On a weekly basis, WellsCap’s Proxy Voting administrator presents to portfolio managers a list of proxy ballots requiring upcoming votes. In addition to the ballot, the portfolio managers are provided ISS’ voting recommendations. If a portfolio manager has a voting preference it will be honored. If there is no portfolio manager voting preference and a conflict exists between ISS’ Standard and Sustainability recommendations, the conflict will be brought to the PRMA team for further review. If the issue is determined to be material, it is brought to a Proxy Voting committee discussion and a final vote.
Unlike PM-driven vote changes (which can have a split vote across strategies), we allow split voting on ESG issues only when a client has established custom proxy guidelines.