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Letko, Brosseau & Associates Inc.

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.

We use the services of an external service provider to complement our internal research and processes. Each analyst is responsible for voting all proxies for companies under their coverage. These proxies are then sent to a Senior Portfolio Manager for final approval before the votes are cast. The Senior Portfolio Manager challenges the analyst's recommended vote whenever warranted. In cases where LBA decides to submit a vote which goes against its Proxy Voting Policy, this information will be reported to the Compliance Team in an annual Vote Against Policy report.  

12.3. Additional information.[Optional]


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.

Explain

          We were concerned with excessive levels of executive compensation, often surrounding equity dilution.
        

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.

Explain

          We were concerned with excessive levels of executive compensation, often surrounding equity dilution.
        

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%)

99 %

Specify the basis on which this percentage is calculated

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

17.3. Additional information. [Optional]

We believe the voting right is one of the most important rights inherent to shareholding. LBA takes very seriously its responsibility of ensuring that proxies received are voted and that the decisions taken represent the long-term interests of shareholders. A very small number of ballots were not voted due to geographical restrictions, including physical presence required to vote in certain countries and only foreign nationals permitted to vote in others. 


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]

Votes are made in accordance with LBA's Proxy Voting Policy which, in a minority of cases, may lead to votes against management. Following unsuccessful voting, analysts may contact the board and/or management with the goal of having proactive dialogue on the issue. If several attempts at proactive conversation are unsuccessful, LBA would consider reducing exposure or divesting. The cases are dealt with on an individual basis rather than using an across-the-board escalation strategy.


LEA 20. Shareholder resolutions (Private)


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


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