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Nykredit Realkredit Group

PRI reporting framework 2018

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

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%)

58 %

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]

Nykredit participated in 589 AGM's in 2017. Nykredit voted on 7928 proposals. At 8,4% of the proposals Nykredit voted against managements recommendations. At 0.3% of the proposals Nykredit voted against the recommendations of our proxy advisor. Most often the reasons for voting against management was governance issues with independence first and remuneration second. Other ESG-issues played a smaller yet growing role.

Nykredit has an ambition to vote at the AGM's of the companies in our actively internally managed funds. In 2017 we managed to vote on more than 90% of the AGM's of the companies in those funds. We did not reach 100% due to trading or registration issues. The number was lower in the externally managed funds but still the large majority was voted on. As a consequence to this prioritation less than half of the AGM's in the passive funds were voted.

Some votes were not implemented as planned due to technical issues between the proxy advisor and depositary service. This was the case for the dedicated Danish equities funds. This has since been resolved. Nykredit also experienced issues regarding lack of power of attoruneys on some issuers. 


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
91 %
Against (opposing) management recommendations
8.4 %
Abstentions
0.6 %
100%

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

          Before voting against management there is a discussion between the PM and ESG-team including analysis and the active ownership action plan for that company. If at all possible the company is contacted beforehand. Otherwise the issue is added to the active ownership action plan for that company.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions

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

23.1. Indicate if your organisation directly or via a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

23.6. Describe whether your organisation reviews ESG shareholder resolutions filed by other investors.

Nykredit supported a number of ESG shareholderresolutions, i.e. the Aiming for A on Exxon and the Say on pay at BP. We support a number of collaborative engagements that has taken initiative to put forward resolutions, but have yet to do so on our own.

23.7. Additional information. [Optional]


LEA 24. Examples of (proxy) voting activities

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

24.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

ESG Factors
ESG issue
          Exxon should present scenario analysis in light of the COP21 and how this effects strategy
        
Conducted by
Objectives

To protect the development of the investors assets Exxon needs do a risk analysis on how the global plans to reduce carbon emmisions will affect the business.

Scope and Process

Participate in building support for this view among investors and fuel change with major potential climate impact.

Outcomes

Nykredit palyed a small part in the large coalition of investors that gained a majority of votes behind the proposal, which resulted in Exxon now presenting scenario analysis and discussing strategy.

ESG Factors
ESG issue
          Getting pay and performance aligned at BP
        
Conducted by
Objectives

Making sure pay and performance are aligned at BP.

Scope and Process

Making the investor voice heard that pay and performance need to be linked.

Outcomes

Part of a large coalition rejecting the boards remuneration proposal for the BP-management. 

ESG Factors
ESG issue
          Board independence at KDDI
        
Conducted by
Objectives

Board independence is a recognized risk mitigating factor and getting a more independent board should support a more profitable company.

Scope and Process

Vote against board candidates not independent and taking this up with the company as part of our active ownership action plan.

Outcomes

24.2. Additional information. [Optional]


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