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Aeon Investment Management (Pty) Ltd

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。

In order to ensure that our voting policy is adhered to, Aeon Investment Management reviews all proxy vote instructions as a team before the voting instructions have been submitted. Reviewal of the voting instructions ensures that the instructions are consistent with the companies voting policy.

Once we have submitted our proxy vote instructions, we request proof from our administrators that our instructions were indeed sent by the custodians.

12.3. 補足情報[任意]

Aeon Investment Management follows the King IV Code, the Five Principles outlined in the Code of Responsible Investing in SA (“CRISA”) and the Six Principles outlined in the UNPRI when making proxy vote decisions on behalf of our clients. We prioritise collaborative engagements according to our exposure, the shares we hold and the shares we consider holding. Any conflicting resolution is usually voted against if no sufficient justification is provided. 

Aeon Investment Management considers it’s internally developed Social Policy in its proxy voting processes. Inevitably most resolutions do not cover the Social Policy, and in this instance, we interact and lobby company management directly on socio-economic risks and factors prevalent due to their operations.


A detailed copy of Aeon Investment Management's Proxy Vote process can be found using the following link:

https://www.aeonim.co.za/wp-content/uploads/2020/03/Aeon-Investment-Management-Governance-Policy.pdf

 

 


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme

14.1. 貴社では、セキュリティーズレンディングを設定していますか?

14.2. 貴社がセキュリティーズレンディングをしていない理由を説明してください。(最大500語)

For the 2019 financial period, Aeon Investment Management did not participate in a securities lending program as client mandates do not allow securities lending.

14.4. 補足情報 [任意]


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]

Service providers in this case are defined as stockbrokers and activist investors.


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。

16.3. 貴社が議決権行使を棄権するまたは経営陣の提案に反対票を投じる根拠を伝える場合、この根拠を公表しているか示してください。

16.4. 補足情報[任意]

Aeon Investment Management communicates its rationale for abstaining or voting against (or for) management recommendations to its clients. However, our proxy vote decisions are available to the public upon request (https://www.aeonim.co.za/engagement-activities/#). 


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 decisions can be found online (https://www.aeonim.co.za/wp-content/uploads/2020/03/Aeon-IM-Annual-Voting-Record-2019.pdf)


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
68 %
経営陣の提案に対する反対票
32 %
棄権
0 %
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。

40

18.4. 補足情報 [任意]


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。

19.2. 棄権後、または経営陣に反対する票を投じた後に貴社が用いるエスカレーション戦略を示してください。

19.3. 補足情報 [任意]


LEA 20. Shareholder resolutions

20.1. 貴社が報告年度中に、直接もしくはサービスプロバイダーを介して、ESG株主決議を提出または共同提出したか示してください。

20.2. 貴社が行ったまたは共同で行ったESG関連株主決議の数を記載してください。

167 合計

20.3. 以下の結果をもたらした、これらのESG関連株主決議の数の割合を記載してください。

議案に採用された
96.41 %
企業側での変更または企業との交渉により撤回された
0 %
別の理由で撤回された
0 %
企業側により拒絶された/受け入れられなかった
3.59 %
合計 100%

20.4. 貴社が提出または共同提出したESGの株式決議で議案に採用された(撤回されなかった)ものに対する賛成票の割合を選択してください。

156 50%超
11 20〜50%
20%未満

20.5. 貴社が提出または共同提出したESG関連の株主決議で、結果が達成されたものについて説明してください。

The ESG shareholder resolutions filed by Aeon Investment Management included resolution concerning remuneration, director election, political donations and auditor independence.

A few of the examples of these resolutions can be seen below:

Naspers Limited

Ordinary Resolution 7 - To endorse the company's remuneration policy: Naspers' Remuneration Policy lacked detail in terms of how the incentives were ultimately determined (benchmarking, performance targets). The approximately R1.5bn total remuneration that the CEO earned, placed him among the richest one percent of people on the planet. This is of concern because in 2015, 2016 and 2017 the high voting A shares were abused to vote in the remuneration policy and report. Aeon Investment Management voted against this resolution. The majority of participating shareholders voted against this resolution at the Naspers AGM 

Woolworths Holdings Ltd.

