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SPF Beheer

PRI reporting framework 2018

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LEA 15. Voting policy & approach



15.1. 貴社において正式な議決権行使ポリシーを設定しているかどうかを明示してください。

15.2. 議決権行使ポリシーの対象範囲を記載してください。

15.3. 議決権行使ポリシーを添付するか記載されたURLを提示してください [任意]

15.4. Provide a brief overview of your organization’s approach to (proxy) voting.

All shareholder meetings at company's in our portfolio are voted upon. In the internally managed portfolio we vote ourselves, for the externally managed portfolio we leave it to the external managers (preferably according to our own guidelines, if not we review the manager's guidelines). We are no activist shareholders so do not file shareholders resolutions ourselves. We do engage in dialogue with shareholders that file resolutions in order to form an informed opinion if necessary.

We do have guidelines on most of the other aspects mentioned above. They are not formally recorded in the voting policy, but are laid down in process descriptions and other policy documents.


LEA 16. Typical approach to (proxy) voting decisions

16.1. (委任状による)議決権行使を通常どのように決定しているかを明示して下さい。



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).

We use a proxy advisor for casting our votes. Initially the advisor instructs a meeting along the lines of our policy. The instructions are then reviewed (and can be amended) by the portfoliomanager equities at SPF Beheer. In exceptional cases we can divert from our policy. In such a case we must provide a rationale why we do so. Exceptions are only made in the grey cases. For example, according to our policy we will vote against proposals where the total remuneration for the CEO of a company exceeds that of the sector median. However, when the difference is small, the performance of the company is better than that of the sector median, ánd the entire compensation package does not contain any undesired components (high bonus levels, unchallenging bonus targets, etc.) we can decide to support the proposal.

The portfoliomanager equities confirms the instructions that our proxy advisor send us or issues a new instruction on a specific item, including rationale. Then, the instructions are forwarded to the rest of the portfoliomanagers (including the portfoliomanager ESG) and analysts. One of them approves the final instructions and casts the votes. In the spirit of transparency, each quarter the votes casts are published on the website of our clients.

16.3. Additional information.[Optional]

The voting recommendations made by the service provider are all reviewed by us. The situation occurs that, due to external factors and circumstances, we take a different decision.

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

LEA 18. Confirmation of votes (Not Completed)

LEA 19. Securities lending programme (Private)

LEA 20. Informing companies of the rationale of abstaining/voting against management



20.1. 貴社または貴社に代わって行動するサービスプロバイダーは、議決権の行使に先立って、当該企業に対し懸念等を表明しているかどうか明示してください。

20.2. 貴社や貴社に代わって行動するサービスプロバイダーは、議決を棄権したり、経営陣の提案に反対票を投じる場合に、当該企業にその理由を伝えているかどうかを明示してください。

20.3. Additional information. [Optional]

Our policy is to never abstain from voting, if possible we will always take the decision of either voting yes or no. When we vote against management recommendation we will provide an explanation as needed.

We are always willing to talk with companies and explain our voting position to companies upon request.


LEA 21. Percentage of (proxy) votes cast

21.1. 貴社やサービスプロバイダーが(代理)投票の指示を発行するマンデートを有している上場株式について、報告年度中に行った投票の割合を記載してください。


90 %


21.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:

21.3. Additional information. [Optional]

We have the intention to vote on all meetings of the companies in our portfolio. For one of the externally managed mandates, however, it was decided not to vote on all company meetings. This is a portfolio with many rather small positions in emerging market companies. The costs of voting are relatively high while the expected influence is limited (due to our small shareholding in the company).

LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. あなたの貴社では、貴社や貴社に代わって行動するサービスプロバイダーが出した議決権行使に係る指示を追跡しているかどうか明示してください。

22.2. 貴社または貴社の代理である第3者機関が出した議決権行使に係る指示について投票の割合を記載してください。

78 %
22 %
0 %

22.3. 経営陣の提案に反対票を投じた後にあなたの貴社が取る措置について記載して下さい。

          Depending on the issue. The vote is taken into account by portfolio managers in their communications with the company. If it is a routine issue no special action is taken. If it is an issue of concern, we will talk with the company. The approach may differ per manager.

22.4. Additional information. [Optional]

LEA 23. Shareholder resolutions (Private)

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