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Eurizon Capital SGR

PRI reporting framework 2020

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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。

Eurizon Capital SGR adopts a targeted approach to corporate governance, participating at shareholder meetings of selected issuers listed on the Italian stock exchange and on other exchanges. Participation is assessed on the basis of its relevance for the interests of the managed portfolios and the possibility of having a meaningful impact on the outcome of the meeting through the voting rights held. The Company will however take part in the shareholder meetings of significant listed issuers, i.e. those in which the Company holds a significant share of capital or where the Company considers such a holding to be significant for the interest of the managed UCIs. Such behaviour enables the Company to avoid a box-ticking approach, instead focusing on a selected number of investee companies, which allows for an adequate level of analysis, minimising over-reliance on proxy advisors. The Corporate Governance office establishes the proposals for the voting instructions, on the basis of analyses, on further examination carried out on public documents, on outcomes of interaction with companies (so called "engagement"), on input from the advisor specializing in research supporting corporate governance decisions and voting recommendations, as well as on input provided by the Investment Department and the Head of Sustainability.

12.3. 補足情報[任意]

The participation at a shareholders’ meeting and the exercise of related voting rights is authorized by the Chief Executive Officer of the Company on a reasoned proposal from the Head of the Corporate Governance Unit within ESG & Strategic Activism, in coordination with the Investment Department and the Head of the Sustainability Unit.

In this regard, the Corporate Governance Unit establishes the proposals for the voting instructions, on the basis of analyses, on further examination carried out on public documents, on outcomes of interaction with companies (so called "engagement"), on input from the advisor specializing in research supporting corporate governance decisions and voting recommendations, as well as on input provided by the Investment Department and the Head of the Sustainability Unit.

The Chief Executive Officer defines the voting instructions and any specific issues to be presented in the interest of the investors, independent from any influence exercised within or from outside the Company, and chooses the best way to attend the Shareholders’ Meetings.

In this respect, the Company has defined specific internal procedures that prevent the circulation of information among the different companies of the Group and the Parent company, Intesa Sanpaolo, as regards the exercise of voting rights attached to the managed shareholdings, or internally to each company among the organizational structures subject to segregation (so-called "Chinese Wall").


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. 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]


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。

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:

17.3. 補足情報[任意]

We never let service providers express voting instructions on our behalf


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
90 %
経営陣の提案に対する反対票
9 %
棄権
1 %
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。

10

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。

19.3. 補足情報 [任意]

As outlined in our document “Adoption of Italian Stewardship Principles for the Exercise of Administrative and Voting ghts in Listed Companies”:

Before expressing a vote against management resolutions that may have significant effects on the issuer, the Company evaluates - if appropriate and provided that it is not prohibited by law - the hypothesis of initiating forms of engagement with the participating issuer, in the best interest of managed assets.

The Company believes that an effective engagement activity relates to building long-term relations with the board of directors, the board of statutory auditors and the senior management of investee companies, creating an environment in which institutional investors are regarded as credible and committed partners. Therefore, engagement is complementary to both the investment analysis as well as the exercise of voting rights, as it enables the Company to promptly address specific companies’ governance issues, thus preventing a disinvestment or the exercise of a contrary vote.  

In the event investees fail to respond constructively, the Company will consider escalating measures, such as: 

promoting, as set out in Principle 4, action in concert with other institutional investors – within Assogestioni Investment Managers' Committee - aimed at issuing comments or making specific requests for clarifications on certain issues;

making public statements during shareholder meetings.

In the event the Company considers the outcome of dialogue with investee companies as unsatisfactory, it reserves the right to abstain or vote against certain resolutions at the shareholder meeting.

 


LEA 20. Shareholder resolutions (Private)


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


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