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APG Asset Management

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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。

APG's dedicated Global Responsible Investment & Governance Team centrally coordinates, oversees and controls the exercise of all equity voting rights globally. We have implemented APG's detailed Voting Policy in our electronic proxy voting system which automatically instructs our votes in line with our Responsible Investment and Governance Policies. In addition, voting items are assessed on a case-by-case basis taking into account each company's unique circumstances and we will, often in consultation with the relevant portfolio managers, override the custom instructions if deemed appropriate, all decisions have a written rationale.

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?

14.2. 貴社がセキュリティーズレンディングをしていない理由を説明してください。(最大500語)

Securities lending carries risks associated with tax credits and can hamper voting, for these reasons APG does not have a Securities lending programme.

14.4. 補足情報 [任意]


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]

APG publishes public corporate governance positions under our Corporate Governance Framework and Remuneration Guidelines to listed European and US companies. In addition we provide our portfolio companies with any ad hoc updates to our corporate governance policies. As such most companies are (or should be) aware of our governance position, which wil guide our voting and this reduces the need to explain all votes of all issuers on an individual basis. APG discusses its voting decisions with some companies in advance of or after the annual general meeting but we do not systematically inform all companies. 

Before the vote is cast: We communicate to selected companies on the basis of the size of our stake, the issue at hand, and the general intensity of our dialogue with the company at the time.

After the vote is cast: We disclose all our voting decisions through our public voting disclosure tool on APG's website: http://www.apg.nl/en/apg-as-asset-manager/responsible-investing/voting-behavior, and we write to some companies to inform them of how we voted. Our past voting behaviour is also discussed during engagement interactions with 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。

16.2. 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]

APG publishes public corporate governance positions under our Corporate Governance Framework and Remuneration Guidelines to listed European and US companies. In addition we provide our portfolio companies with any ad hoc updates to our corporate governance policies. As such most companies are (or should be) aware of our governance position, which wil guide our voting and this reduces the need to explain all votes of all issuers on an individual basis. APG discusses its voting decisions with some companies in advance of or after the annual general meeting but we do not systematically inform all companies. 

Before the vote is cast: We communicate to selected companies on the basis of the size of our stake, the issue at hand, and the general intensity of our dialogue with the company at the time.

After the vote is cast: We disclose all our voting decisions through our public voting disclosure tool on APG's website: http://www.apg.nl/en/apg-as-asset-manager/responsible-investing/voting-behavior, and we write to some companies to inform them of how we voted. Our past voting behaviour is also discussed during engagement interactions with companies. 


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

99 %

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]

There are impediments to exercising our voting rights which we actively seek to address. This includes the practice of share blocking in certain markets whereby one cannot trade in company shares when voting, or cumbersome share re-registration procedures. APG has been engaging with companies, investors and policymakers alike to change this and as a result we face this issue less frequently, but the proxy voting chain can be optimised further. To date we cannot always be sure that our vote reaches the company correctly or indeed at all. APG is actively working with custodians, companies and investors, as well as policymakers, to address these shortcomings. In 2019, we did not cast a vote on ~1% of the company meetings that we could have voted for the above reasons.


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
77 %
経営陣の提案に対する反対票
22 %
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。

18.4. 補足情報 [任意]

APG's voting decisions are based upon its voting policy which is part of the APG Corporate Governance Framework, available at the APG website: https://www.apg.nl/pdfs/APG%20AM%20Global%20Corporate%20Governance%20Framework%20FINAL_ENG.pdf


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]

APG complies with the Dutch Stewardship Code (the Code) adopted by Eumedion on 20th June 2018, the Code specifies an escalation approach and APG subscribes to this approach.


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。

20.2. 貴社が行ったまたは共同で行ったESG関連株主決議の数を記載してください。

9 合計

20.3. 以下の結果をもたらした、これらのESG関連株主決議の数の割合を記載してください。

議案に採用された
100 %
企業側での変更または企業との交渉により撤回された
0 %
別の理由で撤回された
0 %
企業側により拒絶された/受け入れられなかった
0 %
合計 100%

20.4. 貴社が提出または共同提出したESGの株式決議で議案に採用された(撤回されなかった)ものに対する賛成票の割合を選択してください。

1 50%超
5 20〜50%
3 20%未満

20.5. 貴社が提出または共同提出したESG関連の株主決議で、結果が達成されたものについて説明してください。

In 2019, APG, together with other large investors, filed a climate resolution with oil and gas company BP. The resolution posed three demands on BP: a strategy consistent with the Paris Climate Agreement, formulating climate ambitions and goals for the short, middle and long term, and an annual report on this. Senior executives of the British oil and gas company supported the resolution and it passed with an overwhelming majority.

The remainder of the resolutions co-filed by APG are part of the Voto-di-Lista process in Italy, led by Assogestioni, in which minority shareholders propose their own candidates to the board of directors and/or the board of statutory auditors.

  • Assicurazioni Generali  S.p.A.
  • ENAV S.p.A.
  • ENEL S.p.A.
  • ERG S.p.A.
  • Moncler S.p.A.
  • Poste Italiane S.p.A.
  • Prysmian S.p.A.
  • De'Longhi S.p.A.

20.6. 貴社が他の投資家によって提出されたESG株主決議を審査するかどうかについて説明してください。

APG applies a specific voting policy for shareholder proposals. We vote on all proposals and support those that we consider to be in the interest of the company and its shareholders. We support proposals where they help to address significant governance and sustainability issues not currently adequately addressed by the company or that otherwise could have a positive impact on the company’s ability to create long-term value. In general, APG supports resolutions that seek to generate greater transparency and accountability when we deem this to be reasonable and practical and especially in cases where problems have already arisen, suggesting risks are not adequately managed.

20.7. 補足情報[任意] 


LEA 21. Examples of (proxy) voting activities (Not Completed)


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