This report shows public data only. Is this your organisation? If so, login here to view your full report.


PRI reporting framework 2020

Export Public Responses

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions


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。



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。

Mirova is a front-line player in the RI industry, that offers cutting-edge thematic and multi-thematic approaches to sustainability. ESG issues are therefore at the heart of its investment processes, but also key components of is voting and engagement policy.

Organization of voting rights

The organization of our voting activity is articulated around two distinct poles.

Voting principles are defined by Mirova’s Responsible Investment Research Team, which is composed of analysts who are experts in environmental, social and governance issues. Our voting policy is updated annually. It is validated by Mirova’s Executive Committee, and by the Compliance and Internal Control Department. It is presented to the Board of Directors each year.

Resolutions are analyzed by Mirova’s Responsible Investment Research team. Voting decisions are the responsibility of the voting committee, which is composed of Mirova’s Global Head of Research and CIO of Equities and Fixed Income and its two Co-Heads of Responsible Investment Research. Portfolio managers and extra-financial analysts may be invited to participate in the committee’s deliberations depending on the subject under discussion.

Mirova’s voting rights are exercised by Ostrum AM’s Middle Office Department, according to instructions provided by Mirova as part of a service provider agreement. A report on the exercise of Mirova’s voting rights is presented to the Board of Directors annually.

Current procedure for the exercise of voting rights

Mirova uses an external voting services provider in charge of:

-informing Mirova of upcoming general meetings related to securities in its voting universe,
 -analysing resolutions according to the principles defined in the present voting policy (i.e., custom service). In some cases, Mirova's in-house Research team reviews resolutions (further details are provided in LEA.15)
 -providing access to a voting platform for the exercise of voting rights,
 -transmitting voting instructions to the issuer.

This service provider is in direct contact with custodian banks, from which it receives, on a daily basis, a list of every position held for each portfolio within our voting universe. The votes for each account are registered on the voting platform.

The scope of Mirova's voting activities

Except in certain cases, Mirova exercises voting rights for all the UCITS (Undertakings for Collective Investment in Transferable Securities) and AIF (Alternative Investment Funds) under its management and for which it holds voting rights, as well as for employee investment funds the supervisory boards of which have delegated voting rights to Mirova. Mirova will exercise its voting rights for all eligible assets, as identified at the end of the year preceding the vote and which are located in portfolios for which Mirova holds voting rights,, on the condition that the regulatory and technical constraints imposed by markets and depositories permit that the exercise of voting rights be in the best interests of unitholders. In 2019, Mirova's voting universe was made up of 432 companies.

Within this voting perimeter, 469 general meetings (GM) were held in 2019. Mirova has exercised its voting rights for 425 companies at 4623 general meetings, making its participation rate 98.5%.

Mirova did not exercise its voting rights at 7 general assemblies due to technical problems (fund migration into proxy systems and administrative systems, validity of power of attorney, etc.). Mirova is committed to transparency and discloses an annual report on votes cast available on its website, and all Mirova votes on resolutions presented at the general meetings of companies held in its voting funds (not including dedicated funds) are disclosed through an online platform, accessible through Mirova's website:

Exceptions to the policy

Mirova has defined guidelines for the application of these voting principles by markets (France, Italy, Japan, UK, etc.) in accordance to local regulation, recommendations and maturity on corporate governance topics, but also for small capitalisations (notably executives paid under 1M€) and for some industries (in accordance to the banking industry regulation for example). [SL1] Detailed voting criteria are described in our “Application Framework”, a large Excel spreadsheet that is continuously updated and provided to our proxy in order to ensure that our voting policy is implemented as expected. This application framework is not confidential and can be communicated. However, due to its complexity, technicality and limited understandability to the larger audience, Mirova chose not to publish it on its website.

It should also be noted that the principles defined in our voting policy may not apply, depending on companies' nationality, as shareholders' meetings may exhibit varying prerogatives depending on national legislation.

12.3. 補足情報[任意]

LEA 13. Percentage of voting recommendations reviewed

13.1. 報告年度において貴社のサービスプロバイダーが行った議決権行使に関する提言の中で、貴社が検討したものの割合およびその理由を記載してください。



13.2. 補足情報[任意]

We vote on 100% on our resolutions, which are all reviewed by our proxy-service provider ISS, on the basis of our in-house voting policy. The implementation of this Mirova bespoke voting policy has been optimised thanks to continuous work of the MiIrova RI-research team with the ISS team, so that ISS implements it on an automatic basis for all Mirova's voting rights, respecting strictly Mirova's voting guidelines. As a resultMirova also reviews resolutions internally for the following cases: a/ companies identified as “core” for Mirova (i.e. those where Mirova represents a significant shareholder or those which represent a significant weight in Mirova’s portfolios) , ; b/only outstanding resolutions for which ISS cannot vote on an automatic basis are treated directly internally by Mirova. In 20189, only12%16% of the resolutions were reviewed by our in-house RI Research team, among which:

86% reviewed as part of Mirova's engagement approach, notably applied to its largest holdings and/or when a specific governance issue is identified. The remaining 14% are resolutions for which ISS could not determine a voting recommendation.

Among resolutions reviewed internally, the main themes were:

- the fair distribution of corporate value (33%), especially executives' compensation policy
- the balance of power (20%) among which 98% were about election of re-election of directors
- shareholer resolutions (5%)

Mirova is committed to transparency and discloses an annual report on votes cast available on its website, and all Mirova votes on resolutions presented at the general meetings of companies held in its voting funds (except for dedicated funds) are disclosed through an online platform:


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)

As mentioned in its voting policy, Mirova does not have any securities lending activity.

