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Church Pension Fund

PRI reporting framework 2018

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

Overview

LEA 15. Voting policy & approach

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15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

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

The Pension Fund participates in the annual general meetings of Finnish listed companies in co-operation with its asset managers for these two segregated mandates. Participation covers the majority of holdings. In 2017 we participated in 34 annual general meetings. 

The Pension Fund annually negotiates with the asset managers regarding the upcoming general annual meeting season and related themes. Companies are contacted in advance by letter etc. if additional information is needed. The asset managers write a report covering the most critical observations at the end of the general meeting season. The Pension Fund drafts separate guidelines for its annual meeting representatives.

The Church Pension Fund sets the OECD Principles of Corporate Governance, as the basis for its ownership practices. The Church Pension Fund also endorses the Finnish Corporate Governance Code, and recommends that non-listed companies comply, as applicable, with the principles as well.

The Church Pension Fund particularly emphasise the following aspects in its ownership steering:

  • moderation in company management and Board remuneration
  • selection of responsible Board members
  • long-term personnel policy
  • a public, predictable dividend policy
  • transparent and comprehensive reporting on financial and responsibility issues.

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