We aim to vote at general meetings of all the companies we invest in.
In line with the G20/OECD Principles of Corporate Governance and best practice, most companies now permit shareholders to vote at general meetings without attending in person. This is known as voting by proxy. Under such a procedure a shareholder can appoint a representative to attend the meeting and vote as instructed on its behalf. The system of proxy voting enables us to exercise our voting rights at thousands of companies worldwide.
All our voting decisions are publicly disclosed on the day subsequent to the meeting conclusion and made available on our website. See how we voted. We also publish voting intentions ahead of general meetings for a selected number of companies, and for certain fundamental issues that we emphasize in particular.
Integrating investment knowledge into voting decisions
While the majority of our voting decisions fall within the scope of our public voting guidelines, there are cases where our global voting guidelines are less relevant due to the nature of the resolution. Some resolutions may be contentious or simply fall outside the general voting guidelines framework. In such cases, we analyse the agenda items individually and vote on the basis of what is in the best long-term interest of the company and the fund. One common example of such cases is an extraordinary general meeting to vote on a merger, acquisition or capital issuance.
We have an integrated voting process where the portfolio managers for the fund’s most significant holdings provide investment knowledge that is incorporated into the final voting decision. By incorporating the insights of investment teams we are in a position to consider company factors on a case-by-case basis.