2015 - september - annual corporate governance - international · 2019-06-07 · pt astra...

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CORPORATE GOVERNANCE - INTERNATIONAL

1st April 2014 to 31st March 2015 ASIA PACIFIC

A Director election B Remuneration C Stock option plan D Share issuance without pre-emptive rights E Re-issuance of repurchased shares F Amend articles of association G Appoint auditor H Audit committee election I Bond issuance J Executive retention plan K Increase borrowing powers L Other business M Release restrictions of competitive activities of directors N Share issuance SP Shareholder proposal

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED

ISSUES VOTED FOR/WITH ISS

ISSUES VOTED AGAINST, ABSTAINED, OR CONTRARY TO ISS RECOMMENDATIONS

Ayala Corporation Philippines AGM 07/04/14 L – Voted against in line with ISS recommendation.

Industrial and Commercial Bank of China Ltd

China EGM 07/04/14

Huaneng Renewables Corp Ltd China EGM 07/04/14 Approve new deposit and loan services framework – Voted against in line with ISS recommendation.

Keppel Corp Ltd Singapore AGM 10/04/14 Hong Kong Exchanges and Clearing Ltd Hong Kong AGM 11/04/14 DBS Group Holdings Ltd Singapore EGM 16/04/14 DBS Group Holdings Ltd Singapore AGM 16/04/14 B – Voted against in line with ISS

recommendation. Woodside Petroleum Ltd Australia AGM 16/04/14 B – Voted against in line with ISS

recommendation. Global Logistics Properties Ltd Singapore EGM 16/04/14 Singapore Technologies Engineering Ltd Singapore AGM 16/04/14 Singapore Technologies Engineering Ltd Singapore EGM 16/04/14 United Overseas Bank Ltd Singapore AGM 16/04/14 PT Astra International Tbk Indonesia AGM 17/04/14 A – Voted against in line with ISS

recommendation. Want Want China Holdings Ltd Hong Kong AGM 25/04/14 A x 3, D, E – Voted against in line with ISS

recommendation.

2

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Great Wall Motor Co Ltd China AGM 01/05/14 D – Voted against in line with ISS recommendation.

China Petroleum & Chemical Corporation China AGM 01/05/14 D, I – Voted against in line with ISS recommendation.

Great Wall Motor Co Ltd China Class Meeting 01/05/14 AMP Ltd Australia AGM 01/05/14 AIA Group Ltd Hong Kong AGM 06/05/14 Tencent Holdings Ltd Hong Kong AGM 07/05/14 C, D, E – Voted against in line with ISS

recommendation. Cathay Pacific Airways Ltd Hong Kong AGM 07/05/14 A x 5, D – Voted against in line with ISS

recommendation. PT Bank Mandiri Tbk Indonesia EGM 12/05/14 A – Voted against in line with ISS

recommendation. Hutchinson Whampoa Ltd Hong Kong AGM 12/05/14 A x 2, D E, – Voted against in line with ISS

recommendation. Cheung Kong (Holdings) Ltd Hong Kong AGM 12/05/14 A x 5, D E, – Voted against in line with ISS

recommendation. Oil Search Ltd Australia AGM 12/05/14 Santos Ltd Australia AGM 12/05/14 SP: Approve withdrawal of Narrabi gas project

from the Santos’ portfolio – Voted against in line with ISS recommendation.

Power Assets Holdings Ltd Hong Kong AGM 12/05/14 A x 2, D E, – Voted against in line with ISS recommendation.

Swire Pacific Ltd Hong Kong AGM 12/05/14 A x 3, D – Voted against in line with ISS recommendation.

GI Dynamics Inc Australia AGM 13/05/14 C, N – Voted against in line with ISS recommendation.

Petrochina Co Ltd China AGM 14/05/14 A X 4, D – Voted against in line with ISS recommendation.

Li & Fung Ltd Hong Kong AGM 14/05/14 A, C, D – Voted against in line with ISS recommendation.

CNOOC Ltd Hong Kong AGM 16/05/14 D, E – Voted against in line with ISS recommendation.

China Merchants Holdings (International) Co Ltd

Hong Kong AGM 16/05/14 C, D, E – Voted against in line with ISS recommendation.

