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Smith & Williamson Investment Management LLP

PRI reporting framework 2020

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


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。



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 the first year we used Glass Lewis’ policy as a template, from which we have adapted our own in-house policy.  The polices focuses on: transparency and communications; corporate culture; strategy; financial disciplines, structure and management; stakeholders, environmental and social issues; and governance. They are influenced by following what is considered to be best practice in each country taking into account local guidelines and governance codes.

In most cases, Glass Lewis vote with management. Where Glass Lewis recommend that we vote in line with management, the vote will go through automatically. The Corporate Actions Team create a report for the Stewardship & Responsible Investment Group (SRIG) for any company meeting where the Glass Lewis recommendation is to vote against management. Where they recommend to vote against management, SRIG asses the information, pass it to the relevant direct/ investment trust analyst and/or the Investment Process Committee if necessary for advice prior to the final decision. The SRIG and all investment analysts have access to the Glass Lewis voting platform. All votes will have a deadline of 72 hours before the meeting, to allow time for Glass Lewis to send Broadridge the voting instructions and for Broadridge to then submit the votes. Broadridge carry out the electronic voting instructions.

In keeping with our commitment to the UK Stewardship Code and UN PRI, we are mindful of the need to be transparent in our voting. S&W keep a record of all engagement and voting activity which is updated quarterly and available on our website, we also produce an annual report containing these figures. Where S&W decide to vote against or abstain from voting in favour a management proposal we write to the management explaining our reasons, opening up a dialogue with the company. Where we receive additional information from the company pertaining to any issues raised, we may, if appropriate, amend our vote.

12.3. 補足情報[任意]

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。

15.3. 補足情報 [任意]

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。

16.3. 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]

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。


74 %


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:

We vote on any direct equity holding where:

  • It is held by a charity or not for profit client
  • We hold more than 1% of the outstanding share capital in house.
  • All AIM hodlings

In practice, this will total around 750 companies and over 10,000 resolutions.  If we are voting on a stock held by a charity client, we will also vote the private client holdings.

We will be voting both on UK holdings and overseas holdings, which differentiates us from our competitors.

We will vote on behalf of all discretionary clients - so not for those holdings where there is a non-discretionary/execution only marker. 

Investment managers are able to exclude or include certain discretionary clients, certain holdings or certain holdings for certain clients from scope.

17.3. 補足情報[任意]

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]

LEA 20. Shareholder resolutions (Private)

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