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Northern Ireland Local Government Officers' Superannuation Committee

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:

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.

NILGOSC acknowledges that, as a responsible investor, it has a legitimate interest in the management of those companies in which it invests. Through the exercise of proxy voting rights, NILGOSC will seek to improve corporate behaviour in respect of business, social and environmental ethics in addition to the Fund's fiduciary responsibility to add value to its investments. NILGOSC expects the companies in which it invests to comply with best practice in terms of corporate governance and sets out its expectations in a Voting Policy and Guidelines. NILGOSC will exercise its voting rights if possible at all company meetings for actively managed listed equity. NILGOSC has appointed Manifest as its corporate governance research provider and uses the detailed information and financial analysis provided to make informed voting decisions in line with the NILGOSC voting policy. Manifest casts votes electronically on NILGOSC's behalf, in accordance with its bespoke voting policy.

NILGOSC's policy on Conflicts of interest, Transparency of Proxy Voting activities and Securities Lending are contained in the Statement of Adherence to the UK Stewardship Code which is available at: http://www.nilgosc.org.uk/DataEditorUploads/Pension%20Fund/Stewardship%20Code%20Statement%20July%202017.pdf


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).

 

NILGOSC will vote in accordance with its voting policy while taking into consideration company explanations for deviation from best practice, as well as recommendations provided by Manifest where appropriate. Recommendations and advice from other sources, such as investment managers, may also be considered.

Where a decision is made to accept a company's explanation for non-compliance, the reason for the decision is noted and will be reviewed again before the Company's next meeting.

 

16.3. Additional information.[Optional]

NILGOSC has appointed a specialist corporate governance partner, Manifest, to coordinate its corporate governance and voting activities. NILGOSC avails of Manifest’s corporate governance research service, which provides detailed information and financial analysis for each of its actively managed UK and global equity holdings. This information is used by the Investment Officer at NILGOSC to make informed voting decisions at each investee company based on NILGOSC’s own voting policies.


LEA 17. Percentage of voting recommendations reviewed (Not Applicable)


LEA 18. Confirmation of votes (Not Completed)


LEA 19. Securities lending programme (Private)


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]

NILGOSC is keen to improve its engagement with companies and, where practical, a letter is sent to those companies where NILGOSC has not voted in accordance with management recommendations, providing a brief explanation for the voting decisions. It is hoped that by providing this explanation, the flow of information between companies and their shareholders can be improved. Currently, this policy applies to UK and European listed company AGMs only.


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%)

99 %

Specify the basis on which this percentage is calculated

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

          Chose not to vote on a small number of meetings where NILGOSC had a voting entitlement but the holding had been sold after the record date.
        

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
68.93 %
Against (opposing) management recommendations
31.04 %
Abstentions
0.03 %
100%

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

          NILGOSC is keen to improve its engagement with companies and, for companies listed in Europe, where NILGOSC has not voted in accordance with management recommendations at the AGM, a letter is sent to the company providing a rationale for the voting decisions.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Private)


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


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