This report shows public data only. Is this your organisation? If so, login here to view your full report.


PRI reporting framework 2018

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

(Proxy) voting and shareholder resolutions


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]


Attach document

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

GEROA PENTSIOAK EPSV's voting policy is based on internationally recognized principles of good governance and socially responsible investment. (OECD good governance principles, recommendations from the good governance code of the Spanish Securities & Exchange Commission (CNMV), etc.)

This guide's purpose is to ensure:

-General long-term interests of GEROA PENTSIOAK EPSV members.

-Long-term sustainability for the company, as well as good governance, always heeding environmental, social and good governance criteria (ESG).

We exercise the right to vote at companies where GEROA PENTSIOAK EPSV holds at or above a certain level of stake. This holding level is annually reviewed.



LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.


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).

Although the voting policy establishes the general terms to exercise the right to vote in companies in which we invest, it should be mentioned that these criteria are analyzed one by one, heeding the specific characteristics and circumstances of each company, and the long-term interests of interested parties. Therefore, GEROA PENTSIOAK EPSV reserves the right to making voting decisions that may be different from those suggested by this guide.

16.3. Additional information.[Optional]

A voting policy has been drawn up that covers typical proposals that regularly appear on the "agenda" of different boards of shareholders at companies in which we invest. These policies follow proposals made by:

-ICGN (Global Governance Principles)

-Code of good governance for companies listed in the Spanish Securities & Exchange Commission (CNMV)

-OECD principles of Corporate Governance and G20

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

          In some cases, Proxy Voting assessors or companies' investor relations team contact us in order to let them know our vote direction and the reasons.

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%)

11 %

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 exercise the right to vote at companies where we have a holding at or above a certain level of stake.

We exercise the vote in 11% of the total equity, excluding funds and ETFs, and we vote the 100% of the General meeting where we were commit to vote according our Voting policy.

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
74 %
Against (opposing) management recommendations
20 %
6 %

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

          The voting instructions are held within a centralized database which is accessible to all investment staff.

22.4. Additional information. [Optional]

LEA 23. Shareholder resolutions (Not Completed)

LEA 24. Examples of (proxy) voting activities (Not Completed)