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CRUX Asset Management

PRI reporting framework 2020

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 that your agreed-upon voting policy is adhered to, giving details of your approach when exceptions to the policy are made.

As active investors, we recognise our responsibility to make considered use of voting rights, particularly in areas where we can encourage better ESG practices. CRUX aims to vote on all management advised proxy votes using the Broadridge ProxyEdge system. At the core of CRUX’s rigorous investment approach is finding businesses whose management have proven track records as well as meaningful stakes in the companies they run. By this very nature, therefore, CRUX fund managers have to have significant confidence in the management’s decision making ability as a prerequisite for holding the investee company. It is for this reason that CRUX’s default position is to vote with management, however we reserve the right to vote against management if we believe it is our clients’ best long-term interests.

12.3. Additional information.[Optional]

As active investors, we recognise our responsibility to make considered use of voting rights. CRUX aims to vote on all management advised proxy votes using the Broadridge ProxyEdge system. At the core of CRUX’s rigorous investment approach is finding businesses whose management have proven track records as well as meaningful stakes in the companies they run. By this very nature, therefore, CRUX fund managers have to have significant confidence in the management’s decision making ability as a prerequisite for holding the investee company. It is for this reason that CRUX’s default position is to vote with management, however we reserve the right to vote against management if we believe it is our clients’ best long-term interests. Each fund manager makes the voting decisions for the holdings in their individual funds. Where there is more than one named fund manager on our fund, they will decide collectively on any contentious voting decisions. A conflict between how the fund managers wish to vote has not occurred since the inception of CRUX.


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 participated in within the reporting year in which where you or the service providers acting on your behalf 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 where you, and/or the service provider(s) acting on your behalf, communicated the rationale to companies for abstaining or voting against management recommendations. Indicate this as a percentage out of all eligible votes.

16.2. Indicate the reasons why 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 abstaining or voting 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 in which you 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%)

5 %

Specify the basis on which this percentage is calculated

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

Assessing and engaging in ESG issues is becoming increasingly important in the investment industry, and CRUX is committed to being part of this change. By taking an active approach towards ESG issues, we aim to further protect our clients’ interests and make a positive impact to society at large. As active investors, we recognise our responsibility to make considered use of voting rights. CRUX is striving to improve our voting, and have recently developed and adopted our voting policy, therefore the voting percentage reflected in this reporting period is merely a base year rate. Now that our voting is fully integrated into our investment process, this figure is likely to substantially increase and we expect to have improved our proxy voting for the next reporting period. CRUX now aims to vote on all management advised proxy votes using the Broadridge ProxyEdge system, which we have done since the start of 2020.

17.3. Additional information. [Optional]


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. Indicate whether your organisation has a formal escalation strategy following unsuccessful voting.

19.2. Indicate the escalation strategies used at your organisation following abstentions and/or votes against management.

19.3. Additional information. [Optional]


LEA 20. Shareholder resolutions (Private)


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


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