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Troy Asset Management Limited

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

          Troy votes against management where we believe that resolutions are significantly misaligned with shareholder interests.  Third party research may help inform this process.
        

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.

Troy does not prescribe specific voting stances on particular issues within its policy.  Instead Troy chooses to focus on particular instances where we believe resolutions are misaligned with shareholder interest.

Votes are automatically cast in-line with management as a default setting if no controversial resolution is identified either by our in-house research, by Troy's third party research provider or as a result of a previous vote against management or engagement.  

A third party research provider is used to flag controversial resolutions, supply background research, and provide a voting platform.  Troy's voting outcomes may vary significantly from any recommendations made by the research provider.

12.3. Additional information.[Optional]

To ensure voting is maintained as an integrated part of the engagement and research processes all voting decisions are made by members of the investment team and preferably only after engagement with the company.


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.

15.3. Additional information. [Optional]

Troy's proxy research provider endeavours to communicate all concerns with companies ahead of publishing research.

 


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.

16.4. Additional information. [Optional]

Troy does not currently systematically communicate the rationale for an abstention or a vote against management.


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]

Troy did not successfully vote at 1 meeting out of a total of 150 meetings.


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
98.8 %
Against (opposing) management recommendations
1.2 %
Abstentions
0.0 %
100%

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

0

18.4. Additional information. [Optional]


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]


LEA 20. Shareholder resolutions (Private)


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


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