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.