Non-binding advisory Resolution 2 -  Approval of the Remuneration Report: There was minimal disclosure on actual targets for STIs and LTIs, local and international benchmark constituents and the general link between the strategies and incentive measures. In accordance with policy, Aeon Investment Management voted against this policy. The majority of participating shareholders voted against this resolution at the Naspers AGM and an investor call was organised by Naspers management.

 

 

 

20.6. 貴社が他の投資家によって提出されたESG株主決議を審査するかどうかについて説明してください。

Yes, we do. If the holding is in our portfolio and requires a filing of a material ESG issue.

20.7. 補足情報[任意] 


LEA 21. Examples of (proxy) voting activities

21.1. 報告年度に貴社またはサービスプロバイダーが実行した(委任状による)議決権行使の例を提供してください。

ESGトピック
Executive Remuneration|Company leadership issues
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Barloworld Ltd (AGM)

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 11 - Appointment of external auditor. Deloitte & Touche has been the appointed auditor for 100 years. This contravenes our policy.
  • Ordinary resolution 12.1 & 12.2 - The non-binding advisory vote on the remuneration policy and the implementation report. There is no clear link between the business strategy and the incentive scheme. Further clarity on the reasoning is required on the use of Economic Profit as a metric in determining incentive schemes; this measure is ambiguous and further disclosure is required.
  • Special resolution 1.1, 1.3, 1.4, 1.5, 1.6, 1.9 and 1.13 - Approval of non-executive directors’ fees. The proposed board chairman’s fee compared to the non-executive directors’ fees are excessive. The international directors’ fee increase exceeds inflationary levels. This contravenes our policy.
  • Special resolution 2 - Approval of loans or other financial assistance related or inter-related companies and corporations. There was limited disclosure provided for the possible reasoning and credit terms of lending to related and inter-related companies.
結果
ESGトピック
Executive Remuneration|General ESG|Other

具体的に説明してください

          
        
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

AngloGold Ashanti Ltd (AGM)

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 4 – Re-appointment of Ernst & Young Inc. as auditors of the company. Ernst & Young has an audit tenure of ten years with AngloGold Ashanti. This contravenes our policy.
  • Ordinary resolution 6.2 – Implementation report. There has been no disclosure on the criteria used in determining the independence of nonexecutive directors.
  • Special resolution 1 – Remuneration of non-executive directors. The board chairman’s fees are more than two times that of other non-executive directors’ fees; this contravenes our policy.
  • Special resolution 4 – General authority to directors’ issue for cash, those ordinary shares which the directors are authorised to allot and issue in terms of ordinary resolution five. There is insufficient information provided as to the reasoning for providing the financial assistance, the possible credit terms and whether there are any conditions attached thereto.
結果
ESGトピック
Executive Remuneration|Climate Change|Pollution|Sustainability reporting|Other governance
意思決定者
目的

Improve the corporate governance practices of companies and the remuneration policies to global best standards that we are invested in and to reduce the inequality gap.

対象範囲およびプロセス

Standard Bank Group Ltd (AGM)

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 3.1 & 3.2 - The re-appointment of KPMG Inc. and PriceWaterhouseCoopers Coopers Inc as auditors. They have been joint external auditors for the Group since 2002 thus raising concerns of independence.
  • Ordinary resolution 6.2 – Endorse the group’s implementation report. It was proposed in the implementation report that there would be no increase for the non-executive directors' fees. Based on the disclosed 2018's fees, the Chairman's fee still remains 23 times higher than a non-executive director's fees. Granted, Standard Bank is a multinational company, however, we view this fee difference as excessive.
  • Ordinary resolution 9 – Approve: Loans or other financial assistance to related or inter-related companies. 

