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LSV Asset Management

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.


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.

LSV has developed internal processes to ensure all ballots have been received by Glass Lewis for voting.  This includes daily holdings reconciliation, weekly analysis of ballot receipt for all active accounts and weekly analysis of any holdings gaps.  LSV works with Glass Lewis to ensure all eligible votes are cast and new accounts are on-boarded properly.  LSV reviews Glass Lewis' SOC 1, or comparable, report to gain assurance that all votes are cast and cast according to policy.  In addition, on a semi-annual basis, LSV sends Glass Lewis a questionnaire asking them to confirm that they have policies and procedures in place to monitor conflicts of interest, ensure that their proxy voting recommendations were based on correct and accurate information and that their policies and procedures were reasonably designed to avoid errors. 

12.3. Additional information.[Optional]

LSV has arranged for ESG-specific guidelines to be provided by Glass Lewis.  Clients may request these guidelines to be applied to their account.  In addition, we have worked with some clients to develop customized policies that are then implemented by Glass Lewis.

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]

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]

Our understanding is that most companies know Glass Lewis' raitonale for voting even if it is not specifically communicated to them by LSV or Glass Lewis.

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]

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
77 %
Against (opposing) management recommendations
20 %
3 %

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]

As a quantitative manager, LSV does not engage with issuers on any matters.  

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 (Not Completed)