Treasury utilises the services of a global proxy voting advisor. The global proxy advisor provides for a number of proxy voting policy frameworks, as well as the ability to customise a proxy voting policy framework.
The Sustainability voting policy framework utilised by Treasury is for Principles for Responsible Investment (PRI) Signatories or similarly aligned investment managers and asset owners with an orientation that focuses on the PRI. The Sustainability policy generally supports standards-based ESG shareholder proposals that enhance long-term shareholder and stakeholder value while aligning the interests of the company with those of society at large. In particular, the focus is on resolutions seeking greater transparency and/or adherence to internationally recognised standards and principles. The Sustainability policy has been developed to align with the requirements of being a signatory to the PRI.
The Sustainability policy also aligns with the ACT Government's Responsible Investment policy due to the focus on the adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognised international initiatives to promote disclosure and transparency, as well as the requirements of being a signatory to the PRI.
Treasury reviews all voting research and voting recommendations by the service provider that are on contentious issues or topics, are against management's recommendations, or that are a shareholder resolution through automatic alert notifications via email. Treasury has the ability to change any voting recommendation before the vote is cast if, and when, it is considered appropriate.
Importantly the service provider includes confirmation that the vote recommendation is in-line with the relevant proxy voting policy framework.