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Service Providers Framework 2020

You are in Active Ownership Services » Voting


AOS 11. ESG in voting recommendations

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

          LAPFF issues voting alerts which provide voting recommendations to member funds for companies of concern, advising members of how to vote on a particular director or issue(s) in line with LAPFF’s ESG policies and/or approaches. LAPFF follows its Policy Guide on ESG issues to determine voting recommendations. The recommendations are provided on a case by case basis, and take account of previous engagement with the company on the relevant topic.

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.

13.3. Additional information [OPTIONAL]

          LAPFF believes in engaging constructively with members’ investee companies. Explaining why the Forum is voting a certain way is deemed another form of engagement with the company board and extending the opportunity for dialogue and debate on material responsible investment concerns.

AOS 14. Monitoring voting outcomes

14.1. Describe how you monitor voting outcomes.

          LAPFF monitors the vote(s) outcomes and reports back to members. These voting recommendations are assessed on a comparative basis with the asset managers executing the votes on the Forum members’ behalf.

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

Voting outcomes are just one element that feeds into decisions on ‘next steps’. In some instances where a resolution received a high opposition vote, LAPFF may follow up with the company requesting a meeting.

14.3. Additional information [OPTIONAL]

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.

15.2. Describe the formal mechanisms you have in place if clients wish to review your voting recommendation and/or give voting instructions different from your recommendations.

The LAPFF Executive Committee reviews voting recommendations before they are sent to the broader membership. The voting alerts are circulated to members on an advisory basis. The individual member considers the recommendation and then liaises with the third party providers on how they wish to execute the vote.

15.3. Additional information [OPTIONAL]

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]

The Forum has recently instructed its service provider to undertake research in to the voting habits of the largest fund managers. The aim of this project is to hold managers accountable for their voting records. It is considered that providing members with the voting records of their individual fund managers will improve the implementation of voting confirmations within the LAPFF universe.