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NN Investment Partners

PRI reporting framework 2019

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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

LEA 12. Typical approach to (proxy) voting decisions

12.1. (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

12.2. 合意された議決権ポリシーがどのように遵守されているかを概観し、ポリシーの例外が適用された場合(該当する場合)のアプローチの詳細を示してください。

We endeavour to exercise the voting rights in markets worldwide. By casting the votes at shareholder meetings, NN IP can influence matters such as director nominations, board quality and the remuneration policy, thereby playing an important role in the checks and balances of the companies it invests in. We encourage companies to adhere to internationally accepted corporate governance standards in addition to complying with local legal requirements. These standards include the OECD Principles of Corporate Governance and the International Corporate Governance Network (ICGN)’s Global Governance Principles.

NN IP’s voting policies are available on the website and form the basis for all our voting decisions. These voting policies describe how we vote on standard resolutions at annual general meetings and extraordinary general meetings of our investee companies. NN IP has set up a customised voting policy for exercising the voting rights at shareholder meetings on behalf of client assets. Thereby we ensure that shareholder meetings worldwide are voted in line with our own voting policy framework.

The shareholder meetings of our Dutch holdings, companies where we own a larger percentage of outstanding share capital, companies that are on the engagement list and all companies that are held in the Sustainable Equity funds, are manually voted by an in‐house Proxy Voting Committee. Portfolio managers and analysts are represented in this committee in order to ensure a clear linkage between our voting activities and investment activities. In case we deviate from the voting policy, this is discussed and reviewed by the proxy voting committee.

NN IP has a separate voting policy that guides the voting considerations on behalf of NN Group’s proprietary equity portfolio. As this portfolio contains a limited number of holdings, these considerations are always applied on a case-by-case basis. All votes cast at shareholder meetings on behalf of proprietary and client assets can be reviewed on the website.

 

12.3. 補足情報[任意]


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


LEA 14. Securities lending programme

14.1. 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?

14.3. 貴社の証券貸付プログラムで投票の問題にどのように対処しているか示してください。

14.4. 補足情報 [任意]

In order to protect our voting rights, we maintain the right to recall and restrict any secu­rities at any time to ensure we can always enga­ge in shareholder meetings. This is embedded in our securities lending process. The Responsible Investment team, which oversees active owner­ship responsibilities, communicates with the Treasury team on which securities cannot be lent and for what period of time. Treasury then recalls these securities and restricts them from lending until voting is concluded. In addition, we auto­matically recall and restrict all the securities on the NN IP engagement list. This ensures we can always exercise our voting rights and prevents “empty voting”, where the borrower of the se­curities ends up with the voting rights, enabling them to potentially act in a speculative way.


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

15.1. 報告年度内に関与した議決権行使のうち、貴社、または貴社の代理を務めるサービスプロバイダーが議決権行使に先立って企業に懸念を表明したものの割合を示してください。

15.2. これらの企業に対し、議決権行使に先立って懸念を表明した理由を示してください。

15.3. 補足情報 [任意]

Some companies complicated investors’ ability to vote and required additional legal documentation in order for us to vote.


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

16.1. 報告年度内に関与した議決権行使のうち、貴社または貴社の代理を務めるサービスプロバイダーが、議決権行使を棄権する場合、または経営陣の提案に反対票を投じる場合に、当該企業にその根拠を伝えたものの割合を示してください。

16.2. 貴社が議決権行使を棄権する場合、または経営陣の提案に反対票を投じる場合に、企業にその根拠を伝える理由を示してください。

16.3. 貴社が議決権行使を棄権するまたは経営陣の提案に反対票を投じる根拠を伝える場合、この根拠を公表しているか示してください。

16.4. 補足情報[任意]


LEA 17. Percentage of (proxy) votes cast

17.1. 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

97 %

この投票率の計算基準を明記してください

17.2. 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:

17.3. 補足情報[任意]

It is NN IP's policy to exercise the voting rights in blocking markets, but only for a limited % of our holdings. Otherwise the impact on our trading process will be too significant. Therefore we may opt not to vote on behalf of some funds. Next to that some companies ask for additional documentation before the votes can be exercised. In some instances we had insufficient time to arrange the documentation.


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

18.1. 貴社または貴社の代理を務め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示してください。

18.2. 貴社または貴社の代理を務める第三者が出した議決権行使に係る指示のうち、各投票項目の占める割合を示してください。

議決権行使に係る指示の対象
投票の内訳(%)
経営陣の提案に対する賛成票
88 %
経営陣の提案に対する反対票
11 %
棄権
1 %
100%

18.3. 貴社が経営陣の提案に対する反対票を投じたケースにおいて、貴社がエンゲージメントを行った企業の占める割合を示してください。

40

18.4. 補足情報 [任意]

NN IP discloses its votes on the website through a vote disclosure tool. It has become our standard policy to always add a rationale for all against votes that are exercised. Therefore companies and their proxy agents are always in a position to get an understanding of why we did not support a particular agenda item. Please see this link: https://viewpoint.glasslewis.net/webdisclosure/search.aspx?glpcustuserid=NNI1018


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

19.1. 不首尾に終わった議決権行使後の正式なエスカレーション戦略が貴社にあるか示してください。

19.2. 棄権後、または経営陣に反対する票を投じた後に貴社が用いるエスカレーション戦略を示してください。

19.3. 補足情報 [任意]


LEA 20. Shareholder resolutions (Private)


LEA 21. Examples of (proxy) voting activities (Private)


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