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Principal Global Investors

PRI reporting framework 2018

Export Public Responses

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


LEA 16. Typical approach to (proxy) voting decisions

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


Based on

          The service provider provides voting recommendations, but we reserve the right to override the recommendation.

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).

Principal Global Investors has two formal overarching proxy voting policies.  One that covers global clients ex-Australia, and one specific to the Australian market.  In addition, we have a Taft-Hartley policy specific to Taft-Hartley fund clients, a Japanese policy, and other policy options that clients may subscribe to, based on ISS ESG voting guidelines.

In addition, a UK-based subsidiary of Principal Global Investors has engaged the services of Broadridge’s ProxyEdge, which integrates the vote recommendations provided by Glass Lewis. Glass Lewis’ UK Guidelines integrate such issues as: Board Diversity, Environmental and Social Risk Oversight, Remuneration, Disclosure, and Capital Management.

16.3. Additional information.[Optional]

Our largest equity boutique also has the ability to provide more targeted proxy policies that focus on Sustainability if a client requests this additional service.


LEA 17. Percentage of voting recommendations reviewed

New selection options have been added to this indicator. Please review your prefilled responses carefully.

17.1. Of the voting recommendations that your service provider made in the reporting year, indicate the percentage reviewed by your organisation, giving reasons.

Percentage of voting recommendations your organisation reviewed

Reasons for review

other description

          Significant issues that would affect the value of the security or where we disagree with the analysis of the service provider.

17.2. Additional information [Optional]

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

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]

Our service provider, ISS, provides companies the opportunity to review a draft of their vote recommendation analysis for fact-checking purposes.  This includes analysis and recommendations on Management and Shareholder proposals.  Principal Global Investors is also provided a report summarizing the proposals and recommendations prior to the company meeting date, which includes a Company Governance risk score.