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LGPS Central

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(委任状による)議決権行使および株主決議

LEA 12. Typical approach to (proxy) voting decisions

12.1. (委任状による)議決権行使を通常どのように決定しているかを明示して下さい。

アプローチ

以下に基づいて行う

12.2. 合意された議決権ポリシーがどのように遵守されているかを概観し、ポリシーの例外が適用された場合(該当する場合)のアプローチの詳細を示してください。

For UK listed companies, we vote our shares in accordance with a set of bespoke UK Voting Principles. For other markets, we consider the recommendations and advice of our Stewardship service provider. EOS at Federated Hermes provides us with voting recommendations based on our voting policy which are input on the voting platform prior to the vote deadline. The voting recommendations are then cast as voting instructions if there is no further intervention, except in the case of share-blocking votes.

We establish a "Voting Watch List" annually that consists of between 70 - 100 companies that represent our biggest holdings across equities strategies. The list serves several purposes, including being a sample that tests whether our votes are cast in alignment with our Voting Principles. In the majority of cases we have voted in direct alignment with the voting recommendations from our Stewardship service provider. In a minority of cases we have taken a different view to their recommendation. Our voting principles do allow room for interpretation and we have found no evidence that our Stewardship service provider recommends votes that run contrary to our core beliefs of good governance as expressed in our Voting Principles. 

During 2019, our Stewardship provider established a set of Global Voting guidelines, supplementing various regional voting policies across key markets. LGPS Central provided input to these guidelines and several of our comments reflected in the final guidelines. 

12.3. 補足情報[任意]

LGPS Central’s voting decisions are arrived at through a collegiate approach, incorporating the views of members of the Responsible Investment & Engagement (“RI&E”) Team and fund managers as appropriate for the company in question. The Company’s votes are executed in compliance with its Conflicts of Interest policy.


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. 報告年度内に関与した議決権行使のうち、貴社、または貴社の代理を務めるサービスプロバイダーが議決権行使に先立って企業に懸念を表明したものの割合を示してください。

15.2. これらの企業に対し、議決権行使に先立って懸念を表明した理由を示してください。

その他(説明してください)

          In order to help progress engagement (driving change), as well as to help clarify matters at hand to inform better voting decisions
        

15.3. 補足情報 [任意]

Our voting recommendation and engagement provider EOS at Federated Hermes interacted with companies at around 1000 meetings in 2019. This would usually be ahead of meetings and as a result of concerns around the vote or an anticipated vote against management.


LEA 16. Informing companies of the rationale of abstaining/voting against management

16.1. 貴社または貴社の代理を務めるサービスプロバイダーが、議決権行使を棄権する場合、または経営陣の提案に反対票を投じる場合に、当該企業にその根拠を伝えた議決権の割合を示してください。これは行使可能な全議決権の中で占める割合とします。

16.2. 貴社が議決権行使を棄権する場合、または経営陣の提案に反対票を投じる場合に、企業にその根拠を伝える理由を示してください。

その他(説明してください)

          In order to help progress engagement (driving change), as well as to help clarify matters at hand to inform better voting decisions.
        

16.3. 貴社が議決権行使を棄権するまたは経営陣の提案に反対票を投じる根拠を伝える場合、この根拠を公表しているか示してください。

16.4. 補足情報[任意]

Our voting recommendation and engagement provider EOS at Federated Hermes interacted with companies at around 1000 meetings in 2019. This would usually be ahead of meetings and as a result of concerns around the vote or an anticipated vote against management.


LEA 17. Percentage of (proxy) votes cast

17.1. 貴社やサービスプロバイダーが(代理)投票の指示を発行するマンデートを有している上場株式について、報告年度中に行った投票の割合を記載してください。

1%単位の投票率

99 %

この投票率の計算基準を明記してください

17.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:

17.3. 補足情報[任意]

Our service provider EOS at Federated Hermes submits vote recommendations on all listed equity covered by its proxy voting service. On occasion LGPS Central submits votes directly via electronic system (ISS ProxyExchange). 


LEA 18. Proportion of ballot items that were for/against/abstentions (Private)


LEA 19. Proportion of ballot items that were for/against/abstentions

19.1. 不首尾に終わった議決権行使後の正式なエスカレーション戦略が貴社にあるか示してください。

19.2. 棄権後、または経営陣に反対する票を投じた後に貴社が用いるエスカレーション戦略を示してください。

19.3. 補足情報 [任意]

We will engage a selection of companies following voting over contentious issues, in order to explain the rationale for our voting and to set expectations for the next proxy season. This is one way of making sure that the voting matters and that we will persist on issues that are of critical importance to us as long-term shareholders. 


LEA 20. Shareholder resolutions (Private)


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


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