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Alberta Investment Management Corporation

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。

AIMCo's Responsible Investment team reviews and approves every ballot item to ensure consistency and exercise shareholder voice. Specific ballot items such as say-on-pay and Shareholder Proposals are flagged for additional analysis and review. The Responsible Investment team considers multiple research inputs and conducts further research for key ballot items. In addition, the Responsible Investment team confers with relevant portfolio managers prior to voting for companies on AIMCo's Strategic Watch List or on particularly unique or contentious issues.

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]

AIMCo's custodian will initiate a recall of loaned Canadian and US securities and restrict all securities with upcoming proxy votes from the lending program. These securities shall subsequently be made available for lending after the record date. Any securities that cannot be successfully recalled will be reported to AIMCo and/or their proxy service provider on a timely basis. AIMCo recalls 100% of all securities for the purposes of voting except for select securities. These are identified as top earners by AIMCo's Collateral Management team, resulting in 10% of the top earners being recalled for voting purposes.


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]

AIMCo writes up to 10-15 issuers per quarter on the topics of diversity, climate-related disclosures, supply chain risks, cybersecurity,  executive compensation and say-on-pay.  AIMCo takes a considered approach to vote in alignment with our bespoke proxy voting guidelines and we conduct our own independent research to further inform our voting decisions by engaging with companies where an adverse vote was made. Outcomes from the quarterly letter campaign are recorded and referenced to inform voting rationales in future meetings.


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]

After AIMCo approves a proxy ballot, Glass Lewis executes the vote on our behalf. Through this process the issuer is notified of AIMCo's voting stance. If AIMCo abstains, votes against management recommendations, or has reservations about a management proposal then AIMCo will include a vote note, explaining the rationale for the voting decision. If AIMCo is contacted about our vote rationale after the vote, we may engage with the company as appropriate and further explain why a vote was cast in a particular manner. In addition, our proxy voting history which includes our rationale is posted on our website. 


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

99.7 %

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]

We strive to always exercise shareholder voice and the only instances in which a vote does not occur are due to power of attorney issues for certain markets or issuers, or situations in which we were actively blocked from voting our shares.  


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
86 %
経営陣の提案に対する反対票
11 %
棄権
3 %
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。

1

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。

19.2. 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。

その他(具体的に説明してください)

          AIMCo also considers escalation strategies such as advocacy and inclusion of issuers on our exclusion list.
        

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。

20.2. 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。

3 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
33 %
企業側での変更または企業との交渉により撤回された
67 %
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。

0 50%超
39 20〜50%
0 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。

AIMCo, along with other peers, filed a shareholder resolution at three Canadian issuers to request that the Board of Directors adopt a policy that shareholders be permitted to vote, on an annual and advisory basis, on a management resolution to ratify the compensation of Named Executive Officers set forth in the proxy statement. Following this, AIMCo received commitment letters from two companies to adopt Say-on-Pay at their upcoming Annual General Meeting (AGM), after which we formally withdrew our proposals at these two issuers. The proposal at the third company went to vote at the AGM and the resolution received 39% support. 

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。

As part of our internal proxy voting process, AIMCo evaluates all shareholder proposals we can vote on with independent proxy voting research in tandem with other service provider ESG research. We support timely and reasonable proposals that align with our assessment of the company's ESG risks and opportunities and uphold corporate governance principles such as say-on-pay, majority voting and gender diversity. Resolutions requesting companies to report and disclose on management of its relevant ESG risks are generally supported by AIMCo, provided the company lacks disclosure on these risks or is lagging compared to what is considered generally acceptable disclosure such as that provided by peers. We consider whether the shareholder proposal will ultimately enhance value to the company and to shareholders. Proposals that place undue constraints on the issuer and/or proposals that are duplicative of reporting protocols already in place will not be supported by AIMCo. 

20.7. 補足情報[任意] 

AIMCo joined a collaborative engagement with Canadian institutional investor peers requesting select Canadian issuers to adopt say-on-pay. For issuers with no say-on-pay that three or more peers hold in common, a dialogue is requested. This collaborative engagement process has two steps. First, a letter is sent to the issuer requesting a dialogue on say-on-pay. If the issuer refuses to add say-on-pay on the ballot without a sufficient rationale, AIMCo will file a shareholder proposal along with peers. The objective of the engagements is to create a level playing field for issuers and to enhance shareholder voice.

For the 2019 AGM season, AIMCo co-filed a shareholder proposal requesting say-on-pay be added to the ballot at three Canadian issuers. Following two issuer commitments to adopt say-on-pay, AIMCo proceeded to withdraw two of the proposals, while the third one went to vote on the AGM.  


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
Diversity
意思決定者
目的

To enourage companies to adopt diversity targets, policies, and board term limits to encourage refreshment and greater diversity. 

対象範囲およびプロセス

AIMCo's proxy voting guidelines include diversity as an attribute for a well functioning board.  AIMCo may, subject to discretion, vote against or withhold our vote from the chair and/or members of the nominating committee or another relevant board director in developed country markets where the issuer exhibits low levels of board gender diversity such as where there are fewer than 20% female directors, no stated commitments to achieve gender diversity, and/or where the company has not improved its board gender diversity year-over-year.  Our threshold for board gender diversity is expected to increase to 30% by 2022.

These voting guidelines resulted in 17% of meetings in US, Canada, Europe and Australia, being impacted by having withheld or against votes for certain directors. 

結果
ESGトピック
Shareholder rights
意思決定者
目的

To enable shareholders to have access to the nomination process given investor focus on board composition. 

対象範囲およびプロセス

Proxy access for director nomination is considered a key right for shareholders. AIMCo continues to support proposals that request proxy access while maintaining safeguards on the nomination process. 

We continue to support requests for companies to adopt proxy access for the first time as well as supporting proposals that seek to enhance current proxy access bylaws, such as those proposals that take into account proper thresholds for ownership and board seats given a company's size. During 2019, AIMCo supported all of proxy access shareholder proposals.  

結果
ESGトピック
Diversity|Other governance
意思決定者
目的

To foster increased disclosure and allow shareholders to measure progress and fully understand the risks associated with pay inequity concerns globally

対象範囲およびプロセス

AIMCo voted on several shareholder proposals requesting disclosure of a median pay equity report at various global companies. 

We evaluated the company's current disclosure of policies and initiatives for gender equality, and the scope of this disclosure in accordance with the company's geographic scope (regional vs. global). We also evaluated if providing the level of disclosure requested by the proposal would be beneficial to track the impact of the company’s diversity initiatives, since the median pay gap is a statistically unadjusted figure. The gap is troublesome if there is a fair representation of female workers across the company, but not at the higher levels. 

This analysis resulted in AIMCo supporting 11 shareholder proposals requesting disclosure of a median gender pay gap report.

結果
ESGトピック
Climate Change
意思決定者
目的

To advocate and enhance transparency of climate change-related reporting.

対象範囲およびプロセス

Climate change is an ESG focus area for AIMCo since 2015.

For environmental shareholder proposals, AIMCo tends to support reasonable requests for companies to increase its transparency and reporting of climate-related risks. We do not support duplicative or overly prescriptive proposals that do not clearly enhance shareholder value or transparency of a company's risk. While the majority of environmental shareholder proposals request greenhouse gas (GHG) emissions disclosure, in 2019 we also supported other, sector specific climate-related reporting, such as requests for reporting on pesticide use in the supply chain, packaging and plastic pollution, food waste and water pollution. 

AIMCo supported 23% of reviewed environmental shareholder proposals. 

結果

21.2. 補足情報[任意]


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