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Regnan Governance Research and Engagement Pty Ltd

Service Providers Framework 2020

You are in Active Ownership Services » Voting

Voting

AOS 11. ESG in voting recommendations

11.1. Describe how ESG factors are taken into consideration in voting recommendations.

          As a specialist ESG provider, ESG perspectives are central to the support we provide clients on voting deliberations. 

While we do not provide a comprehensive proxy recommendations service, our research and engagement outputs are relevant to voting deliberations, especially our stock ratings across environment, social and corporate governance factors, and our reporting to clients on engagement undertaken, which often directly addresses voting matters. We draw on our stock level assessments of ESG factors and engagement insights in responding to client queries on voting matters.

Additionally, we actively highlight ESG perspectives relevant to voting deliberations for environment and social matters subject to shareholder proposals and other voting matters where we consider Regnan research and/or engagement insights likely to be additive.
        

11.2. Additional information [OPTIONAL]

          
        

AOS 12. Raising concerns with companies ahead of voting (Private)


AOS 13. Voting against management

13.1. Indicate the proportion of votes where you have communicated the rationale to companies when you, on behalf of your clients, abstain or vote against management proposals.

13.2. Indicate the reasons you would communicate to companies, the rationale for abstaining or voting against management recommendations.

13.3. Additional information [OPTIONAL]

          We do not vote on behalf of clients, but rather provide information relevant to voting deliberations and, in some instances, specific voting recommendations. 
In most cases, the rationale for our recommendation is communicated to companies in general terms as part of the course of ongoing engagement with the company.
        

AOS 14. Monitoring voting outcomes

14.1. Describe how you monitor voting outcomes.

          Via company annual general meeting and results announcements.
        

14.2. Describe how you typically decide what recommendations for next steps to give to clients.

We provide clients with information both in advance of and post the AGM season. This includes details of which AGMs are likely to include aspects relevant to environmental and social issues, including shareholder resolutions, as well as potentially controversial governance aspects.

Prior to the meeting we may provide clients with additional information relevant to their voting deliberations.

After the meeting we provide a summary of the season, including key trends and emerging issues as relevant and planned next steps.

These next steps are informed by a range of factors including but not limited to: the extent to which we have engaged with the company ahead of the meeting; our view on the vote (particularly where it differs to the management recommendation or was controversial); the result of the vote and the extent to which it may require elaboration/ additional context; the materiality of the issue relative to other engagement priorities and our understanding of client sensitivities.

14.3. Additional information [OPTIONAL]

Continuing on the above (14.2): 

Next steps might include: engagement with the company (typically in person); factoring the result into decision making with respect to future AGMs – both for the company in question or others in a similar position; opportunities for public advocacy where appropriate; formal inclusion of the company into our engagement program (with client approval).

In addition, we may advise clients on additional steps they may wish to take.


AOS 15. Mechanisms for clients to review voting recommendations

15.1. Indicate whether you have formal mechanisms in place for clients to review your voting recommendations.

15.3. Additional information [OPTIONAL]

We do not vote on clients' behalf. We provide clients with a detailed research note to support them in their understanding of the issue. This note acknowledges that clients have competing priorities (from member interest to their own voting policies) and therefore our voting recommendation is a suggestion supported by a detailed discussion of the issue, including specific voting considerations (for instance, the investors' own public commitments).


AOS 16. Involvement in projects to improve voting trail and obtaining confirmation

16.1. Describe your involvement in any project to improve the voting trail and/or to obtain vote confirmation for your clients.

16.2. Additional information [OPTIONAL]


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