We seek to vote all of our clients' assets where it is practical to do so. During the reporting year we did not vote at 2% of meetings. This was due to the following factors:
- We did not receive the notice of ballot in time to vote: in a small number of instances we invested in a new company shortly before a company meeting and we did not recieve the neccessary ballots in time to vote.
- Share Blocking: In a some markets once a share has been voted the fund manager is no longer able to trade that position. We do not believe that, given the small number of companies that it effects, being blocked from trading is in the clients' interest.
- Power of Attorney Arrangements: CCLA does not vote in the small number of markets that require specific Power of Attorney arrangements. We believe that the cost of setting up these agreements mean that it is not in the clients' interest to vote.
- Client requests: in a very small number of instances we have recieved notifications from our clients that they do not want there shares voting at a specific meeting.
To ensure that our clients are not disadvantaged where we do not vote we write to the Company Secretary to inform them of any areas that we would have otherwise voted against the recommendation of management. This has led to productive ongoing engagement.