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Cadence Investment Partners LLP

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。

Our investment approach looks for businesses which will enhance shareholder returns over the longer term. We view this as the guiding principal for any business we invest in. This is also, therefore, the cornerstone of our proxy voting policy. We have regular direct contact with managers of invested companies and this is the normal platform for us to ask the company to explain any actions which appear not to comply with our fundamental principle of enhancing long term shareholder returns. Where such an explanation is not justifiable in our view on the basis of management's fiduciary duty to shareholders or in terms of broader good governance standards, we will use the proxy voting system to vote against any such proposals.

All voting decisions are flagged to the wider team via the email instruction, complete with a summary of the rationale. Where there is some doubt around the seriousness of a particular issue and whether it merits a negative response, we discuss this as a group. There are no exceptions to this approach, and given our very focused portfolio of holdings and low turnover we are able to give each voting decision due consideration (eg checking the background of directorship candidates etc).

12.3. 補足情報[任意]

The analyst responsible for the internal report on each company is responsible for the voting decision in alignment with the senior partner who is the investment manager. A record of each decision is kept internally as well as by our administration partner Compass Asset Management of Lugano


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。

15.3. 補足情報 [任意]

We did not have any instances where there were issues connected with an upcoming vote for our invested companies which required prior contact this year. In the event that we become aware of such an issue we will certainly consider prior contact. 


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]

We regularly abstain on votes where we feel the level of disclosure is insufficient, and communicate this with the proxy provider and with management when we have contact with them. Where we have more serious concerns leading to votes against items, we will communicate our reasons for this to management either directly or at our next company meeting,


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

100 %

この投票率の計算基準を明記してください

17.3. 補足情報[任意]


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。

議決権行使に係る指示の対象
投票の内訳(%)
経営陣の提案に対する賛成票
91 %
経営陣の提案に対する反対票
9 %
棄権
0 %
100%

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。

50

18.4. 補足情報 [任意]

As we typically engage with companies over voting issues during our next contact, some are still outstanding. I estimate that we have engaged with just over half so far.


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。

19.3. 補足情報 [任意]

We do not have a formal strategy but we would track the process of any votes we believe may represent a serious dereliction of corporate governance or broader good corporate reponsibility.


LEA 20. Shareholder resolutions (Private)


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


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