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AP4

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:

other description

          AP4's voting policy is a part of AP4's ownership policy
        

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.

AP4 has chosen to vote at the general meeting of companies from up to sixteen countries included in the MSCI Developed Markets, which have relatively well-developed equity markets. The companies selected are the large companies in the respective markets,  companies that The Council of Ethics are working with and the companies in which AP4 supports an international initiative. AP4 prioritizes corporate governance work in the companies where the Council of Ethics conducts dialogues. With a focus on corporate governance, priority is given to markets and companies where AP4’s external managers are engaged. Different countries have different laws, rules, praxis and traditions, which affects the ability to act as an active owner. AP4 tries to be pragmatic and adapt policy measures to each respective market. In addition to voting at general meetings, cooperation with other institutional shareholders and interest groups is prioritized in order to push important issues of principle with more influence. AP4 is actively working to expand the number of companies is proxy voting, but like to do so gradually to keep the quality in the voting.


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).

The service provider has set up the voting instruction after our voting policy, mening that all questions that are not basic such as questions regarding governance, capital allocation, remuniration, board composition etc come back to us for us to make the decision on how to vote.

16.3. Additional information.[Optional]

For the Swedish holdings all decisions are solely taken internal at AP4.


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


LEA 18. Confirmation of votes

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

18.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          Not any specific project, but discussions with our voting platform providers.
        

18.2. Additional information. [OPTIONAL]

          
        

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.

19.3. Indicate how voting is addressed in your securities lending programme.


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]

AP4 is voting in Sweden and on the biggest non-Swedish markets includet in MSCI Developed markets. AP4 is writing letter to some of the non Swedish companies and explained why AP4 voted against the managements recommendations. In Sweden AP4 has direct contact with companies if AP4 has the intention to vote against the managements recomendations.


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%)

55 %

Specify the basis on which this percentage is calculated

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

          AP4 has the aim to keep high quality in the voting process, and are therefor expanding the number of AGM's voted in a pace where we are able to keep the quality.
        

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
74 %
Against (opposing) management recommendations
26 %
Abstentions
0 %
100%

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

          In some cases writing letters to the chairman of the board and explaining why we votet against management.
        

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.

AP4 did in some cases give public support for resolutions and in some cases wrote letters to companies and reminded them about resolutions filed earlier years.

23.7. Additional information. [Optional]


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.

24.2. Additional information. [Optional]

See previous question.


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