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PRI reporting framework 2018

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



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.

As an active investor and a member of the UN PRI, Comgest’s objective is to vote systematically at all shareholder meetings held by all companies it invests in when this is technically possible and deemed to be in the interest of the shareholders. Comgest has designed its Voting Policy based on its own beliefs as well as commonly accepted best practices. Comgest has chosen Institutional Shareholder Services (ISS) as a proxy voting service provider.

Comgest’s analysts and portfolio managers receive specific voting recommendations prepared by ISS’ specialist analysts (Social Advisory Services) based on voting rules defined by Comgest for each region of investment.


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).

Votes that are not in line with recommendations systematically receive a documented justification. Given the fact that no voting policy can apply ex-ante to all cases, we consider that having at least a small percentage of deviation from recommendations based on one’s voting policy demonstrates that decision makers think and vote responsibly.

16.3. Additional information.[Optional]

For some clients, Comgest applies the voting policy of the client according to what is specified in the investment management agreement.

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

LEA 18. Confirmation of votes



18.1. 議決権行使に係る証跡の改善や議決権行使の結果を確認するためのプロジェクトにどのように関与しているのかを記載して下さい。

          Participation to a working group based in France and aiming at leveraging new digital platforms (VOTACCESS), which enable proper voting trail and vote confirmation.

18.2. 補足情報 [任意]


LEA 19. Securities lending programme



19.1. 貴社では、セキュリティーズレンディングを設定していますか?

19.2. 貴社がセキュリティーズレンディングをしていない理由を説明してください。(最大500語)

Comgest never lend securities because we consider it is not an activity that is compatible with responsible investment.

19.4. 補足情報 [任意]


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]

Our voting policy is publicly available on our website and we have told companies to use it ahead of the AGMs.

We also share our voting decisions when companies ask for them ahead of the AGM through consultation with shareholders.


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]

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。

80.9 %
19.1 %
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。

          Sometimes we inform the company of our votes and engage with it on related issues.

22.4. Additional information. [Optional]

LEA 23. Shareholder resolutions



23.1. 貴社が直接またはサービスプロバイダーを経由して報告年度にESG関連の株主決議を提出または共同提出したかどうかを明示してください。

23.6. 貴社が他の投資家によって提出されたESG株主決議を審査するかどうかについて説明してください。

Yes, shareholder resolutions filed by other investors are reviewed carefully. Usually Comgest supports proposals that are deemed in the long-term interest of all shareholders.

23.7. Additional information. [Optional]

LEA 24. Examples of (proxy) voting activities


24.1. 報告年度に貴社またはサービスプロバイダーが実行した(委任状による)議決権行使の例を提供してください。

ESG Factors
          Remuneration practices

Force change on remuneration policy and practices at one of our investee company based in Germany


After having engaged with the company for years and having voted against its "say on pay" item at its AGM, we talked to the board, which listened to us. In 2017, the agenda of the AGM showed no item related to a "say on pay". Instead of moving forward, the company moved backward. Despite having long-standing and rather good relationships with the company, we decided to vote against the item of discharge of reponsibility to the Supervisory Board in a protest for such reluctance to change and to listen its shareholders.


The company faced an uproar at its 2017 AGM, on which we followed up with further engagement. In early 2018, company has started to fundamentally revise its compensation policy to increase transparency and improve readability. In addition, the company made amendments to the executive compensation. In particular, from the year 2018 the short-term variable remuneration no longer includes a discretionary component, and the maximum target threshold was lowered. Furthermore, claw back provisions and severance caps were introduced in compliance with the German Corporate Governance Code.

24.2. Additional information. [Optional]