As an active investor, we attach the utmost importance to using our voting power to ensure that companies are managed in the best interests of our clients. We have formalised a voting policy, which forms the basis of how we exercise our voting rights and which is publicly available on our website: https://www.dnca-investments.com/isr/POLITIQUE.DE.VOTE.2019_EN.pdf
DNCA exercises voting rights attached to securities held in portfolios that DNCA manages directly or by delegation and which it is responsible for exercising, under the following conditions:
- DNCA must vote if the cumulative assets of UCIs managed on the date of the Shareholders' Meeting in the event of physical attendance or on the deadline for sending ballot papers in the event of postal ballots, represents:
- 1% or more of the equity in the company concerned;
- Or 0.2% of the total UCI assets managed.
The above criteria are alternatives and not cumulative.
- It aims to vote systematically for all securities held in portfolios by any managed UCI with the SRI label (“SRI UCI”). In principle, DNCA does everything it can to vote at all Shareholders' Meetings related to securities held in portfolios by any SRI UCI, on the understanding that, as an exception, DNCA may not vote at as small a number of Shareholders' Meetings as possible. The proportion of Shareholders' Meetings at which DNCA votes during the year for any SRI UCI is specifically indicated in the “Report on the exercise of voting rights” for the year in question.
- It votes in specific cases not covered by the above rules at the request of the asset management teams.
- DNCA votes at Shareholders' Meetings where the securities concerned have to be blocked during the period between the registration of the securities and the vote.
The asset management team analyses the resolutions presented and makes its voting decisions in accordance with DNCA’s voting policy. The exercise of voting rights is carried out by the lead fund manager on each company, in collaboration with the RI team. In France, voting instructions are sent by post or by physical attendance at Shareholders' Meetings. For votes abroad, we use Broadridge (ProxyEdge) for online voting. DNCA usually claims the role of vote teller when its holding enables it to.