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Gresham House plc

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

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.

The Portfolio Manager reviews resolutions for compliance with Gresham House policies and notes any exceptions.

In the event of non-compliance we engage with the Board to seek change or give notice that we expect change going forward or we will vote against in the following year

12.3. Additional information.[Optional]


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.

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

15.3. Additional information. [Optional]

On the rare occasion further clarification or comfort is needed the IM will contact the company prior to voting.


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.

Explain

          In situations where we are against a future company policy
        

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]

Across the Public Equities team, if we vote against or abstain from voting we will almost always, privately comment as to our reasoning why we voted this way.


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]

All resolutions are reviewed and voted on unless there are administration impediments in place.


LEA 18. Proportion of ballot items that were for/against/abstentions (Private)


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.

19.2. Indicate the escalation strategies used at your organisation following abstentions and/or votes against management.

19.3. Additional information. [Optional]

If there is an unsuccessful voting the IM will refer to our Stewardship Code and will contact the board and senior management requesting further information or a meeting to discuss the result. We will typically maintain contact with other shareholders and are prepared to act collaboratively where that makes sense to generate change in the interests of our clients.

In certain circumstances, after other avenues of engagement have failed, we will use all available shareholder rights as part of the escalation of our engagement, including but not limited to:

  • lodging shareholder resolutions for forthcoming meetings
  • calling shareholder meetings
  • litigation.

In certain circumstances we may also determine that it is in our client’s interests to exit an investment


LEA 20. Shareholder resolutions (Private)


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


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