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Zürcher Kantonalbank

PRI reporting framework 2018

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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.

Voting policy at Annual General Meetings

As the fiduciary owners of the securities in their collective investment vehicles and private label funds, Swisscanto Fund Management Company Ltd. and Swisscanto Asset Management International S.A. exercise voting rights exclusively in the interests of their investors.

The exercise of voting rights is based on our values, Swiss and international corporate governance rules as well as the United Nations Principles for Responsible Investment (UN PRI), which together provide a comprehensive package of environmental, social and corporate governance standards in the decision-making process. Our voting guidelines which can be downloaded from www.swisscanto.ch/voting, have been jointly developed with an independent and recognised proxy voting adviser and are regularly updated. After each shareholder meeting, our voting behaviour is also published there.

www.swisscanto.ch/voting

 

 

 


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).

1. 2018 Swisscanto Sustainability Proxy Voting Guidelines

Sustainability Proxy Voting Guidelines (Guidelines) which are duly applied by Swisscanto Fund Management Company Ltd. (Swisscanto) and Swisscanto Asset Management International S.A. (Swisscanto) are valid for Swiss and international companies. The rules contained herein were established and are regularly updated in collaboration with International Shareholder Services Inc. (ISS), mandated as external proxy voting analyst, and reflect Swisscanto’s custom policy. Hence, these are Swisscanto’s proprietary proxy voting guidelines which differ from ISS’ Benchmark Policy.
There is an increasing number of investors concerned with portfolio value preservation and enhancement through carrying out an active ownership approach through their proxy voting activity. In voting their shares, sustainability-minded investors are concerned not only with economic returns to shareholders and good corporate governance but also with ensuring that corporate activities and practices are aligned with the broader objectives of society. Additionally, Swisscanto recognizes the growing view among investors and investment professionals that sustainability or environmental, social, and corporate governance (ESG) factors could present material risks to portfolio investments. Therefore, Swisscanto together with ISS has developed these Guidelines that are consistent with the objectives of sustainability-minded investors and that seek to promote support for sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination and the protection of human rights.
Generally, these Guidelines will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), CERES Principles, Global Sullivan Principles, MacBride Principles and environmental and social European Union Directives. Each of these initiatives promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions and mitigate related financial and reputational risks.
Swisscanto in collaboration with ISS reviews and updates these Guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, market standards or regulations and client feedback.
There may be cases in which the exercise of voting rights at a particular company varies from these Guidelines in order to better safeguard the interest of investors and shareholder value due to the fact that Swisscanto consider company-specific circumstances in arriving at its decision.

 

2. Key principles for the exercice of voting rights:

Through our fiduciary duty towards our investors, we actively assume the fiduciary responsibility of the exercise of voting rights and thereby implement the following key principles:

  1. Our voting procedures are set out in separate guidelines based on Swiss and international standards as well as our own values, and are reviewed on a regular basis.
  2. We efficiently implement our guidelines and use the assessment of an independent, recognised proxy voting advisor and our asset managers in the analysis and decision-making process.
  3. We represent the interests of our investors with our independent exercise of voting rights.
  4. As a shareholder, we actively exercise voting rights and thus enforce good corporate governance in accordance with recognised principles.
  5. We align our voting policy to focus on a constant improvement in enterprise/shareholder value generation.
  6. We support economically sensible sustainability resolutions.
  7. We publish our voting policy and voting procedures transparently.

 

More detailed information:
www.swisscanto.ch/voting

 

16.3. Additional information.[Optional]


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


LEA 18. Confirmation of votes (Private)


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]


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%)

77 %

Specify the basis on which this percentage is calculated

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

          ProxyVoting not offered in specific markets by the sub-Custodian
        

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
84 %
Against (opposing) management recommendations
16 %
Abstentions
0 %
100%

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

          Interactions with mgmt of respective companies are usually the case also after voting (especially for Swiss companies).
        

22.4. Additional information. [Optional]

We do track a lot of information about our voting activities. The breakdown as percentage of votes cast and much more information on our proxy voting behaviour is publicly available under: www.swisscanto.ch/voting


LEA 23. Shareholder resolutions (Private)


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


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