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Wellington Management Company LLP

PRI reporting framework 2018

Export Public Responses

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


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).

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



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



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



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]