Aeon Investment Management voted in favour of the following:

  • Ordinary resolution 10.1 - To report to shareholders on the company's assessment of greenhouse gas emissions resulting from its financing portfolio.
  • Ordinary resolution 10.2 - To adopt and publicly disclose a policy on lending to coal-fired power projects and coal mining projections.
結果
ESGトピック
Executive Remuneration|Company leadership issues|General ESG
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Mpact Ltd.

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 4 - Re-election of director NB Langa-Royds. NB Langa- Royds was part of the board that was responsible in the collapse of African Bank. We, therefore, believe she is not suitable for the role as a nonexecutive director.
  • Special resolution 2.1 - Approval of non-executive directors’ fees –Chairman of the board. The board chairman’s fee increase is 5% which is in line with inflation, however, the fees exceed those of the non-executive members’ fees by more than six times. We requested disclosure of the constituents used in the benchmark group used as comparators for determining non-executive directors’ fees.
  • Special resolution 3 – Approval of financial assistance to related or interrelated company. We generally vote in favour of granting financial assistance to subsidiaries that are 100%-owned. In other instances, we would request further sufficient detail as to why the relevant parties would require financial assistance, who would be liable for the financial assistance, what the terms of the financial assistance would be (pay-back terms), any conflict of interest between the lender and the lendee and whether there are any conditions attached hereto. 

 

結果
ESGトピック
Executive Remuneration|Company leadership issues|Other governance
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

MultiChoice Group Ltd.

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 2 – Reappointment of Independent Auditor. PWC has been the official appointed auditor for MultiChoice for more than 10 years; this contravenes our policy.
  • Ordinary resolution 3.1 – Appointment of Stephen Joseph Zbigniew Pacak (Chair) as a member of the audit committee. Given that JZ Pacak was previously an executive in the group, his appointment as a Chair of the audit Committee is not appropriate as he is not independent.
  • Non-binding advisory resolution 1 – Endorsement of the company’s remuneration.
  • Non-binding advisory resolution 2 – Endorsement of the implementation of the company's remuneration policy.
  • Special resolution 1.1 – Approval of the Non-executive directors’ remuneration.
  • Special resolution 3 - General authority to provide financial assistance in
    terms of section 44 of the Act. 
  • Special resolution 4 - General authority to provide financial assistance in
    terms of section 45 of the Act.

 

 

結果
ESGトピック
Executive Remuneration|Company leadership issues|Other governance
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

PPC Ltd

  • Ordinary resolution 4 - Reappointment of external auditor - Deloitte & Touche. Deloitte & Touche has been the official appointed auditor to PPC for more than 10 years (since 2002). This contravenes our policy.
  • Non-binding advisory resolution 5.1 - Remuneration Policy.

We noted the proposed changes to the STI plan and required disclosure of
the following:
- The measures used to determine the personal performance measures, their
actual target figures and subsequent weightings for the CEO, CFO and
prescribed officers.
- Liquidity measures and targets used in determining the STI.

  • Non-binding advisory resolution 5.2 - Remuneration Implementation Report.

We noted the proposed changes to the LTI plan and required disclosure of
the following:
- We would prefer that a greater weighting be placed on the relative (peer)
return than the absolute return to ensure a fairer performance
measurement
We required further disclosure on the metrics used in determining long-term
incentives. Given the nature of PPC's operations, we also requested the
incorporation of more environmental performance long-term incentives.

We required further information as to the criteria, and processes that were taken to
award the managers.

  • Special resolution 2.1 - Remuneration- board chairman - The fees are excessive (Internal policy).

