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).
Vote decisions generally depend on to what extent each proposal contributes to shareholder returns. However, we generally vote against proposals that could erode corporate value or that are problematic from the point of view of corporate governance. We set out and disclose our proxy voting policy on our website. The policy includes both quantitative and qualitative voting criteria to enhance transparency of the proxy voting process.
We regularly review the voting policy at least on an annual basis. Review of the voting policy and the proxy voting plans are discussed by the Proxy Voting Committee, which is established within the asset management business unit. Final voting decisions are signed off by the Managing Director of the unit.