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Wellington Management Company LLP

PRI reporting framework 2018

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

(委任状による)議決権行使および株主決議

概要

LEA 15. Voting policy & approach

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

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。

その他

          Record keeping
        

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.

Proxy voting is a powerful tool for investors, and we vote proxies on our clients’ behalf in a manner that we believe maximizes the economic value of their holdings. Importantly, we do not automatically vote proxies either with management or in accordance with the recommendations of third-party proxy providers. We vote according to our own Global proxy voting guidelines. While these guidelines set forth general guidance for voting proxies, we evaluate each proposal on its merits.

Our Global Proxy Voting Guidelines are available on our public website: https://www.wellington.com/en/global-proxy-policy-and-voting-guidelines

The Investment Stewardship Committee oversees all activities related to proxy voting and the integration of Environmental, Social, and Governance (ESG) considerations in the management of client portfolios, and the ESG Research Team reports to the Investment Stewardship Committee quarterly regarding the firm’s proxy voting activities. The committee includes senior-level and experienced professionals from portfolio management, investment research, relationship management, and legal and compliance globally.


プロセス

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。

アプローチ

以下に基づいて行う

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).

The Investment Stewardship Committee oversees all activities related to proxy voting and the integration of Environmental, Social, and Governance (ESG) considerations in the management of client portfolios, and the ESG Research Team reports to the Investment Stewardship Committee quarterly regarding the firm’s proxy voting activities. The committee includes senior-level and experienced professionals from portfolio management, investment research, relationship management, and legal and compliance globally.

16.3. Additional information.[Optional]

While the ESG Research team provides proxy voting recommendations on contentious votes, the portfolio manager for the client account has the authority to decide the final vote in the best interest of client portfolios, absent a material conflict of interest. In addition, there is no “house vote”. Our proxy voting system allows different votes to be submitted for the same security. Our firm is organized as a collection of portfolio teams — each with its own unique investment philosophy, approach, and time horizon. Consistent with this structure, various portfolio managers holding the same securities may arrive at different voting conclusions for their clients’ proxies.


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


LEA 18. Confirmation of votes

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

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。

          The firm periodically reviews its position regarding specific proxy issues. In addition, the firm’s Global Proxy Policy and Procedures and Proxy Voting Guidelines are reviewed annually by our Investment Stewardship Committee and updated as necessary. 

Wellington conducts on-site due diligence visits at the offices of Glass Lewis at least annually. We review Glass Lewis’ written compliance policies and procedures on an annual basis. On a weekly and monthly basis, Wellington Management reviews ballot reconciliation reports to ensure that accounts with proxy voting rights are properly set up and that we are properly voting on behalf of our clients. The Proxy Support team has a bi-weekly standing call scheduled with our contacts at Glass Lewis to resolve any outstanding items. Finally, we review proxy voting reports as generated by Glass Lewis’ ViewPoint system to ensure votes cast are properly executed and record kept.
        

18.2. 補足情報 [任意]

          
        

LEA 19. Securities lending programme

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

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?

19.2. 貴社がセキュリティーズレンディングをしていない理由を説明してください。(最大500語)

Wellington Management does not offer a securities lending program; however, the firm has no concerns about and would raise no objection to client participation in an appropriately structured securities lending program, on the assumption that it would not impact our portfolio management decisions. In fact, we assume that many of our clients are active in this market, although we are not directly involved.

19.4. 補足情報 [任意]

          
        

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

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

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]


成果および結果

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。

1%単位の投票率

98 %

この投票率の計算基準を明記してください

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:

          In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. For example, we may be unable to vote proxies when the underlying securities have been lent out pursuant to a client’s securities lending program. In general, Wellington Management does not know when securities have been lent out and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in some circumstances, Wellington Management may recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. Another instance when we may refrain from voting is when the cost of voting outweighs the value of the vote. For example, we typically do not vote in share blocking markets, where countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The consequences of such requirements – including the potential impact on liquidity – are evaluated on a case by case basis when determining whether to vote such proxies.
        

21.3. Additional information. [Optional]

We may refrain from voting where the cost of voting outweighs the value of the vote. For example, we typically do not vote in share blocking markets, or on securities that are on loan. In share blocking markets shareholders are unable to trade their stock from the day they vote their proxies until the day after the shareholders meeting. Vote deadlines are typically 7-10 days prior to the meeting in such countries, implying that the stock is illiquid for a period of time. We therefore decline to vote in these countries unless the issue has such clear and quantifiable value that we are willing to sacrifice liquidity.


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。

議決権行使に係る指示の対象
投票の内訳(%)
経営陣の議案に対する賛成票
92 %
経営陣の議案に対する反対票
7 %
棄権
1 %
100%

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。

          Votes for or against management are made in the context of our voting process, which is governed by the firm’s Global Proxy Policy and Procedures and Global Proxy Voting Guidelines. The policy is written to support the best economic interest of the client, in accordance with regulatory and fiduciary requirements.

The firm examines each proxy proposal and votes against issues that we believe would have a negative effect on shareholder rights or the current or future market value of the company’s securities. The analyst who covers the stock or the Portfolio Manager who owns the stock may be consulted for company specific recommendations, particularly when the policies do not address the issues to be voted.

Occasionally, in the course of voting on specific proxy issues, potential conflicts may arise between the interests of clients and Wellington Management. Because Wellington Management has a fiduciary obligation to resolve such potential conflicts solely in the long-term interest of clients, the firm has established policies and procedures designed to resolve potential conflicts of interest, and these procedures can be found in the firm’s Proxy Policies and Procedures.

Pursuant to the referenced Proxy Policies and Procedures, potential conflicts may be resolved by votes in accordance with our published Proxy Voting Guidelines document. Alternatively, where the published voting guideline is “case-by-case,” where no published guideline exists, or where the proposed voting position is contrary to a published guideline, two disinterested ombudsmen from the Investment Stewardship Committee are appointed to review the recommendations of the ESG Research Team, oversee any discussion or debate with respect to the proposed votes, attend any meetings with the company or other outside parties with an interest in the matter, and to certify that the voting process and ultimate votes were properly executed and documented.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

 

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。

Yes, we review the vast majority of shareholder proposals on a case-by-case basis. While Wellington Management does not rely on any external parties for recommendations or vote determinations, we do subscribe to the research products supplied by various proxy advisors and research providers, including ISS and Glass Lewis. 

Wellington's Proxy Voting Guidelines outline our approach to evaluating these resolutions, with shareholder proposals denoted with "SP" next to them. For example, our approach to shareholder proposals requesting the adoption of a clawback policy is as follows: We believe that companies should have the ability to recoup incentive compensation from members of management who received awards based on fraudulent activities or an accounting misstatement. Consequently, we may support shareholder proposals requesting that a company establish a clawback provision if the company’s existing policies do not cover these circumstances. 

23.7. Additional information. [Optional]


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


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