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BNP Paribas Asset Management

PRI reporting framework 2020

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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。


We believe that good corporate governance provides a good foundation framework to ensure that a corporation is managed in the long-term interest of its shareholders. Therefore BNP Paribas AM expects all corporations in which it invests to comply with high corporate governance standards.

Voting at annual general meetings is a key component of the ongoing dialogue with companies in which we invest on behalf of our clients and forms an integral part of BNP Paribas AM's investment process. We are committed to ensure the consistent exercising of voting rights associated with shares held in Undertakings for the Collective Investment of Transferable Securities (UCITS), Alternative Investment Funds (AIF), foreign investment funds and investment mandates, where proxy voting has been delegated to us.

Our document "Governance and voting policy" explains what we expect of public companies and how we carry out our ownership responsibilities.

The policy outlines our key governance and voting principles, describes our proxy voting process, and sets out guidelines that highlight, for each item, both best practices and any issues that may trigger an "oppose" or "abstain" vote.

In applying our voting guidelines, we take into account specific circumstances as they relate to individual companies. Our policy and guidelines are reviewed annually in order to reflect the evolution of corporate governance codes and market practices



12.3. 補足情報[任意]

Our policy and guidelines are reviewed annually in order to reflect the evolution of corporate governance codes and market practices. The main amendments to our policy for 2019 were:

• Incorporation of components related to the Global Sustainability Strategy (GSS), in terms of engagement as well as voting policy;

• Introduction of rules regarding gender diversity at board level: vote against the entire board in absence of any female board member;

• Reinforcement of our commitment to good governance by opposing Chief Executive Officers also serving as Chair. Combined roles can be accepted only in temporary situations (less than 2 years) and for family-controlled companies in case of a Chair/CEO independent from the controlling family;

• Application of a higher standards for board election in North America by requiring 2/3 of board independence and full independence on key committees.

• Alignment of the voting policy on compensation in North America with the European approach especially by systematically requiring performance conditions to long-term incentive plans.

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。

16.2. 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。

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。


90 %


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]

We do not vote on 100% of our holdings as it would imply:

  • An increase in the costs of proxy voting for clients; and
  • A need to outsource a greater added-value part of the voting activity, which would reduce the qualitative and committed aspects of our voting process.

Our voting scope covers companies for which our aggregated holding positions meet at least one of the three following conditions:

  • Represents 90% of  our aggregated stock positions
  • Represents 0,1% or more of the company’s market capitalization 
  • Ad hoc demand or local market regulations

The choices of the shares for which we exercise voting rights aim at both concentrating our efforts on positions held in a wide proportion of our assets under management, and participating in shareholders' meetings of companies in which our collective investment schemes hold a significant part of the capital.

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

18.1. 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出した議決権行使に係る指示を追跡しているか示してください。

18.2. 貴社または貴社の代理を務める第三者が出した議決権行使に係る指示のうち、各投票項目の占める割合を示してください。

72.2 %
24.1 %
3.7 %

18.3. 貴社が経営陣の提案に対する反対票を投じたケースにおいて、貴社がエンゲージメントを行った企業の占める割合を示してください。


18.4. 補足情報 [任意]

Dialogues with companies can be opened at our own initiative or on the request of the issuer, and are concentrated on our main positions in terms of assets or where we hold a significant portion of the share capital.

We cannot engage with all companies in which we voted against an item due to our strict policy that is reflected with a high level of dissent: Under our voting scope, we voted at a total of 1,758 general meetings and we voted against or abstain for at least one item at 1,408 general meetings (i.e. 80%) which is a high number of oppositions compared to peers.

In 2019, we engaged with up to 9% of companies in which we could have expressed an opposition on at least one agenda item.

These dialogues are systematically conducted with companies held by our active managers and included in the main French index (CAC 40) or if we are one of the largest shareholders. Outside of this group, dialogues are mainly focused on AGMs that represent important governance or financial stakes.


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)