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.