor the cost to the Funds (e.g., ballot charges or shareblocking).

These principles reflect the Lombard Odier's belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. Moreover, LO Funds ensures that the exercise of voting rights are in accordance with the investment objectives of the funds.

LO Funds seeks to fulfil its proxy voting obligations through the implementation of this policy. In this connection, it has retained a third-party voting service ("Proxy Service") to assist in the implementation of certain proxy voting related functions. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation of each proxy vote.

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).

A external provider helps us for the proxy voting. In case the vote not follows our voting policy, a committee will be convened by the management company in order to resolve the issue. This committee will be made up of the Investment Manager of the fund which is concerned by the decision to be taken, one director of management company, the Compliance Officer and one Employee of the Department “Reporting, Domicile and Taxes”. The decision taken by this committee will be actioned by the Department “Reporting, Domicile and Taxes” and reported for information by the manegement company to the Board at the next Board meeting.


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]

As part of our voting policy, a vote occurs as soon as a position represents more than 1% of the portfolio's assets under management. However, only a maximum of 70% of the voting rights will be used. Indeed, during the voting period, the shares whose voting rights are exercised cannot be sold. Under these conditions, we want to keep at any time at least 30% of our position free from voting constraints for asset management purposes.


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]

Voting will be in accordance with RiskMetrics' guidelines with the exception of "material events", i.e.mergers, IPOs, liquidations, spin-off, etc, which require the input from the investment manager on any decision to be taken (before a cut-off time given by RiskMetrics, otherwise the automatic vote following RiskMetrics's recommendations will be generated). LO Funds receives an alert from our proxy voting service when one of our contract listed exceptional event occurs. LO Funds is then able to review the voting decision of the provider and to choose to follow it or not.


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]


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%)

57 %

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
90 %
Against (opposing) management recommendations
9.95 %
Abstentions
0.05 %
100%

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

          No specific actions are taken
        

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.

27.5. 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.

Please specify

          These information is available to clients/beneficiaries on demand
        

27.8. Additional information. [Optional]


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