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CBRE Investment Management

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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。

During our annual review of Clarion's proxy guidelines, CBRE Clarion's Head of ESG, who is the senior investment professional in change of the proxy voting process, will keep track of items from the prior year's proxy season where we may have had to clarify our guidelines, and determine if we want to propose any changes to current guidelines.  Additionally, we receive updates from the proxy service providers outlining any changes that they are making to their recommendations for the coming year.  The Head of ESG, senior portfolio managers and our CEO discuss CBRE Clarion's stance on those issues, and a determination is made as to whether we will make any changes to CBRE Clarion's guidelines on those particular items.  Any changes to CBRE Clarion guidelines are recorded with our service provider.  Analysts are informed of the new updates to the guidelines at the beginning of the year.

The voting process is carried out by the individual analyst for that analyst's coverage universe, with oversight from the Head of ESG. An associate from our operations team with responsibility for proxy administration provides the analysts with the third party research reports, as well as an summary of the CBRE Clarion guidelines pertaining to the particular items up for vote.  The CBRE Clarion analyst reads through the research as well as the public proxy filing, and votes the items.  The CBRE Clarion analyst communicates the vote to the operations associate, and the Head of ESG and senior portfolio managers are copied on all communication. The CBRE Clarion analyst who is voting, plus a designated senior member of the investment team both must sign off on any votes that go against CBRE Clarion's internal guidelines.  It is a formal document with the name of the company, the ballot item, the vote, and the reason for going against CBRE Clarion guidelines.  The document is maintained by our compliance department.

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]

The determination whether to communicate with companies before or after voting largely depends on the significance of the issue, or the materiality of the company in our clients’ portfolios. The service provider reports also may indicate issues of concern, which the companies sometimes respond to publicly, ahead of the vote. Companies are available to take calls or meetings prior to the AGM if we wish to discuss any issues.


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 typically do not make individual votes public but will have discussions with clients who request this information. For our mutual funds which we manage, our votes are made public.  We also will share how we voted on a particular issue with company management teams upon request.  In 2020, one of CBRE Clarion's goals is to provide more disclosure on our website pertaining to our voting record.  


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

98 %

この投票率の計算基準を明記してください

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]

During 2019, there were 243 meetings with a total of 2,568 ballot proposals.  Within those ballots, there were 31,263 potential votes (given that certain ballots for director elections count each director as a separate vote).  Of those, there were 559 which we either did not vote, abstained or withheld our vote, leading to a 98.2% voting percentage.  Reasons for not voting are attributable to a variety of circumstances, including share blocking or receipt of ballot (from client custodian bank) too late to cast a ballot.  In very rare instances, we make an affirmative decision not to vote, which may include situations in which our firm has a conflict of interest in relation to the proposal.


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
95 %
経営陣の提案に対する反対票
4 %
棄権
1 %
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。

26

18.4. 補足情報 [任意]

The majority of votes against management are due to voting against the advisory vote to ratify executive compensation (Say on Pay), or voting against directors who are overboarded.


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]

While CBRE does not have a formal policy following an unsuccessful vote, if we are unhappy with the vote, in many cases we would contact the management of the company, or the board to have a discussion.  We would then make a determination of whether we would divest the stock if we owned it.


LEA 20. Shareholder resolutions (Private)


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


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