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.