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Lazard Frères Gestion

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.

We have implemented a voting procedure. The ESG team verifies that voting instructions comply with the voting policy before they are submitted.

The exceptions may relate to small caps, especially on governance. For instance, for a number of General Meetings held for small or mid-caps, we felt that we could not respect the principles established in our voting guidelines. These companies might have an atypical corporate governance due to a lack of resources, or size, compared to large caps. In many companies, the company founder, or one of the descendants, presides at the board of directors and is the Chairman. They are often the main shareholders and have full power to legitimately lead and represent the company.

As we trust in these companies’ corporate governance, we decided to support the founding CEOs either by giving them a proxy to vote in our name, or by voting in favour of all proposed resolutions.

The exceptions to our voting policy are fully detailed in the annual proxy voting activities report.

 

12.3. Additional information.[Optional]

The final voting decision is made by the sector specific fund manager-analyst, in complete independence.


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]


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.

16.2. Indicate the reasons your organisation would communicate to companies, the rationale for abstaining or voting against management recommendations.

16.3. In cases where your organisation does communicate the rationale for the abstention or the vote against management recommendations, indicate whether this rationale is made public.

16.4. Additional information. [Optional]


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%)

100 %

Specify the basis on which this percentage is calculated

17.3. Additional information. [Optional]


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
92.1 %
Against (opposing) management recommendations
7.6 %
Abstentions
0.3 %
100%

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

1

18.4. Additional information. [Optional]


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 (Not Completed)


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