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APG Asset Management

PRI reporting framework 2018

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

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).

APG's dedicated Global Responsible Investment & Governance Team centrally coordinates, oversees and controls the exercise of all equity voting rights globally. We have implemented APG's detailed Voting Policy in our electronic proxy voting system which automatically instructs our votes in line with our Responsible Investment and Governance Policies. In addition, voting items are assessed on a case-by-case basis taking into account each company's unique circumstances and we will, often in consultation with the relevant portfolio managers, override the custom instructions if deemed appropriate, and provide a written rationale for the override decision.

16.3. Additional information.[Optional]


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


LEA 18. Confirmation of votes

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

18.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          We discuss the process and potential improvements with our custodians and service providers on an on-going basis. We have identified a number of areas that could be improved and as a result have developed a method that will confirm our votes in part of the voting chain between the voting platform operator and its service providers in the local markets. In addition, we are involved in exploring and providing input into new digital ways of proxy voting at the annual general meetings of the companies in our portfolio directly while circumventing the traditional voting chain.
        

18.2. Additional information. [OPTIONAL]

          
        

LEA 19. Securities lending programme

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

19.1. Indicate if your organisation has a securities lending programme.

19.2. Describe why your organisation does not lend securities?

APG does not have a securities lending programme because it is not involved in securities lending.

19.4. Additional information.

          
        

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.

          APG discusses its voting decisions with some companies in advance of or after the annual general meeting but we do not systematically inform all companies. Before the vote is cast: We communicate to selected companies on the basis of the size of our stake, the issue at hand, and the general intensity of our dialogue with the company at the time.  

After the vote is cast: We disclose all our voting decisions through our public voting disclosure tool on APG's website: https://www.apg.nl/en/asset-management/responsible-investing, and we write to some companies to inform them of how we voted.
        

20.3. Additional information. [Optional]


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