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UniSuper Management Pty 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

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.

Our internal policy and the ACSI voting policy are applied on a case by case basis. Particularly with regard to our internally managed portfolio we are very active and considered in our voting approach (as are our external managers in their voting approach).

In making voting decisions we consider a range of factors which include our own analysis of the issues, as well as corporate governance norms and best practice, ACSI policy position, proxy voting research, commercial considerations, external manager views, peer views, broker research, our dialogue and engagement with the company.  Based on all of these inputs a voting decision is made. It is not the case that exceptions are made to the policy, rather our approach is that each voting decision is treated on its merits.  A number of inputs go in to the voting decisions, it is not a "tick the box" approach - we look at each item holistically and what voting decision would lead to the best outcome for our members. From time to time this will mean that commerical considerations may prevail where a matter of corporate governace is at play. It is not black and white.

12.3. Additional information.[Optional]

We apply the ACSI voting guidelines. Since 2009 UniSuper has sat on the committee that reviews those guidelines every 2 years (i.e. UniSuper has been directly involved in the review of the guidelines 4 times).

ACSI’s voting advice covers the ASX300. It is based on a set of Governance Guidelines which were specifically and collaboratively created by ACSI members to represent their interests. The Guidelines are used by management as one input that is used in arriving at forming our own voting recommendations.

As mentioned previously, we do not have a compliance based approach to proxy voting nor do we blindly follow proxy voting advice. Our internal policy and the ACSI voting policy are applied on a case by case basis. Particularly with regard to our internally managed portfolio we are very active and considered in our voting approach (as are our external managers in their voting approach) in regard to companies that we have a detailed working knowlege of, which is developed through our own in house fundamental research.

Globally, we use CGI Glass Lewis to vote our shares, using guidelines specified by ACSI, with input from UniSuper (and other users of this service). 

 


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.

15.3. Additional information. [Optional]

When we have pre-AGM meetings either ourselver or our proxy voting advisor will typically raise concerns with the company. 


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.

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%)

100 %

Specify the basis on which this percentage is calculated

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
88 %
Against (opposing) management recommendations
11 %
Abstentions
1 %
100%

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

18.4. Additional information. [Optional]

Please see 15.3 for details regarding proxy voting engagement


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]

Where we have voted against a particular resolution, we will reach out to the company to communicate why and how we think the company should approach the issue. Often this engagement is initiated by the company, but where we feel particularly strongly about a resolution, we will express our views directly. 


LEA 20. Shareholder resolutions (Private)


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


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