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Gestión de Previsión y Pensiones E.G.F.P

PRI reporting framework 2018

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(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:

15.3. Attach or provide a URL to your voting policy. [Optional]

URL

Attach document


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

For our organization voting, and voting taking into account social issues and sustainable governance, is a fundamental part of our responsible active ownership. During 2011 we voted in all the Shareholder Meetings of the Spanish companies in our portfolios, totaling forty-four Meetings.
In 2013 different alternatives were explored for voting in European Annual General Meetings (AGM onwards). One of the options analyzed was finally established as the operating circuit. During 2013 we assisted to 77 AGM's in BBVA Asset Management, covering the whole universe of European companies in our portfolios.
In 2014 we continued working on the same line, strengthening the procedure, letting us to reach the highest level of efficiency, attending 178 AGM's in BBVA Asset Management.
In 2015 , the number of AGM's we have attended, goes up to 203 AGM's in BBVA AM and during the following years remain around this number of AGM's.


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).

In line with other practices related to our SRI policy, in this case, we also based our opinion in an expertized service provider. It is important to remark that even votes recommendations comes given by the service provider, we also apply our internal criteria for some Spanish company's AGM, since market practices and regulatory requirements may differ from those applied in other European markets.

We check every day the AGM's coming through the platform of electronic vote and the web site of our recommendation service provide, who send us an email, any time they plubish a new recommendation report. 

In general terms, we follow the policy adopted by ISS for providing us the recommendations.

16.3. Additional information.[Optional]


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]

According to the information provided by our researcher and the data included in their reports, whenever there is a recommendation against the management proposal, a dialogue between them is established to explain the rationale.

Additionally, whenever it is required by a company or the specialized provider hired for this issue, the rationale is always informed from our side.

 


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%)

99 %

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]

We have attended almost 100% of the AGM's, and as a consequence, our votes casted is close to that percentage. However, for Spanish AGM's does not exists any electronic method available for voting. Thus, this mandates us to send physical ballots, which increases the risk of misplacing some.


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
56 %
Against (opposing) management recommendations
44 %
Abstentions
0 %
100%

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

          We take no actions in general terms. We submit the votes and we give them clarification if they ask for.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Private)


LEA 24. Examples of (proxy) voting activities (Private)


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