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AP4

PRI reporting framework 2020

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(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.

For the non Swedish portfolios, the service provider has set up the voting instruction after our voting policy, mening that all issues that are not basic, such as questions regarding governance, capital allocation, remuniration, board composition etc always go to AP4 to make the voting decision decided from own research.

12.3. Additional information.[Optional]

For the Swedish holdings all decisions are solely taken by AP4.


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme

14.1. Does your organisation have a securities lending programme?

14.3. Indicate how the issue of voting is addressed in your securities lending programme.

14.4. Additional information. [Optional]


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

          For the Swedish holdings discussions mostly regarding remuneration and board structure, the last item mainly thru the work in nomination committees.
        

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

          Mainly regarding capital structure, remuneration, board structure, board independence, the role of chairman and CEO should be split on two persons and the ability for shareholders to file resolutions.
        

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]

In all cases related to the Swedish portfolio. For the non-Swedish portfolio some examples.


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%)

66 %

Specify the basis on which this percentage is calculated

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

AP4 has the aim to keep high quality in the voting process, and are therefor expanding the number of AGM's voted in a pace where we are able to keep the quality.

17.3. Additional information. [Optional]


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

18.1. Indicate whether you track the voting instructions that you or your service provider on your behalf have issued.

18.2. Of the voting instructions that you and/or third parties on your behalf have issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
71 %
Against (opposing) management recommendations
28 %
Abstentions
1 %
100%

18.3. In cases where your organisation voted against management recommendations, indicate the percentage of companies which you have engaged.

5

18.4. Additional information. [Optional]

The figures above is mainly on the global portfolio.


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.

19.3. Additional information. [Optional]

These situations are treated case by case.


LEA 20. Shareholder resolutions

20.1. Indicate whether your organisation, directly or through a service provider, filed or co-filed any ESG shareholder resolutions during the reporting year.

20.2. Indicate the number of ESG shareholder resolutions you filed or co-filed.

5 Total number

20.3. Indicate what percentage of these ESG shareholder resolutions resulted in the following:

Went to vote
20 %
Were withdrawn due to changes at the company and/or negotiations with the company
0 %
Were withdrawn for other reasons
0 %
Were rejected/not acknowledged by the company
80 %
Total 100%

20.4. Of the ESG shareholder resolutions that you filed or co-filed and that were put to a vote (i.e., not withdrawn), indicate the percentage that received approval:

>50%
50-20%
100 <20%

20.5. Describe the ESG shareholder resolutions that you filed or co-filed, and the outcomes achieved.

Asking companies to review their support for organizations that do not work in the same direction as the companies regarding mainly climate policies.

20.6. Describe whether your organisation reviews ESG shareholder resolutions filed by other investors.

AP4 did in some cases give public support for resolutions and in some cases wrote letters to companies and reminded them about resolutions filed earlier years.

20.7. Additional information. [Optional]


LEA 21. Examples of (proxy) voting activities

21.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

21.2. Additional information. [Optional]

See previous question.


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