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UBS Asset Management

PRI reporting framework 2018

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG issues [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 14]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (B) Implementation: Thematic [FI 08 - 10] (C) Implementation: Integration [FI 11 - 13] ESG incorporation in passively managed fixed income [FI 14] Outputs and outcomes [FI 18 - 19]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-investment (selection) [INF 05 - 09] Selection, appointment and monitoring of third-party operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure monitoring and operations [INF 12 - 14] Infrastructure maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Assurance
Assurance [CM1 01.1 - 01.7]
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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

Overview

LEA 15. Voting policy & approach

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

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

other description 

          Policy describes our approach to vote on ESG shareholder resolutions, the governance mechanism in place to ensure the correct implementation of the policy

15.3. Attach or provide a URL to your voting policy. [Optional]

URL https://www.ubs.com/global/en/asset-management/investing/responsible-investment.html

Attach document


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

We believe voting rights have economic value and should be treated accordingly. Voting at shareholder meetings is a vital component of our overall approach to effective stewardship of our clients' assets. Voting is not an end in itself, but is an important part of our oversight role.

It enables us to voice our opinion to a company on a broad range of topics and can encourage boards to listen to and address investor concerns. A high voting turnout at general meetings can help ensure that decisions are representative of all stakeholders, not only those with large holdings or shorter-term perspectives.

Where we have been given the discretion to vote on behalf of our clients, we exercise our delegated fiduciary responsibility by voting in a manner we believe will most favourably impact the economic value of their investments. We vote globally so long as there is no conflict with the efficient management of client portfolios.

We do not generally seek to file or co-file shareholder resolutions, preferring to seek resolution  through engagement and dialogue with a company.

We will attend a shareholder meeting where we have concerns over the proposals and wish to raise an issue on the agenda.

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).

Our voting process is managed by our specialist Stewardship team, who work closely with our portfolio managers and analysts in our various locations to determine how to vote based upon UBS voting policy.

The Stewardship team:

- Reviews all shareholder meetings and ensures that our voting instructions are lodged in accordance with UBS voting policy.

- Takes necessary steps to determine that we have received ballots for all accounts over which we have voting authority and where we intend to vote;

- Instructs relevant parties to recall, if possible and practical, securities that are currently on loan so that they may be voted on controversial proxy matters;

- Identifies potential conflicts and votes such proxies in accordance with our Conflict of Interest process;

- Votes in accordance with a client direction where applicable;

- Conducts periodic due diligence on our proxy voting system provider.

 

UBS Asset Management has further established a Global Corporate Governance Committee:

- To review and oversee the implementation of the Global Corporate Governance Principles and applicable voting policies;

- To provide a forum for discussing significant ESG issues between regions.

16.3. Additional information.[Optional]

We retain the services of a specialist voting provider to obtain information regarding shareholder meetings held by our investee companies. However we do not adopt the policy voting recommendations of a 3rd party.

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

LEA 18. Confirmation of votes (Private)

LEA 19. Securities lending programme (Private)

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.

20.3. Additional information. [Optional]

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%)

94 %

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]

Common issues which prevent us from exercise our voting rights include shareblocking periods, restrictive or onerous requirement for power of attorney documents through the investment chain and personal representation at the meeting. This affects approximately 6% of votes that we could otherwise cast.

 

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
90 %
Against (opposing) management recommendations
10 %
Abstentions
0 %
100%

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

          We may inform a company of the reason for our decision or may follow up through engagement, dependent upon the materiality of our holding and the issue voted upon.

22.4. Additional information. [Optional]

LEA 23. Shareholder resolutions (Private)

LEA 24. Examples of (proxy) voting activities (Private)

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