China Mobile Ltd Hong Kong AGM 16/05/14 D, E – Voted against in line with ISS recommendation.

GCL-Poly Energy Holdings Ltd Hong Kong AGM 16/05/14 D, E – Voted against in line with ISS recommendation.

Hengan International Group Co Ltd Hong Kong AGM 16/05/14 D, E – Voted against in line with ISS recommendation.

PT Unilever Indonesia Tbk Indonesia AGM 21/05/14 A – Voted against in line with ISS recommendation.

China State Construction International Holdings Ltd

Hong Kong AGM 21/05/14 A x 3, D, E – Voted against in line with ISS recommendation.

Brilliance China Automotive Holdings Ltd Hong Kong AGM 21/05/14 D, E – Voted against in line with ISS recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Cathay Financial Holdings Co Ltd Taiwan AGM 21/05/14 Sands China Ltd China AGM 21/05/14 A, D, E – Voted against in line with ISS

recommendation. China Life Insurance Co Ltd China AGM 21/05/14 D – Voted against in line with ISS

recommendation. Axiata Group Bhd Malaysia AGM 21/05/14 A, C – Voted against in line with ISS

recommendation. Haitong Securities Co Ltd China AGM 21/05/14 D – Voted against in line with ISS

recommendation. China Overseas Land & Investment Ltd Hong Kong AGM 21/05/14 A x 4, D, E – Voted against in line with ISS

recommendation. Noble Group Ltd Singapore Special 29/05/14 Public Bank Bhd Malaysia EGM 29/05/14 Delta Electronics Inc Taiwan AGM 02/06/14 Bumi Armada Bhd Malaysia AGM 03/06/14 Catcher Technology Co Ltd Taiwan AGM 03/06/14 I – Voted against in line with ISS

recommendation. China Mengniu Dairy Co Ltd Hong Kong AGM 03/06/14 A, D – Voted against in line with ISS

recommendation. China Resources Power Holdings Co Ltd Hong Kong AGM 03/06/14 A x 3, D, E – Voted against in line with ISS

recommendation. Industrial and Commercial Bank of China Ltd

China AGM 03/06/14

Jiangxi Copper Co Ltd China AGM 03/06/14 D – Voted against in line with ISS recommendation.

Mediatek Inc Taiwan AGM 03/06/14 The Wharf (Holdings) Ltd Hong Kong AGM 03/06/14 D, E – Voted against in line with ISS

recommendation. BOC Hong Kong (Holdings) Ltd Hong Kong EGM 04/06/14 BOC Hong Kong (Holdings) Ltd Hong Kong AGM 04/06/14 D, E – Voted against in line with ISS

recommendation. Galaxy Entertainment Group Ltd Hong Kong AGM 04/06/14 D, E – Voted against in line with ISS

recommendation. Infosys Ltd India AGM 04/06/14 Asustek Computer Inc Taiwan AGM 05/06/14 Bank of China Ltd China AGM 05/06/14 D – Voted against in line with ISS

recommendation. Cheng Shin Rubber Industry Co Ltd Taiwan AGM 05/06/14 M, Supervisor Election x 3 – Voted against in line

with ISS recommendation. Reliance Industries Ltd India AGM 05/06/14 G – Voted against in line with ISS

recommendation. Nan Ya Plastics Corporation Taiwan AGM 09/06/14 Quanta Computer Inc Taiwan AGM 09/06/14 CTBC Financial Holding Co Ltd Taiwan AGM 10/06/14 E.Sun Financial Holding Co Ltd Taiwan AGM 10/06/14 HDFC Bank Ltd India AGM 10/06/14

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



ICICI Bank Ltd India AGM 10/06/14 Axis Bank Ltd India AGM 11/06/14 Tech Mahindra Ltd India Court

Meeting 11/06/14 Approve scheme of amalgamation, Approve

reduction of the securities premium account – Voted in favour, contrary to ISS recommendation to vote against. The group is consolidating all its services businesses in various subsidiaries which is logical and will increase prospect of realising scale and cross-synergies.

Huaneng Renewables Corp Ltd China AGM 12/06/14 D – Voted against in line with ISS recommendation.

