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BT Financial Group

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

          We review our investment managers' proxy voting policies for alignment with our stewardship policy. For contentious issues, we may decide how to vote across holdings.
        

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.

Decisions on how to vote proxies will be made on a company-by-company and resolution-by-resolution basis. Where appropriate and practical to do so, we will seek to cast votes in accordance with the voting principles in the BT Stewardship Policy via our own direct voting activities or through the exercise of voting rights by our external investment managers.

The proxy voting principles detailed in the BT Stewardship Policy apply to Australian and international securities, however consideration may also be given to local market best practice. The overriding principle is that votes are exercised in the long-term best interests of customers.

We provide authority to investment managers to exercise any right to vote attached to a security. From time to time we may direct external investment managers how to vote under certain circumstances or may restrict an investment manager from voting. In the absence of any direction or restriction from us, external investment managers must vote according to their own proxy voting policies, in the long-term best interests of customers. We will review our investment managers’ proxy voting policies for consistency with the BT Stewardship Policy. If an inconsistency arises, we may accept an investment manager’s policy with reasonable explanation for the differences and their application, or alternatively require the manager to exercise voting rights according to the BT Stewardship Policy.Where an investment manager elects not to vote, the investment manager is expected to keep records demonstrating the rationale for such a decision and only not vote for a good reason.

Resolutions involving contentious issues will generally be considered by the BT investment team and applied across the options issued by BT entities where we act as investment manager. To assist in decision-making, we may seek the views of our external investment managers, may conduct research internally, may use the resources of external advisory services and may meet with the company subject to the vote. In the event that we give a direction to external investment managers in relation to the appointment of a proxy and the way in which the proxy should be voted, the investment manager must use its best endeavours to implement the direction. If a voting situation arises that is not covered by either the external investment manager’s policy or the BT Stewardship Policy, and no direction has been given, the investment manager must vote as if it were a fiduciary investing for the long-term (over 10 years). The external investment manager may also contact the BT investment team to agree an approach.

12.3. Additional information.[Optional]


LEA 13. Percentage of voting recommendations reviewed

13.1. Of the voting recommendations that your service provider made in the reporting year, indicate the percentage that was reviewed by your organisation, giving the reasons.

Percentage of voting recommendations your organisation reviewed

Reasons for review

other description

          Other contentious issues, e.g. remuneration, director elections
        

13.2. Additional information. [Optional]


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.

15.2. Indicate the reasons for raising your concerns with these companies ahead of voting.

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.

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%)

96 %

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]


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
89 %
Against (opposing) management recommendations
10 %
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]

Some of our investment managers will engage with companies prior to an annual general meeting, or before the notice of meeting has been prepared. 

Figures provided above repesent majority of our managers, and are indicative of total votes cast. 


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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