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Perennial Value Management Limited

PRI reporting framework 2019

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

(Proxy) voting and shareholder resolutions

LEA 12. Typical approach to (proxy) voting decisions

12.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

12.2. 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.

We utilise a proxy voting platform called Viewpoint which allows us to track meetings and the manner in which we voted. This includes whether we have voted in line with management recommendations and CGI Glass Lewis recommendations.

The Viewpoint system allows us to review proxy voting and identify exceptions to the voting policy.

12.3. Additional information.[Optional]


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme

14.1. Indicate if your organisation has a securities lending programme.

14.2. Describe why your organisation does not lend securities.

It is against the values of the business as a long only value equity fund manager.

14.4. Additional information.


LEA 15. Informing companies of the rationale of abstaining/voting against management

15.1. Indicate the proportion of votes where you or the service providers acting on your behalf have raised concerns with companies ahead of voting.

15.2. Indicate the reasons for raising your concerns with these companies ahead of voting.

15.3. Additional information. [Optional]


LEA 16. Informing companies of the rationale of abstaining/voting against management

16.1. Indicate the proportion of votes participated in within the reporting year in which, you and/or the service provider(s) acting on your behalf, have communicated to companies the rationale for abstaining or voting against management recommendations.

16.2. Indicate the reasons your organisation would communicate to companies, the rationale for abstaining or voting against management recommendations.

16.3. In cases where your organisation does communicate the rationale for the abstention or the vote against management recommendations, indicate whether this rationale is made public.

16.4. Additional information. [Optional]


LEA 17. Percentage of (proxy) votes cast

17.1. 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%)

100 %

Specify the basis on which this percentage is calculated

17.3. Additional information. [Optional]


LEA 18. Proportion of ballot items that were for/against/abstentions

18.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

18.2. 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
92.3 %
Against (opposing) management recommendations
6.2 %
Abstentions
1.5 %
100%

18.3. In cases where your organisation voted against management recommendations, indicate the percentage of companies you have engaged.

64

18.4. Additional information. [Optional]


LEA 19. Proportion of ballot items that were for/against/abstentions

19.1. Indicate whether your organisation has a formal escalation strategy following unsuccessful voting.

19.2. Indicate the escalation strategies used at your organisation following abstentions and/or votes against management.

19.3. Additional information. [Optional]


LEA 20. Shareholder resolutions

20.1. Indicate if your organisation directly or through a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

20.6. Describe whether your organisation reviews ESG shareholder resolutions filed by other investors.

We review all resolutions

20.7. Additional information. [Optional]


LEA 21. Examples of (proxy) voting activities

21.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

ESG Topic
Climate Change|Other governance
Conducted by
Objectives

Objectives: to encourage a major ASX listed energy company to disclose its positions and process in relation to public policy advocacy through industry associations, particularly in relation to climate change and energy policy   

 

 

 

Scope and Process

Scope and Process:

Proposal: shareholder proposal to require the company to disclose its positions and its process regarding public policy advocacy through industry associations, with the proposal relating to climate change and energy policy  

Proponent: not-for-profit association focused on responsible investment 

Mgmt Rec: Against

Vote: For

For/Against Mgmt: Against

Outcomes
ESG Topic
Executive Remuneration
Conducted by
Objectives

Objectives: to encourage an improved and fairer remuneration structure for a major ASX listed company. The company’s performance had been consistently weak and our view was that remuneration was excessive. 

Scope and Process

Scope and Process:

Proposal: to vote in favour of the Remuneration Report for the year ended 30 June 2018

Proponent: Management

Mgmt Rec: For

Vote: Against

For/Against Mgmt: Against

Outcomes
ESG Topic
Company leadership issues
Conducted by
Objectives

Objectives: to not re-elect a particular Director

Scope and Process

Scope and Process:

Proposal: elect Director

Proponent: Management

Mgmt Rec: For

Vote: Against

For/Against Mgmt: Against

Outcomes

21.2. Additional information. [Optional]


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