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Loomis, Sayles & Company, L.P.

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.

All non-routine issues will be directly considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of an account holding the security, and will be voted in the best investment interests of the client. All routine for and against issues will be voted according to Loomis Sayles’ policy approved by the Proxy Committee unless special factors require that they be considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of an account holding the security. Loomis Sayles’ Proxy Committee has established these routine policies in what it believes are the client’s best interests.

 


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).

Pursuant to the requirements of Rule 206(4)-7 of the Investment Advisers Act of 1940, the Loomis Sayles Chief Compliance Officer conducts an annual assessment of the adequacy and effectiveness of the firm's Compliance Program and reports the findings to the firm's Audit Committee and its Board of Directors.  The date of the completion of the most recent assessment was March 2018.  In addition, the firm undergoes an annual Service Organization Controls Report (SOC 1) audit (formerly SSAE 16 and SAS 70) conducted by Ernst & Young LLP.  The audit is a comprehensive review of the firm's compliance policies and procedures, and key operational and technology controls.  The most recent audit was conducted for the period September 1, 2016, through August 31, 2017.  Loomis Sayles' Proxy Policies are included amongst these audits to ensure compliance with the policies at all times. There were no material findings in the SOC 1.

16.3. Additional information.[Optional]


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


LEA 18. Confirmation of votes (Not Completed)


LEA 19. Securities lending programme

New selection options have been added to this indicator. Please review your prefilled responses carefully.

19.1. Indicate if your organisation has a securities lending programme.

19.2. Describe why your organisation does not lend securities?

The firm's investment policy is not to engage in securities lending absent client direction.  While the firm does not have a securities lending program, certain of our clients may. In those cases, we monitor for significant events (mergers, acquisitions, etc.) and work with the client's custodian to recall any shares on loan in order to vote proxies associated therewith.

19.4. Additional information.

          
        

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

          We (and our service providers acting on behalf of their clients generally) may raise concerns with companies ahead of voting regarding matters of significance to our portfolio managers and/or investment teams, and the service providers, respectively. Issuers may also visit Loomis prior to the vote to discuss their perspective on the proxy issues.
        

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]

While we do not communicate our rationale to companies, our service providers make this information available to companies for purchase, and their general policies are available on their websites. 


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%)

100 %

Specify the basis on which this percentage is calculated

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

          Not applicable, we voted 100%.
        

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
86 %
Against (opposing) management recommendations
14 %
Abstentions
0 %
100%

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

          Management proposals are increasingly ESG compatible.  Thus, a vote for or against management is not meaningful without an understanding of what the proposal is.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions

New selection options have been added to this indicator. Please review your prefilled responses carefully.

23.1. Indicate if your organisation directly or via a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

23.6. Describe whether your organisation reviews ESG shareholder resolutions filed by other investors.

All non-routine issues will be directly considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of an account holding the security, and will be voted in the best investment interests of the client. All routine for and against issues will be voted according to Loomis Sayles’ policy approved by the Proxy Committee unless special factors require that they be considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of an account holding the security. Loomis Sayles’ Proxy Committee has established these routine policies in what it believes are the client’s best interests.

23.7. Additional information. [Optional]


LEA 24. Examples of (proxy) voting activities (Not Completed)


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