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National Employment Savings Trust (NEST)

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.

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.

Our voting policy is used as a checking mechansim and tool for engagement with fund managers. Our fund manager will send us voting intentions ahead of AGMs for a select number of companies and our voting proxy provider will check their decisions against our policy decisions. Where there are key differences we will engage in a dialigue with our fund managers.

Ahead of voting season we share our policy with our managers and discuss key policies and issues that we deem to be important.  

12.3. Additional information.[Optional]

We do not use voting receommendations from our proxy voting agent we have our own voting policy that we use to assess our managers voting decisions. We expect our fund managers to have their own documented voting policy and not rely solely on third party recommendations. They provide evidence that they do not.   


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]

Where there are significant issues we will endeavour to write to companies to inform them of our voting intentions, this is particulary true for significant companies where we may be looking to support a shareholder proposal.


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.

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]


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.

17.2. Explain your reason(s) for not voting on certain holdings

17.3. Additional information. [Optional]

this is outsourced to fund managers


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
80 %
Against (opposing) management recommendations
20 %
Abstentions
0 %
100%

18.3. In cases where your organisation voted against management recommendations, indicate the percentage of companies which you have engaged.

20

18.4. Additional information. [Optional]

We are able to override votes on a selective basis only.  


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]

We have a subset of companies that are our focus-list and we will take a holistic approach to stewardship on these. We will join-up the voting and engagement activities where relevant.


LEA 20. Shareholder resolutions (Private)


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


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