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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。

First State Super has a significant exposure to listed share investments. Exercising the voting rights attached to shares held in public companies is something we regard as being integral to active ownership. Share voting is an important tool for engaging with companies. Voting is an effective way for the Trustee and other investors to publicly express its views on what a company is doing right, and what a company needs to improve.

The Trustee is ultimately responsible for voting decisions and has the right to override the recommendations put forward by its corporate governance advisors and its investment managers.

Voting on Australian Shares
The Funds have appointed a proxy voting specialist, Australian Council of Superannuation Investors (ACSI), to provide voting advice in relation to resolutions of a corporate governance nature for companies in the ASX300 Index. External and internal investment managers are expected to actively consider their position on company resolutions put to Annual General Meetings. 

Where voting is not contentious (defined as cases where both ACSI and the investment manager(s) support a company resolution), the Funds vote in favour of the resolution.  Where voting is contentious (defined as cases where either ACSI or the investment manager(s) do not support a company sponsored resolution), the Head of Responsible Investment will consider each resolution on a case-by-case basis. Inputs to the decision-making process will include ACSI’s proxy voting advice, the views of the investment manager(s) and, if relevant/required, and time permitting, a third-party report.

Voting on Global Shares
For international holdings, voting is achieved through a proxy voting specialist, CGI Glass Lewis, and with investment managers. CGI Glass Lewis provides proxy voting research and vote recommendations for the Vanguard international equities portfolios. Other international shareholdings are voted by the investment managers in line with their proxy voting agency or their own internal voting guidelines. We retain the right to instruct voting decision on the shares we own. The Funds expect the international equities investment managers who hold voting responsibility to: 
- exercise their voting responsibility actively; and 
- report to the Funds on voting activity, highlighting where a vote is made in a manner that is inconsistent with their internal voting guidelines.

Any votes not made in line with our proxy advisors or a manager's policy together with the rationale are reported to our Investment Committee.

12.3. 補足情報[任意]

We actively contribute to setting the ACSI Governance Guidelines which are used by ACSI’s management to inform their voting recommendations and by us in exercising our voting rights. The Guidelines are co-written and approved by members via working groups and ACSI’s Member Council. 

Link to ACSI’s Governance Guidelines: https://acsi.org.au/wp-content/uploads/2020/01/ACSI-Governance-Guidelines-2019.pdf

We subscribe to ACSI’s International Voting Policy, which is implemented by Glass Lewis. We contribute to the regular review and updates to this Policy together with ACSI and Glass Lewis representatives.


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme (Private)


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.


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]

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. When ACSI is making a recommendation against, ACSI engages with the company and seeks a response and rationale from the company for the report.


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

100 %

この投票率の計算基準を明記してください

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
91 %
経営陣の提案に対する反対票
9 %
棄権
0 %
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。

100

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。

19.3. 補足情報 [任意]

Through our service provider, ACSI, we engage companies and undertake a series of escalation steps before and after company meetings. The level of escalation recommended by ACSI is dependent upon the nature and materiality of an issue and responsiveness of a company to engagement.

 

Generally, where ACSI recommends a vote in opposition to the board, depending on the materiality, the company may be put onto ACSI's engagement priority list for the following year.

Further escalation can include:

Further engagement with board members and/or chair
Expressing concerns to alternative company representatives (i.e. management, other non-executive directors)
Working collectively with asset managers/other asset owners and holding discussions with other equity or bondholders
Recommending additional votes against management on relevant proposals at general meetings (eg: ACSI's women on boards policy

https://acsi.org.au/wp-content/uploads/2020/02/2019-Voting-Policy-gender-diversity.pdf)

Speaking to regulators, industry bodies and advocating for policy change
Expressing concerns publicly
Encourage our membership and other industry participants to take up more pro-active stance


LEA 20. Shareholder resolutions (Private)


LEA 21. Examples of (proxy) voting activities (Private)


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