Mega Financial Holding Co Taiwan AGM 12/06/14 Taiwan Semiconductor Manufacturing Co Ltd

Taiwan AGM 12/06/14

Tata Consultancy Services Ltd India AGM 12/06/14 A, G x 2 – Voted against in line with ISS recommendation.

Uni-President Enterprises Corporation Taiwan AGM 12/06/14 Huaneng Power International Inc China AGM 16/06/14 D, Approve related party transaction – Voted

against in line with ISS recommendation. Mah Sing Group Bhd Malaysia AGM 16/06/14 SapuraKencana Petroleum Bhd Malaysia EGM 16/06/14 N x 3 – Voted against in line with ISS

recommendation. SapuraKencana Petroleum Bhd Malaysia AGM 16/06/14 Tech Mahindra Ltd India Other 16/06/14 Approve scheme of amalgamation – Voted against

in line with ISS recommendation. China Construction Bank Corporation Hong Kong AGM 18/06/14 China Merchants Bank Co Ltd China AGM 18/06/14 D – Voted against in line with ISS

recommendation. Lenovo Group Ltd Hong Kong AGM 18/06/14 D, E – Voted against in line with ISS

recommendation. Bumi Armada Bhd Malaysia EGM 26/06/14 Larsen & Toubro Ltd Indonesia Other 26/06/14 Approve pledging of assets for debt – Voted

against in line with ISS recommendation. Noble Group Ltd Singapore Special 26/06/14 C x 2, N x 2 – Voted against in line with ISS

recommendation. PT Bank Rakyat Indonesia (Persero) Tbk Indonesia EGM 27/06/14 A – Voted against in line with ISS

recommendation. Housing Development Finance Corp Ltd India Other 03/07/14 Global Logistics Properties Ltd Singapore AGM 04/07/14 N – Voted in favour, contrary to ISS

recommendation to vote against. Management should have a say in the reward of shares regarding performance.

Housing Development Finance Corp Ltd India AGM 08/07/14 G – Voted in favour, contrary to ISS recommendation to vote against. Deloitte is a reputed audit company and HDFC has a strong historical corporate governance track record.

Singapore Telecommunications Ltd Singapore AGM 14/07/14

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Singapore Telecommunications Ltd Singapore EGM 14/07/14 Infosys Ltd India EGM 16/07/14 Lupin Ltd India AGM 16/07/14 A – Voted against in line with ISS

recommendation. Approve pledging assets for debt – Voted against, contrary to ISS recommendation to vote in favour. Company has low levels of gearing and bank debt so there is no reason for them to pledge assets.

ITC Ltd India AGM 17/07/14 A x 3 – Voted against in line with ISS recommendation.

Tech Mahindra Ltd India AGM 18/07/14 C x 2 – Voted against in line with ISS recommendation.

Bank of China Ltd China EGM 21/07/14 Mahindra & Mahindra Ltd India AGM 24/07/14 A, C, Approve invitation, acceptance and/or

renewal of deposits from members and/or public – Voted against in line with ISS recommendation.

LIC Housing Finance Ltd India Other 04/08/14 LIC Housing Finance Ltd India AGM 07/08/14 A x 2, K, Approve related party transactions –

Voted against in line with ISS recommendation. AMMB Holdings Bhd Malaysia AGM 07/08/14 A, D x 2 – Voted against in line with ISS

recommendation. AMMB Holdings Bhd Malaysia EGM 07/08/14 Larsen & Toubro Ltd India AGM 07/08/14 A x 3, G – Voted against in line with ISS

recommendation. China Life Insurance Co Ltd China EGM 07/08/14 NTPC Ltd India AGM 11/08/14 NTPC Ltd India Other 20/08/14 Bharti Airtel Ltd India AGM 20/08/14 ITC Ltd India Other 21/08/14 Oil & Natural Gas Corp Ltd India AGM 04/09/14 A x 5 – Voted against in line with ISS

recommendation. Sinopharm Group Co Ltd China EGM 04/09/14 Amend rules of procedures – Voted against in line

with ISS recommendation. Huaneng Power International Inc China EGM 05/09/14 Prestige Estates Projects Ltd India AGM 11/09/14 Industrial and Commercial Bank of China Ltd

China EGM 15/09/14 D – Voted against in line with ISS recommendation.