 

結果
ESGトピック
Executive Remuneration|Company leadership issues|General ESG
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Compagnie Financière Richemont SA

Aeon Investment Management voted against the following:

  • Ordinary resolution 4.2 – Election of Joshua Malherbe as a director of the board - We were concerned with his independence status given his affiliation and CFR ( related partiers)
  • Ordinary resolution 4.6 – Election of Jean-Blaise Eckert as a director of the board. He was elected as an audit committee member for the previous financial year. He is a related party to CFR and as a result, is not independent.
  • Ordinary resolution 4.11 – Election of Ruggero Magnoni s a director of the board - lack of independence
  • Ordinary resolution 8.1 - Approval of the maximum aggregate of compensation of the members of the Board of Directors.
  • Ordinary resolution 8.3 - Approval of the maximum aggregate amount of variable compensation of the members of the Senior Executive Committee.
  • Ordinary resolutions 7 – To approve the Directors’ remuneration policy.
  • Ordinary resolution 8 - To approve the 2019 Remuneration Report other than the part containing the Directors' remuneration policy.

 

結果
ESGトピック
Executive Remuneration
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Impala Platinum Holdings Ltd.

Aeon Investment Management voted against the following:

  • Ordinary resolution 4 - Endorsement of the Company's Remuneration Policy.

We note disclosure of remuneration policy's relation to the business strategy. We would, however, appreciate further detail as to how the objectives are measured and implemented. We requested disclosure of the actual organisational and personal objectives used in determining the CEO, CFO and prescribed officers' short-term incentive. 
The LTIP targets include TSR (50% weighting) and ROE (50% weighting). We believe the weighting placed on TSR is too high and promotes short-term decision-making from the management’s side that has the potential to destroy shareholder value.

  • Ordinary resolution 5 - Endorsement of the Company's remuneration implementation report.
  • Special resolution 1.1 - Remuneration of the chairperson of the board. The board chairperson's remuneration is more than five times that of nonexecutive directors’ remuneration. This contravenes our policy.
  • Special resolution 1.2 - Remuneration of the Lead Independent Director. The lead independent director's remuneration is more than three times that of non-executive directors’ remuneration. This contravenes our policy.
結果
ESGトピック
Executive Remuneration|Company leadership issues|General ESG|Other governance
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Bid Corporation Ltd.

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 4.1 – Remuneration Policy
  • Ordinary resolution 4.2 – Implementation of the remuneration policy:
    Commentary as per ordinary resolution 4.1 applies. We requested disclosure of the constituents of the benchmarks used in determining the base pay.
  • Ordinary resolution 8 - Payment of dividend by way of pro-rata reduction of
    stated capital.
  • Ordinary resolution 9 – Creation and issue of convertible debentures.
  • Special resolution 2.1 – Approval of the Chairman’s annual fees – 2019/2020.
  • Special resolution 2.2 - Approval of Lead Independent non-executive
  • directors (SA) annual fees – 2019/2020.
  • Special resolution 2.3 - Approval of Lead Independent non-executive
    directors (International) annual fees – 2019/2020.
  • Special resolution 2.4 - Approval of Non-executive directors (SA) annual fees
    – 2019/2020.
結果
ESGトピック
Executive Remuneration|Company leadership issues
意思決定者
目的

Improve the corporate governance practices and remuneration policies of companies that we are invested in order to meet global best standards, and contribute to growing the socioeconomic environment.

対象範囲およびプロセス

Woolworths Holdings Ltd

Aeon Investment Management voted against the following resolutions:

  • Ordinary resolution 3.1 – Election of Ms Zarina Bassa as an audit committee member
  • Ordinary resolution 4 – Re-appointment of Ernst & Young Inc. as the auditors.
  • Ordinary resolution 6 - Endorsement of the Remuneration Policy
  • Special resolution 2 - Remuneration of non-executive directors
結果

21.2. 補足情報[任意]

We upload the proxy voting record for the year on our website. The proxy voting records include the outcome of the resolutions at the AGM.

The rationale for the resolutions voted against is available to the public - The summary for the 2019 proxy voting can be found online ( https://www.aeonim.co.za/wp-content/uploads/2020/03/Aeon-IM-Annual-Voting-Record-2019.pdf) 

 


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