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Ircantec

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.

In Investment management assignments that are signed by Ircantec with its asset managers, it is precised that "as of the mandate has begun, voting rights attached to financial instruments of the fund have to be exercised in the only interests of Ircantec". By this legal assignment, asset managers are required to follow Ircantec voting rules. 

It is also expressed that when a ballot item is not covered by voting rules, asset managers have to take their instructions from Ircantec. This differs from the specific mechanism for the 30-companies "focus list", where all resolutions are analysed and overviewed by Ircantec and its fiduciary manager.

12.3. Additional information.[Optional]


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


LEA 14. Securities lending programme (Private)


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]

This is the case for certain issues, for which Ircantec may also table a shareholder's question in annual meetings.

Each year, we incorporate in a customized "focus list" our key companies composed of biggest Ircantec's holdings, top CO² emitters and biggest stranded assets holders. On this list, we ask our asset managers and our voting advisor to provide with recommendations for each resolution, ahead of the annual meetings. One of the Ircantec trustee confirms the final decision for each ballot. 


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.

16.4. Additional information. [Optional]

For 2019, we decide to address our rational for the abstention/against vote for executive remuneration, financial statements approval, dividend payments, directors reelection, when it is linked to our energy transition voting policy.


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%)

96 %

Specify the basis on which this percentage is calculated

17.2. Explain your reason(s) for not voting on certain holdings

17.3. Additional information. [Optional]

Ircantec has voted 100% of its ballots, but only 96% of these were correctly and effectively carried out by custodians. The remaining 4% is mainly due to shareblocking issues in Switzerland and Scandinavian countries (power of attorney requirements, etc.).


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
51.52 %
Against (opposing) management recommendations
47.55 %
Abstentions
0.93 %
100%

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

8

18.4. Additional information. [Optional]

Ballot categories Ircantec opposed the most were dividend payments and executives compensations. No direct action (disinvestment) are taken based upon Ircantec's votes, but results feed the global strategy and engagement activities of the scheme.

We participate to engagement initiatives with Engie and Total to accompany their improvements in this realm.


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.

19.3. Additional information. [Optional]


LEA 20. Shareholder resolutions (Private)


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


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