Angang Steel Co Ltd China EGM 30/09/14 CSL Ltd Australia AGM 30/09/14 GCL-Poly Energy Holdings Ltd Hong Kong EGM 30/09/14 C – Voted in favour, contrary to ISS

recommendation to vote against. Sesa Sterlite Ltd India Other 01/10/14 I, Approve loans, guarantees, securities and

investments to other corporate bodies – Voted against in line with ISS recommendation. D – Voted against, contrary to ISS recommendation to vote in favour.

6

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Suncorp Group Ltd Australia AGM 09/10/14 Amcor Ltd Australia AGM 09/10/14 Origin Energy Ltd Australia AGM 09/10/14 Lupin Ltd India Other 10/10/14 C x 2 – Voted against in line with ISS

recommendation. Insurance Australia Group Ltd Australia AGM 15/10/14 SP: A – Voted against in line with ISS

recommendation. Newcrest Mining Ltd Australia AGM 15/10/14 A, B, Approve grant of performance rights – Voted

against in line with ISS recommendation. Petrochina Co Ltd China EGM 20/10/14 Approve related party transaction – Voted against

in line with ISS recommendation. GI Dynamics Australia Special 03/11/14 Korea Electric Power Corporation South Korea EGM 05/11/14 Sime Darby Bhd Malaysia AGM 06/11/14 Commonwealth Bank of Australia Australia AGM 06/11/14 SP: A, SP: Approve amendments to

environmental constitution – Voted against in line with ISS recommendation.

ICICI Bank Ltd India Other 10/11/14 Infosys Ltd India Other 12/11/14 BHP Billiton Ltd Australia AGM 12/11/14 SP: A – Voted against in line with ISS

recommendation. Mesoblast Ltd Australia AGM 17/11/14 C x 3 – Voted against in line with ISS

recommendation. PT Unilever Indonesia Tbk Indonesia EGM 18/11/14 Huaneng Power International Inc China EGM 19/11/14 Agricultural Bank of China China EGM 25/11/14 China Life Insurance Co Ltd China EGM 03/12/14 China Petroleum & Chemical Corporation China EGM 03/12/14 National Australia Bank Ltd Australia AGM 03/12/14 Westpac Banking Corporation Australia AGM 03/12/14 Tenaga Nasional Bhd Malaysia AGM 03/12/14 G – Voted against in line with ISS

recommendation. Tenaga Nasional Bhd Malaysia EGM 03/12/14 C x 2 – Voted against in line with ISS

recommendation. HDFC Bank Ltd India Other 04/12/14 Australia & New Zealand Banking Group Ltd

Australia AGM 04/12/14 SP: Amend environmental constitution – Voted against in line with ISS recommendation.

Sinopharm Group Co Ltd China EGM 04/12/14 Sinotrans Ltd China EGM 10/12/14 PT Telekomunikasi Indonesia Tbk Indonesia EGM 10/12/14 A – Voted against in line with ISS

recommendation. Haitong Securities Co Ltd China EGM 16/12/14 Mah Sing Group Bhd Malaysia EGM 23/12/14 Huaneng Power International Inc China EGM 23/12/14 PT XL Axiata Tbk Indonesia EGM 29/12/14 Elect committee members – Voted against in line

with ISS recommendation.

7

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



China Resources Land Ltd Hong Kong EGM 16/01/15 Agricultural Bank of China China EGM 07/01/15 Approve adjustment to the mandate to the board

for disposal of credit assets – Voted against in line with ISS recommendation.

