CBRE Clarion has engaged Institutional Shareholder Services (ISS) to provide proxy voting administration services, including the tracking of proxies received for clients, providing notice of votes due, casting ballots and recordkeeping.
CBRE Clarion has established proxy voting guidelines based on a template provided by ISS. The guidelines are reviewed and approved by designated members of the investment team on an annual basis. The guidelines are provided to ISS to facilitate processing of proxy votes.
Voting decisions remain entirely within the discretion of CBRE Clarion. When a pending vote is identified, the ballot is forwarded to the appropriate investment analyst for review, along with any available research or supplemental information concerning the ballot items. The analyst makes the voting decision. If the voting decision contravenes the firm's guidelines, the decision must be approved by a designated senior member of the investment team.
ISS provides recordkeeping services, including copies of each proxy statement received and each vote cast. CBRE Clarion can access this information and will provide proxy voting reports to clients on request. A number of clients receive regular proxy voting reports.