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SPF Beheer

PRI reporting framework 2018

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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions » Process

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).

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

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]

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.


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