Industrial and Commercial Bank of China Ltd

China EGM 19/01/15

Cheung Kong Ltd Hong Kong Court Meeting

11/02/15

Cheung Kong Ltd Hong Kong OGM 11/02/15 Infosys Ltd India Other 11/02/15 KT&G Corporation South Korea AGM 11/02/15 Posco South Korea AGM 24/02/15 Samsung Fire & Marine Insurance Co Ltd South Korea AGM 24/02/15 Samsung Electronics Co Ltd South Korea AGM 27/02/15 Samsung Life Insurance Co Ltd South Korea AGM 27/02/15 Tech Mahindra Ltd India Other 27/02/15 Hyundai Mobis South Korea AGM 02/03/15 Hyundai Motor Co Ltd South Korea AGM 02/03/15 SK Hynix Inc South Korea AGM 06/03/15 SK Telecom Co Ltd South Korea AGM 06/03/15 PT Bank Mandiri Tbk Indonesia AGM 09/03/15 A, F – Voted against in line with ISS

recommendation. PT Jasa Marga Tbk Indonesia AGM 09/03/15 A, F – Voted against in line with ISS

recommendation. Naver Corporation South Korea AGM 10/03/15 PT Bank Rakyat Indonesia Tbk Indonesia AGM 10/03/15 A, F – Voted against in line with ISS

recommendation. Shinhan Financial Group Co Ltd South Korea AGM 16/03/15 Siam Cement Public Co Ltd Thailand AGM 16/03/15 Ayala Land Inc Philippines AGM 19/03/15 Halla Visteon Climate Control Corporation

South Korea AGM 19/03/15 F – Voted against in line with ISS recommendation.

Korea Electric Power Corporation South Korea AGM 19/03/15 A – Voted against in line with ISS recommendation.

PT XL Axiata Tbk Indonesia AGM 23/03/15 PT XL Axiata Tbk Indonesia EGM 23/03/15 N – Voted against in line with ISS

recommendation. QBE Insurance Group Ltd Australia AGM 23/03/15 Reliance Industries Ltd India Other 23/03/15 Sesa Sterlite Ltd India Other 23/03/15 C x 2, Approve Trust for secondary acquisition –

Voted against in line with ISS recommendation. Ayala Corporation Philippines AGM 25/03/15 L – Voted against in line with ISS

recommendation. Bharti Airtel Ltd India Other 30/03/15 C x 2 – Voted against in line with ISS

recommendation. Kasikornbank Public Co Ltd Thailand AGM 30/03/15

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Malayan Banking Bhd Malaysia AGM 30/03/15

9

EUROPE

A Director election B Remuneration C Stock option plan D Amend articles of association E Amend bylaws F Appoint auditors G Approve dividend H Approve related party transaction I Audit committee election J Auditors’ special report K Authorise increase of capital L Bond issuance M Environmental and social issue N Limit company donations O Other business P Severance payment Q Share consolidation R Share issuance S Share issuance without pre-emptive rights T Share repurchase U Supervisory board member V Warrant issuance

SP Shareholder proposal

COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



LVMH Moet Hennessy Louis Vuitton SA France Mix 01/04/14 A x 4, J, Advisory vote on compensation x 2, Appoint Censor x 3 – Voted against in line with ISS recommendation.

Adecco SA Switzerland AGM 02/04/14 D - Voted against in line with ISS recommendation. Banco Popular Espanol SA Spain OGM 02/04/14 A x 4 - Voted against in line with ISS

recommendation. Swiss RE AG Switzerland AGM 02/04/14 Nestle SA Switzerland AGM 02/04/14 Viscofan SA Spain Mix 03/04/14 Koninlijke Ahold NV Netherlands AGM 03/04/14 Telecom Italia SpA Italy Mix 04/04/14 A, Fix number of directors at 13, Authorisation of

board members to assume positions on competing companies - Voted against in line with ISS recommendation.

Prysmian SpA Italy Mix 04/04/14 Novatek OAO Russia AGM 04/04/14 A x 7, H – Voted against in line with ISS

recommendation. Gea Group AG Germany AGM 08/04/14 Eurocash SA Poland AGM 10/04/14

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COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Reed Elsevier NV Netherlands OGM 10/04/14 Axa France Mix 14/04/14 C, P – Voted against in line with ISS

recommendation. A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

Bayer AG Germany AGM 14/04/14 Caixba Bank SA Spain AGM 14/04/14 A x 5 – Voted against in line with ISS

recommendation. Anheuser-Busch Inbev SA Belgium Mix 14/04/14 A x 9, B, C, T – Voted against in line with ISS

recommendation. Muenchener Rueckversicherungs-Gesellschaft Aktieng

Germany AGM 14/04/14 U x 4 – Voted against in line with ISS recommendation.

