AJO exercises proxy voting responsibilities on behalf of many of the firm’s clients pursuant to express or implied authorization in the client’s investment management agreement, though some clients retain this authority.

We rely primarily on the work of Institutional Shareholder Services (ISS) for detailed analyses of proxy issues, and client proxies are voted based on the ISS recommendations. Proxy votes in each account are monitored by the AJO proxy manager, and our proxy voting is overseen by our Proxy Oversight Committee. ISS implements and records our proxy votes and provides the data we use to prepare client reports. We provide clients a quarterly proxy-voting record, detailing all votes by company and issue.