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Public Sector Pension Investment Board

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]

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

Our Proxy Voting Guidelines address issues of corporate governance on which we may vote from time to time, as well as the principles on which we rely when voting.

Our Proxy Voting Guidelines have been drafted to apply to our investment universe and are not rigid or prescriptive rules. We exercise our voting rights in a global market and must therefore consider nuances in local market practices. We take a pragmatic approach when exercising our voting rights by considering local laws, prevailing governance practices and the particular circumstances of a company in the interpretation and application of the Guidelines

Our Proxy Voting Guidelines are articulated along eight principal themes:

1.         Fostering Effective Boards of Directors

2.         Voting Standards in Support of Shareholder Democracy

3.         Providing Shareholders with a Meaningful Voice

4.         Seeking Alignment Between Compensation and Performance

5.         Fostering an Efficient Capital Structure

6.         Merger, Acquisitions and Takeover Protection – Opportunity to Maximize Shareholder Value

7.         Protecting the Independence and integrity of Auditors

8.         Responsible Investment – Promoting Long Term Performance


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).

Our proxy voting guidelines address the subject matters with respect to which we may be requested to vote on from time to time and the principles on which we will rely, at least initially, in determining a response to such requests. These guidelines are, for the most part, codified in our proxy voting platform to ensure that our voting policy is adhered to. In other instances, we consider the specific circumstances of the issue, casting our votes with the view to promote better corporate governance, corporate responsibility and enhanced issuer performance and shareholder value. Any exception to our proxy voting guidelines are discussed internally with appropriate staff members. For shareholder meetings where a strategic resolution is submitted or for strategic investments, the Responsible Investment Group will consult the portfolio manager for vote recommendations when the equities are held in internally managed accounts.

16.3. Additional information.[Optional]


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


LEA 18. Confirmation of votes (Private)


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

          On case by case basis for votes relating to certain ESG issues and for significant shareholdings.
        

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]


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]

For votes where administrative impediments are cited as reason for not voting certain holdings, PSP Investments attempted to vote, but the vote was rejected as a result of administrative impediments. In addition, PSP Investments tracks closely all its power of attorney forms to avoid administrative impediments. Where required, we take the appropriate steps with our custodian to correct the situation.


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
90 %
Against (opposing) management recommendations
9 %
Abstentions
1 %
100%

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

          In certain instances, where PSP Investments votes against management, this may trigger an opportunity to actively engage and dialogue with the issuer.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions (Private)


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


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