This report shows public data only. Is this your organisation? If so, login here to view your full report.

Lombard Odier

PRI reporting framework 2017

Export Public Responses

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

(Proxy) voting and shareholder resolutions


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]

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. 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)。

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.


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。



18.2. 補足情報。[任意]

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

19.1. 報告年度において貴社のサービスプロバイダーが行った議決権行使に関する提言の中で、貴社が検討したものの割合およびその理由を記載してください。



19.2. 補足情報 [任意]

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. 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。


57 %


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。

90 %
9.95 %
0.05 %

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。

          No specific actions are taken

24.4. 補足情報。 [任意]

LEA 25. Shareholder resolutions (Private)

LEA 26. Examples of (proxy) voting activities (Private)


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。

27.5. 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。



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。


          These information is available to clients/beneficiaries on demand

27.8. 補足情報。[任意]