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Nykredit Realkredit Group

PRI reporting framework 2018

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LEA 15. Voting policy & approach



15.1. 貴社において正式な議決権行使ポリシーを設定しているかどうかを明示してください。

15.2. 議決権行使ポリシーの対象範囲を記載してください。

15.3. 議決権行使ポリシーを添付するか記載されたURLを提示してください [任意]

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

The policy combines the ambition to be an active owner, especially in the actively managed portfolios, with the objectives of the RI-policy. The policy states that Nykredit wants to decide by itself on each AGM and wants the votes to be aligned with the dialogue we have with the company and wants to be transparent.

In November 2016 the Danish Advisory Committee on Corporate Governance published their recommendations on stewardship. Nykredit has a clear ambition to comply with these and has already adjusted our policy accordingly. 

In 2017 the Forum on Sustainable Investments decided to merge the investment, engament and voting policies. This is to make it more simple to stakeholders and as the policies are interlinked this is a natural step.


LEA 16. Typical approach to (proxy) voting decisions

16.1. (委任状による)議決権行使を通常どのように決定しているかを明示して下さい。



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).

Nykredit decides the vote on each individual AGM.

The Nykredit policy is used as a templeplate for the initial screening and voting recommendation from our proxy voting advisor. 

The AGM agenda and the recommendation is then reviewed by internal Nykredit staff. In the case of any issues with the agende items or the recommendation, or if there are any specific issues in our active ownership plans with the company, this is discussed between the ESG-team and the PM-team. The PM-team has the final say unless the issue is related to the ESG-policy. 

If at all possible Nykredit will contact the company before casting votes against management recommendation. If this is not possible or if the issue is lack of compliance with international governance standards Nykredit will take this up with the company in our dialogue as part of our active ownership.

Thus the Nykredit approach is a mix of template screens and a more hands on approach. To our experience this is necessary as the issues change from year to year and especially with ESG-issues other engagement efforts should be taken into account.


16.3. Additional information.[Optional]

We use recommendations from proxy voting advisors aligned to our policy and use ESG-reports on top of this, but each vote on each AGM is confirmed or adjusted accordingly by the PM/ESG-team. Annually the voting activities and records are evaluated by the RI-committee as well as by the boards of the mutuals. In this case any adjustments to the policy are discussed as well. 

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

LEA 18. Confirmation of votes



18.1. 議決権行使に係る証跡の改善や議決権行使の結果を確認するためのプロジェクトにどのように関与しているのかを記載して下さい。

          We support our proxy advisors efforts to improve this, and we are working with our own depositary services as well.

18.2. 補足情報 [任意]


LEA 19. Securities lending programme



19.1. 貴社では、セキュリティーズレンディングを設定していますか?

19.3. 貴社のセキュリティーズレンディングにおいて議決はどのように対処されるかを記載してください。

LEA 20. Informing companies of the rationale of abstaining/voting against management



20.1. 貴社または貴社に代わって行動するサービスプロバイダーは、議決権の行使に先立って、当該企業に対し懸念等を表明しているかどうか明示してください。

20.2. 貴社や貴社に代わって行動するサービスプロバイダーは、議決を棄権したり、経営陣の提案に反対票を投じる場合に、当該企業にその理由を伝えているかどうかを明示してください。

20.3. Additional information. [Optional]

If at all possible Nykredit will contact the company before casting votes against management recommendation. If this is not possible or if the issue is lack of compliance with international governance standards Nykredit will take this up with the company in our dialogue as part of our active ownership.


LEA 21. Percentage of (proxy) votes cast

21.1. 貴社やサービスプロバイダーが(代理)投票の指示を発行するマンデートを有している上場株式について、報告年度中に行った投票の割合を記載してください。


58 %


21.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:

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. あなたの貴社では、貴社や貴社に代わって行動するサービスプロバイダーが出した議決権行使に係る指示を追跡しているかどうか明示してください。

22.2. 貴社または貴社の代理である第3者機関が出した議決権行使に係る指示について投票の割合を記載してください。

91 %
8.4 %
0.6 %

22.3. 経営陣の提案に反対票を投じた後にあなたの貴社が取る措置について記載して下さい。

          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



23.1. 貴社が直接またはサービスプロバイダーを経由して報告年度にESG関連の株主決議を提出または共同提出したかどうかを明示してください。

23.6. 貴社が他の投資家によって提出されたESG株主決議を審査するかどうかについて説明してください。

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


24.1. 報告年度に貴社またはサービスプロバイダーが実行した(委任状による)議決権行使の例を提供してください。

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

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.


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


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
          Getting pay and performance aligned at BP

Making sure pay and performance are aligned at BP.


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


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

ESG Factors
          Board independence at KDDI

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


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


24.2. Additional information. [Optional]