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。


          On company’s request

15.3. 補足情報 [任意]

 The dialogue carried out over the year is disclosed in Mirova's engagement report, which includes a focus on cross-investment engagement themes, notably on governance (number of companies targeted, themes addressed, etc.). This report is available on its website:
 Furthermore, all Mirova's votes on resolutions presented at the general meetings of companies held in its voting funds (except for dedicated funds) are disclosed through an online platform:

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]

Ahead of the voting campaign, Mirova automatically communicates the content of its voting policy and recommendations for best ESG governance practices. Therefore, all companies for which there has been abstaining or voting against management recommendations can understand the reasons of our vote.
In addition, we conduct an in-depth dialogue with companies in our "core" universe, i.e. those representing a significant shareholding and/or with which we have had a constructive dialogue for multiple years. For all of them, we have sent an email explaining the rationale of our vote (either positive of negative).

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。


98.5 %


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:

Technical problems (such as fund migration into proxy systems)

17.3. 補足情報[任意]

In 2019, Mirova has exercised its voting rights as a shareholder of the UCITS and AIF it manages. The 2019 voting perimeter therefore covered 432 assets held in 51 UCITS and AIF, all of which are managed by Mirova. Within this voting perimeter, 469 general meetings (GM) were held in 2019, and Mirova exercised its voting rights at 462 of them, for a participation rate of 98.5%. Mirova did not exercise its voting rights at 7 general meetings due to technical problems such as fund migration into proxy systems or administrative systems and validity of power of attorney.

Mirova is committed to transparency and discloses an annual report on votes cast available on its website, and all Mirova votes on resolutions presented at the general meetings of companies held in its voting funds (not including dedicated funds) are disclosed through an online platform, accessible through Mirova's website:

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。

78 %
20 %
2 %

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]

All companies received an email from Mirova which outlined the main corporate governance practices supported by Mirova and enclosing its voting policy. 9% of companies which received a vote against management resolution were subject to a more in-depth dialogue (36 companies out of a total of 395 that received at least one vote against a management 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。


          Additional information

19.3. 補足情報 [任意]

In case of reoccurring issues leading to an opposition, Mirova may chose (depending on the severity, the previous dialogue and the amount invested) to contact the company representatives (directly or in collaboration with other investors). Absence of feedback or changes in practices may result in a downgrade of the company's sustainability analysis and, ultimately, in Mirova reducing its holdings.

LEA 20. Shareholder resolutions (Private)

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。

Executive Remuneration|General ESG|Other governance

Encouraging companies to adopt and communicate on the fair distribution of value


In our email ahead of the voting season, we highlighted that a fair distribution of value is key to a corporate governance model supporting a sustainable development. We explained that fairness should be understood as a/ correlated compensation of key constituting parties (i.e. executives, shareholders and employees) and b/ responsible fiscal practices.

We ran a review of all companies in our voting scope over the 6 previous years considering these criteria. As a result, we voted against 65 companies due to the lack of information enabling this “fairness analysis” (namely, lack of disclosure on payroll), and we engaged in an in-depth dialogue with 64 other companies to determine whether their distribution of value policy is fair. Most of these companies were able to provide qualitative and/or quantitative information justifying their practices. 7 of them were deemed insufficiently fair in their value distribution and were subject to a vote against dividends and/or executive pay resolutions as a result. With all them, the dialogue was fruitful, and we expect an increased focus on the matter in future years.

General ESG|Sustainability reporting|Other governance

To foster the integration of sustainability at the core of corporate governance


In our pre-AGM season email, in our voting policy and during every dialog, we support the integration of sustainability as a key pillar of corporate governance. We notably advocate on 3 main aspects: a/ the creation of a dedicated CSR committee at board level, b/ the integration of relevant sustainability KPIs in executives pay and c/ the disclosure of a CSR report which non-financial information have been audited / certified.

No disclosure of a CSR Report or the lack of relevant sustainability criteria in executive compensation leads to Mirova opposing related resolutions.

As a result, we are seeing a lot more companies disclosing CSR report and including non-financial KPIs in executives pay. Appointment of dedicated directors in charge CSR aspects is still rare, we expect evolutions in the future. Our dialogs are largely fruitful on these topics, with many companies appealing to our opinion on which sustainability criteria are deemed relevant to include in executives’ incentive plans.

General ESG|Other governance

Holding governance bodies responsible for their role in setting a sustainable corporate governance model


In addition to advocating in favour of a sustainable corporate governance model (i.e. including key constituting parties as well as sustainability considerations), Mirova has been holding committee chairmen responsible for the role they should play in setting such a model.

Hence, Mirova opposes the re-election of the chairman of the nomination committee in cases such as insufficient employee representatives at the board, insufficient feminization of the board, lack of balance between represented parties, etc. Likewise, chairmen of the remuneration committee notably will see their re-election opposed if no sustainability criteria are used to define executives’ variable incentives,

All companies in our voting universe are made aware of Mirova’s approach on responsible corporate governance practices as we send our voting policy, together with an outline of the main good practices we are expecting, in a pre-voting season email. For companies where Mirova holds a significant stake and for those representing a significant weight in our portfolios, votes against are accompanied by an in-depth dialog. Hence, companies are aware of our expectations and understand why we vote against these committee chairmen.


21.2. 補足情報[任意]