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

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.

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.


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).

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



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]

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.



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。


99 %


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 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. 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。

56 %
44 %
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。

          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)