External managers exercise votes on the shares they hold on our behalf. However, AMP Capital also monitors the voting and where there may be concerns e.g. with regard to a specific governance issue, we can choose to engage with [ML1] the external manager. Further, AMP Capital also undertakes periodic reviews of our external managers with regard to their approach to considering ESG issues. Where possible, we also seek opportunities to meet and discuss their approaches to voting and ESG integration more broadly.
In order to better monitor the votes cast by our external managers (multi-manager platform) AMP Capital has arranged 'real-time' view-access of their voting activities. We are therefore able to monitor real-time voting activities of all portfolios managed exclusively for AMP Capital.
In 2018, our external managers submitted votes on 48,151 unique resolutions at 4,673 individual company meetings. Of the total number of voting instructions cast, 80% were in support of company resolutions (i.e. 'with management'), with 8% against, 1% abstain. Mixed (10%) and Other (1%) account for votes where individual managers may vote differently from each other.