This report shows public data only. Is this your organisation? If so, login here to view your full report.

Capital Group

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions


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。



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。

We are focused on delivering superior, long-term sustainable returns for our clients and this goal is at the forefront of all of our voting decisions. We consider proxy voting an integral part of our commitment to clients. Our voting process ensures that each proxy vote is analysed on a case-by-case basis, and has the force of multiple decision-makers bringing the weight of their collective experience to bear on the specific issues.

Our internal Governance and Proxy (GAP) team coordinates and facilitates the proxy voting process. The team comprises analysts, specialists and proxy administration and members are based in London, Los Angeles, San Franciso, Hong Kong and Singapore. The team has considerable experience in voting and other governance issues. GAP analysts and specialists provide our investment analysts with detailed information around votes and our voting guidelines which are incorporated into our voting recommendations. Investment analysts are responsible for developing the voting recommendations. Their experience and in-depth knowledge of each company and their sectors enables them to factor in particular relevant circumstances and any idiosyncratic characteristics into the voting recommendations. This ensures that the voting decisions of our proxy committees are in line with the analyst's overall long-term investment thesis and forms part of our ongoing engagement and interaction with the company. The intimate involvement of the investment group in the voting process enables them to explain and discuss our voting position with company management and the non-executive board; this access broadens our understanding of the business and ensures the voting decisions of our proxy committees are integrated closely with our wider company engagement. Voting recommendations are reviewed by proxy coordinators (senior analysts with experience in corporate governance and proxy voting matters), and then further reviewed and debated by our regional proxy voting committees who make the final vote decision. The proxy voting committee comprise primarily of investment professionals, bringing a wide range of experience and views to bear on each voting decision. Our proxy voting committees, delineated by geographical region, are responsible for overseeing proxy voting, globally.

This four-stage process ensures that each proxy is critically analysed and evaluated on its merits and considered in the context of the analyst’s knowledge of the company, current management, management’s past record, and the proxy committee's general position on the issue.

We review our voting policies annually which continue to evolve and reflect the changing corporate landscape and regional differences.

12.3. 補足情報[任意]

Using company materials we produce our own internal research to facilitate our proxy voting recommendations.  We have the option to supplement this with external research if required but do not use voting recommendations from third parties or recognise their voting policy. 

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?

14.3. 貴社の証券貸付プログラムで投票の問題にどのように対処しているか示してください。

14.4. 補足情報 [任意]

We use securities lending as a way to increase returns to our clients. We will recall the security on loan if we believe that it is in the client’s interest to recall the security and forgo the lending revenue. In the event we wish to exercise voting rights, securities on loan will be recalled. Important issues being raised on the proxy that might cause us to recall our shares:

  • Mergers & Acquisitions
  • Environmental & Social Shareholder Proposals
  • Contested Meeting
  • Activist Involvement
  • High Executive Compensation

Other items, such as Capital Structure or Equity Compensation Plan proposals might cause us to recall shares, provided there is appropriate rationale. 

There may be instances where we determine that the benefit from lending may outweigh our interest in a particular proxy vote.

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]

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。

16.2. 貴社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、企業にその根拠を伝える理由を示してください。

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]

We communicate our votes against management via meetings, emails or conference calls. We aim to inform companies in advance of our intention of voting against management recommendation, when the company have made contact with us via pre AGM consultations expressing the importance of the resolution. Our communication outlines the resolution which we are opposing and the rationale for our voting decision, highlighting our voting policy and any areas of focus which may have driven the recommendation. If we are unable to communicate with companies ahead of the AGM, we may incorporate this feedback into future engagements with the company.

We do not make public our rationale for voting abstain or against management. However, we produce detailed quarterly proxy voting reports, which are available to all clients for whom we have the authority to vote. These reports detail the shareholder meetings held during the period in respect of securities held by our client and provide details on how the votes have been cast. Report formats are available which show votes cast against management and abstentions with the reasoning behind this decision and an overall statistical summary of all votes cast.

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。


98.29 %


17.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:


Legal liabilities associated with voting

Voting on our own funds

17.3. 補足情報[任意]

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。

89.4 %
8.95 %
1.65 %

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。


18.4. 補足情報 [任意]

As an active manager, having rigorously selected the companies which we hold in our portfolios we generally support management in their long term strategic endeavours. 

We review our votes at the time of voting and communicate our votes against management to the company on resolutions that need further explanation. We relay to management the Capital proxy voting and decision making process, alongside the reasons for our vote detailing our voting policy. When meeting with the company to discuss other topics, if appropriate we may also notify them of our votes at other times of the year. 

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]

We review and report all rejections on a quarterly basis. We remediate any issues under our control to ensure that future votes are processed and accepted.

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。

20.7. 補足情報[任意] 

We do not submit any shareholder proposals. Where we identify issues that we believe will have material long-term impacts to shareholder value, we will engage with companies on these confidentially. We believe this is a more effective and constructive approach to solving problems and avoids the risk of damage to shareholder value caused by polarized public positions.

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。

Executive Remuneration

To ensure that executive remuneration creates incentives for superior long term investment returns and is aligned with all shareholders interests.


We engaged with a food retailing company regarding a proposed Long Term Incentive Plan (LTIP) during the year, expressing our view that proposed performance targets were too low and would lead to outsize rewards for executives that would not accurately represent the shareholder experience. The company revised its targets following our engagement, raising performance thresholds and strengthening the requirements for payouts.

Shareholder rights

To discuss proposed amendments to shareholder voting rights and to continue to emphasise our preference for a 'one share, one vote' approach 


Our analyst engaged with the management of an Italian company regarding the proposed introduction of extended voting rights for shareholders who had held longer term positions, and reinforced our preference for a single voting rights structure where contextually appropriate. The company has agreed to further disclose how the proposed structure will operate, and will seek to ensure that other provisions will mitigate potentially dilutive outcomes for shareholders.

Executive Remuneration|Climate Change|Pollution

Proactively engaged with the Board, including the Chairman, of a large European building materials company to encourage an active role in developing carbon emission reduction approaches.


The company acknowledged the need to lead the industry practices in this area, and has implemented CO2 reduction targets that aim to follow the Paris Accord glide path for executive remuneration plans.


21.2. 補足情報[任意]