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CBUS Superannuation Fund

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。

Voting at company meetings is one way where the Fund can exercise its shareholder rights to influence and encourage better ESG practices among in the companies we invest in.

The Fund's voting practices domestically and internationally are predominantly based on the Australian Council of Superannuation Investors (ACSI) Corporate Governance Guidelines to ensure consistency of our voting process.

 ACSI’s Governance Guidelines can be found here:  https://acsi.org.au/wp-content/uploads/2020/01/ACSI-Governance-Guidelines-2019.pdf

In Australia, as a member of ACSI we actively contribute to the setting of the Governance Guidelines which we use to inform our voting decisions. By being a member of ACSI, we sign off on the Guidelines which give an ESG perspective on voting recommendations. ACSI’s Guidelines are used by management to arrive at their voting recommendations.

There are limited circumstances where the Fund cannot vote, and the Fund has a policy regarding stock lending as outlined in our Responsible Investment Policy.

Cbus’ voting positions are not considered in isolation, Cbus will consider engagement with companies, our managers and broader stakeholder views (where applicable). In all cases the Fund will make its voting decision based on the best long-term interests of members.

When a contentious issue arises, the Fund will seek a range of inputs and will consider engagement progress and outcomes. Examples of contentious issues include:

  • Shareholder proposals
  • High profile external events
  • AGMs classified as having contentious resolutions by the proxy voting service provider CGI Glass Lewis or ACSI

We use a third party service provider to execute proxy voting based on our own voting policy. We are able to track voting outcomes based on the criteria set by Cbus. In addition our voting approach and criteria is approved annually by the Investment Committee with weekly and monthly voting reports are provided.

12.3. 補足情報[任意]


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]

The Fund has designed a process that enables the investment team to recall a stock from loan on ASX companies to ensure that the security lending program does not prevent the Fund from exercising its voting rights as a shareholder. We can also recall shares in our global portfolio if required. 


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]

Prior to ACSI issuing voting recommendations to members, ACSI attempts to make contact with all companies, particularly if there is a controversial item or where ACSI may oppose the board on a resolution. We also receive information from Glass Lewis proxy advisor on global companies.


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。

16.3. 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。

1%単位の投票率

98 %

この投票率の計算基準を明記してください

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]


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
82.57 %
経営陣の提案に対する反対票
15.68 %
棄権
1.80 %
100.05%

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。

100

18.4. 補足情報 [任意]

ACSI always attempts to contact companies before publishing an against management recommendation to discuss the resolution.  Where a meeting is  contentious or is a large holding we will advise the company where we have not supported a resolution.


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]


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] 


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。

ESGトピック
Health and Safety
意思決定者
目的

Actively considered the implications of fatalities in voting activites.

対象範囲およびプロセス

Where Cbus was aware of a fatality we considered the impact on short term incentives, level of disclosure, accountability and lessons learned from the tragic event and actively engaged to seek further information. Where there is insufficient disclosure or accountability we did not support the remuneration reports. 

結果
ESGトピック
Climate Change
意思決定者
目的

ACSI seeks companies disclose reliable and sufficiently granular information for investors in line with the TCFD Framework that provides insights into how the company manages climate risks and how they are resilient under a low carbon economy. ACSI assesses companies against the following areas:

  • Climate transparency, governance & policy
  • Transition risk management and disclosure
  • Physical risk management and disclosure
  • Paris-aligned targets
  • Just transition
  • Industry associations
対象範囲およびプロセス

ACSI’s focus is on companies in the ASX300 who have a material exposure.

ACSI provides analysis on climate-related resolutions by analyzing the climate change disclosures by the company and engages on where improvements can be made often seeking commitments from the company ahead of the AGM. Depending on the company’s disclosures or commitments to improve ACSI will either recommend a vote in favour or against a shareholder proposal. In 2019, ACSI provided voting recommendations on 12 companies with climate-related resolution.

結果
ESGトピック
Executive Remuneration
意思決定者
目的

Ensure alignment of executive and shareholder interests, and appropriate board oversight.

対象範囲およびプロセス

ACSI provided our fund with voting advice on remuneration-related resolutions at each ASX300 company.

ACSI analyses the remuneration disclosures by the company and engages with the company on where improvements can be made or why remuneration was paid in certain outcomes.  Depending on the company’s disclosures, commitments to improve or discretion applied ACSI will either recommend a vote in favour or against.  

結果
ESGトピック
Human rights
意思決定者
目的

To ensure these companies have adequate systems, policies and practices in place to monitor and modify contractor/supplier behaviors. This includes encouraging public disclosure of training efforts, auditing outcomes, lists of suppliers and engagement with Governments where issues are systemic.

対象範囲およびプロセス

ACSI focus is on companies in the ASX200 who have a material exposure.

ACSI provides analysis on LHR-based shareholder resolutions in the Australian market. For 2019, ACSI provided analysis on one LHR-based shareholder resolution.

結果
ESGトピック
Diversity
意思決定者
目的

Increase the representation of women on ASX300 company boards to 30%. Where companies fail to demonstrate a plan to reach 30% ACSI recommends votes against zero women boards.

対象範囲およびプロセス

Of the 81 companies targeted at the start of 2019, 34 companies appointed a female director to their board. Our program included 75 meetings with these target companies and resulted in ACSI opposing 16 director re-elections as they failed to demonstrate a plan to reach 30% women on their board.

結果
ESGトピック
Other governance
意思決定者
目的

Board composition and accountability:

Broadly, there are two objectives:

(1) Ensure appropriate board composition, including a majority of independent directors.

(2) Ensure board accountability to shareholders for past decisions.

対象範囲およびプロセス

ACSI provides voting advice for the ASX300 on board composition and accountability (this includes diversity issues), via recommendations on director elections and re-elections.

結果

21.2. 補足情報[任意]

Our service provider ACSI makes all proxy voting recommendations in accordance with the Governance Guidelines which are created and approved by its members. 

ACSI informs companies of its voting recommendations before the meeting where there are contentious issues, and after the meeting for all companies. ACSI typically meets companies whose resolutions it opposed.

Cbus will contact companies pre or post vote when in members best interests.


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