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Edmond de Rothschild Asset Management (France) (EDRAM)

PRI reporting framework 2018

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

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%)

92 %

Specify the basis on which this percentage is calculated

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

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
75 %
Against (opposing) management recommendations
22 %
Abstentions
3 %
100%

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

          In 2017, there was a large-scale voting activity with the participation in 540 shareholders meetings against  654 in 2016  and  755 in 2015 . With a 25% rate of votes "against" (including abstentions), Edmond de Rothschild Asset Management (France) shows strong stances on themes such as board members election
        

22.4. Additional information. [Optional]

Edmond de Rothschild Asset Management (France)'s investment decisions are closely linked to the company's longterm prospects and require:

  • the aim to deliver long-term value;
  • deep understanding of economic and financial issues;
  • concern for good governance;
  • the development of a sound and stimulating work environment;
  • efforts to reduce environmental footprint;
  • equitable relations with stakeholders (e.g., clients, suppliers, civil partnership, etc.);
  • management of sustainable development risks and opportunities.

Consequently, concerning the analysis and voting of ESG (Environmental, Social and Governance) resolutions, they are guided by the adherence to these principles and the relevance of proposed solutions to each company's own situation. In involving itself in the social, societal or environmental resolutions proposed by company management or submitted by shareholders, Edmond de Rothschild Asset Management (France) seeks to act in the best interests of the clients who buy its mutual funds.

By way of illustration, Edmond de Rothschild Asset Management (France) is in favour of models for compensating managers that reflect their performances, as defined by an independent compensations committee whose reports are clear and detailed. For environmental resolutions, which are most often submitted by minority shareholders, Edmond de Rothschild Asset Management (France) shall vote systematically in favour of resolutions that call for enhanced disclosure of potential risks.

Finally, note that Edmond de Rothschild Asset Management (France) adapts its criteria to each country's circumstances. With this in mind, the percentage of independent directors required shall be lower for controlled companies.

In accordance with Article 319-21 of the General Rules of the French Financial Markets Authority, Edmond de Rothschild Asset Management (France) has set out in the voting policy how it exercises the voting rights embedded in shares held in all its portfolios


LEA 23. Shareholder resolutions (Private)


LEA 24. Examples of (proxy) voting activities

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

24.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

ESG Factors
ESG issue
          gouvernance
        
Conducted by
Objectives

Apply the principle "one share one vote"

Scope and Process

Cofiled a resolution at Accor's general shareholder meeting

Outcomes

the resolution  gained 52.4% support but required a two-thirds majority to be passed.

 

24.2. Additional information. [Optional]


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