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AJO

PRI reporting framework 2018

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

(Proxy) voting and shareholder resolutions

Overview

LEA 15. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

other description

          Record-keeping
        

15.3. Attach or provide a URL to your voting policy. [Optional]

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

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. 


Process

LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

16.2. 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).

We review ISS each quarter by comparing the results they report to us against a representative portfolio from each strategy we manage. In addition, we periodically perform more general due diligence. Updates to ISS’s voting policies are reviewed by our Proxy Oversight Committee, which also implements our proxy voting policy and monitors proxy voting activities to ensure the policy is adhered to and is effective.

16.3. Additional information.[Optional]


LEA 17. Percentage of voting recommendations reviewed

New selection options have been added to this indicator. Please review your prefilled responses carefully.

17.1. 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

other description

          No recommendation from service provider.
        

17.2. Additional information [Optional]


LEA 18. Confirmation of votes (Not Completed)


LEA 19. Securities lending programme (Not Completed)


LEA 20. 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.

20.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

20.2. 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.

20.3. Additional information. [Optional]


Outputs and outcomes

LEA 21. Percentage of (proxy) votes cast

21.1. 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%)

100 %

Specify the basis on which this percentage is calculated

21.2. Explain your reason(s) for not voting certain holdings

          N/A - we voted 100%.
        

21.3. Additional information. [Optional]


LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

22.2. 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
10 %
Abstentions
0 %
100%

22.3. Describe the actions you take in relation to voting against management recommendations.

          Our "against" votes were made at the recommendation of our service provider.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Not Completed)


LEA 24. Examples of (proxy) voting activities (Not Completed)


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