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Royce & Associates, LP

PRI reporting framework 2020

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。

The designated Trade Processing Assistant reviews all proxy votes collected from Royce's portfolio managers prior to such votes being cast. If any difference exists among the voting instructions given by Royce's portfolio managers, the designated Trade Processing Assistant then presents these proposed votes to the Head of Administration, or his designee, and a Co- Chief Investment Officer. A Co-Chief Investment Officer, after consulting with the relevant portfolio managers, either reconciles the votes or authorizes the casting of differing votes by different portfolio managers. The Head of Administration, or his designee, maintains a log of all votes including when different portfolio managers have cast differing votes, that describes the rationale for allowing such differing votes and contains the initials of both a Co-Chief Investment Officer and Head of Administration, or his designee, allowing such differing votes. The Head of Administration, or his designee, performs a weekly review of all votes cast by Royce to confirm that any conflicting votes were properly handled in accordance with the Royce’s Proxy Voting guidelines.

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]

Direct communication with management is an important part of our investment process, and a fundamental part of our approach to responsible investment. Constructive engagements create a forum to discuss business strategy, operations, governance and a wide variety of other issues, such as, but not limited to, ESG issues. This is done with the goal of establishing an open dialogue between our investment team and company management. In addition, we may also engage with other stakeholders such as suppliers and customers as part of our process. Engagements take place both before the initial investment is made and as part of our ongoing monitoring of the positions in our portfolios. The level of direct engagement may also vary based on several factors such as materiality of the issue, the size of the investment and range of potential impacts to the company.


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。

16.4. 補足情報[任意]

We do not communicate our rationale for any of our votes (whether abstaining, voting against management or voting for management) during the formal proxy process. However, portfolio managers do informally communicate their thoughts during one-on-one company management meetings.

Direct communication with management is an important part of our investment process, and a fundamental part of our approach to responsible investment. Constructive engagements create a forum to discuss business strategy, operations, governance and a wide variety of other issues, such as, but not limited to, ESG issues. This is done with the goal of establishing an open dialogue between our investment team and company management. In addition, we may also engage with other stakeholders such as suppliers and customers as part of our process. Engagements take place both before the initial investment is made and as part of our ongoing monitoring of the positions in our portfolios. The level of direct engagement may also vary based on several factors such as materiality of the issue, the size of the investment and range of potential impacts to the company.

At Royce we recognize that ESG issues can affect the valuation and performance of a company. As such, ESG considerations are an underlying influence on all of our engagement efforts.


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

100 %

この投票率の計算基準を明記してください

17.3. 補足情報[任意]

Our proxy voting record is made publicly available here:

https://www.royceinvest.com/policies/


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
93 %
経営陣の提案に対する反対票
5 %
棄権
2 %
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。

31

18.4. 補足情報 [任意]

Our proxy voting record is made publicly available here:

https://www.royceinvest.com/policies/


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。

19.3. 補足情報 [任意]

Direct communication with management is an important part of our investment process, and a fundamental part of our approach to responsible investment. Constructive engagements create a forum to discuss business strategy, operations, governance and a wide variety of other issues, such as, but not limited to, ESG issues. This is done with the goal of establishing an open dialogue between our investment team and company management. In addition, we may also engage with other stakeholders such as suppliers and customers as part of our process. Engagements take place both before the initial investment is made and as part of our ongoing monitoring of the positions in our portfolios. The level of direct engagement may also vary based on several factors such as materiality of the issue, the size of the investment and range of potential impacts to the company.

At Royce we recognize that ESG issues can affect the valuation and performance of a company. As such, ESG considerations are an underlying influence on all of our engagement efforts.


LEA 20. Shareholder resolutions (Private)


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


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