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CNP Assurances

PRI reporting framework 2018

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

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%)

84 %

Specify the basis on which this percentage is calculated

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

          In 2017, CNP Assurances voted on 84% of its listed equity holdings, being 98 General Meetings of 92 companies set up in 9 countries, for a total of 1875 resolutions analyzed. More precisely, CNP Assurances voted at almost every General Meetings of the French companies in its portfolio. Companies outside France whose capital and/or assets are too low are not included in the voting scope, except those presenting a major environmental or carbon risk.
        

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
79.7 %
Against (opposing) management recommendations
20.10 %
Abstentions
0.2 %
100%

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

          Certain issuers are contacted before their general meeting to signify them our intention to vote against. In rare cases, companies take into account our considerations and present an amendment to the general meeting. Otherwise when we vote against a resolution, the following year if the resolution is again proposed we look at improvements engaged by company and that could lead us to vote for.
        

22.4. Additional information. [Optional]

CNP Assurances’ corporate governance principles are the cornerstone of its responsible investment policy. They are defined by senior management and shaped by its position as a long-term minority shareholder. The core objective is to protect the rights of minority shareholders who are investing to support the investee's long-term growth. Shaped in part by investor concerns, these principles are pragmatically applied to all companies in the portfolio, taking into account each one's characteristics, industry and regulatory environment.

Three main governance issues have been identified during the 2017 voting campaign:

Transparency and quality of information: CNP Assurances is especially vigilant about the rotation of external auditors and the support of companies towards more transparency.

Compensation: CNP Assurances appreciates transparency, exhaustiveness of information and consistency with the performances of the company in the long term. More specifically under the “say on pay” and the compensation policy, CNP Assurances is attentive to the evolution of executive compensation in view of the sector practices and of the average compensation in the company.

As part of its climate approach, CNP Assurances has decided to support every resolution related to the Energy and Ecological Transition (TEE) as long as they are part of an approach to combat climate change, consistent with the company’s strategy. Moreover, if the company does not contribute or insufficiently to the TEE, CNP Assurances sanctions the executive’s compensation (4 companies were under surveillance in 2017).


LEA 23. Shareholder resolutions (Private)


LEA 24. Examples of (proxy) voting activities (Private)


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