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.