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Ontario Pension Board (OPB)

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

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]

URL

Attach document


17.4. Provide a brief overview of your organization’s approach to (proxy) voting.

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).

As part of OPB’s commitment to exercising our proxy voting rights to support long-term corporate performance, in January 2016, we consolidated the voting across all public equity mandates and began implementing our Proxy Voting Policy. 

OPB uses an external proxy voting service provider, Institutional Shareholder Services (ISS), to provide research and vote our proxies according to OPB's Proxy Voting Policy. OPB’s Director – Responsible Investing proactively monitors OPB’s holdings and proxy voting trends and oversees the implementation of the proxy voting process. 

OPB’s Proxy Voting Policy was developed in part based on the ISS Sustainability Policy and focuses on long-term economic value preservation and enhancement by promoting corporate governance best practices. OPB views proxy voting as an important tool to encourage companies to provide adequate disclosure to shareholders relating to ESG factors, policies and initiatives. For example, the voting guidelines are generally supportive of proposals that promote greater disclosure of corporate environmental policies related to climate change.


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]


LEA 19. Percentage of voting recommendations reviewed (Not Applicable)


LEA 20. Confirmation of votes (Not Completed)


LEA 21. Securities lending programme (Not Completed)


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%)

99 %

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
92 %
Against (opposing) management recommendations
8 %
Abstentions
0 %
100%

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

          OPB generally does not take further action after voting against management recommendations.
        

24.4. Additional information. [Optional]


LEA 25. Shareholder resolutions (Not Completed)


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
          Climate change
        
Decision made by
Objectives

We recognize that climate change has the potential to significantly impact our investments. As a long-term investor, we encourage companies to provide better disclosure and adopt practices that help mitigate against climate change and support long term shareholder value creation. 

Scope and Process

Climate change was a key theme for shareholder proposals this year.

Outcomes

OPB supported 22 shareholder proposals seeking enhanced disclosure and/or performance related to climate change risks and opportunities at companies in our portfolio.

26.2. Additional information. [Optional]


Communication

LEA 27. Disclosing voting activities

27.1. Indicate if your organisation proactively discloses information on your voting activities.

27.8. Additional information. [Optional]

We discuss proxy voting in our Annual Report and we have provided proxy voting information to members upon request.


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