KBC Groupe SA Belgium AGM 14/04/14 A x 4, B – Voted against in line with ISS recommendation.

Baloise-Holding AG Switzerland AGM 14/04/14 Chemical Works of Gedeon Richter Plc Hungary AGM 16/04/14 Atlas Copco AB Sweden AGM 16/04/14 A – Voted against in line with ISS recommendation. OTP Bank Plc Hungary AGM 16/04/14 T, U x 4, Audit committee member x 2 - Voted

against in line with ISS recommendation. Assicurazioni Generali SpA Italy Mix 16/04/14 A – Voted against in line with ISS recommendation. BASF SE Germany AGM 16/04/14 U – Voted against in line with ISS recommendation. Banco Espirito Santo SA Portugal AGM 16/04/14 ABB Ltd Switzerland AGM 16/04/14 B, K – Voted against in line with ISS

recommendation. A x 2 - Voted in favour, contrary to ISS recommendation to vote against. Vote Error.

Moncler SpA Italy AGM 16/04/14 B – Voted against in line with ISS recommendation. Bim Birlesik Magazalar AS Turkey OGM 17/04/14 Bank of Ireland Ireland Other 17/04/14 S – Voted against in line with ISS recommendation. Renault SA France Mix 22/04/14 A x 2 – Voted against in line with ISS


Volkswagen AG Germany Special 23/04/14 Sanofi SA France OGM 23/04/14 Emlak Konut Gayrimenkul Yatirim Ortakligi

Turkey AGM 23/04/14 N – Voted against in line with ISS recommendation.

Komercni Banka AS Czech Republic

OGM 24/04/14

Hellenic Telecommunications Organizations SA

Greece EGM 24/04/14 SP: B – Voted against in line with ISS recommendation.

Schneider Electric SA France Mix 24/04/14 J, P x 2 – Voted against in line with ISS recommendation.

Allianz SE Germany AGM 24/04/14

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COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Essilor Internationl SA France Mix 25/04/14 A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

Kingspan Group Plc Ireland AGM 25/04/14 Kerry Group Plc Ireland AGM 25/04/14 A x 4 – Voted against in line with ISS

recommendation. Air Liquide SA France Mix 25/04/14 A x 3 – Voted against in line with ISS

recommendation. Intesa Sanpaolo SpA Italy Mix 28/04/14 E, T, Approve co-investment plan, Approve equity

plan financing – Voted against in line with ISS recommendation.

Deutz AG Germany AGM 28/04/14 Hugo Boss AG Germany AGM 28/04/14 Kuehne + Nagel International AG Germany AGM 28/04/14 A x 3, O, Elect Board Chairman, Compensation

committee member x 3 – Voted against in line with ISS recommendation.

Unilever NV Netherlands AGM 01/05/14 ING Group NV Netherlands AGM 01/05/14 UBS AG Switzerland AGM 01/05/14 O – Voted against in line with ISS

recommendation. D – Voted in favour, contrary to ISS recommendation to vote against. UBS current policy grants loans to independent directors at current market terms. The amendment makes no significant change to this operation.

Deutsche Telekom AG Germany AGM 01/05/14 U x 2 – Voted against in line with ISS recommendation.

Deutsche Boerse AG Germany AGM 01/05/14 Unicredit SpA Italy Mix 01/05/14 B, E, K, Fix maximum variable compensation ratio,

Legal action against directors – Voted against in line with ISS recommendation.

BNP Paribas France Mix 01/05/14 Elringklinger AG Germany AGM 01/05/14 Iliad SA France Mix 06/05/14 C, E x 2, K x 2, T x 2 - Voted against in line with

ISS recommendation. Telefonica Deutschland Holding AG Germany AGM 06/05/14 U x 2 – Voted against in line with ISS

recommendation. Enel Green Power SpA Italy OGM 06/05/14 F – Voted against in line with ISS recommendation. Numericable Group SA France Mix 07/05/14 A x 3, J, K, P, S x 2– Voted against in line with ISS

recommendation. The Swatch Group AG Switzerland AGM 07/05/14 A x 5, G, Compensation Committee x 4 – Voted

against in line with ISS recommendation Fresenius SE & Co KGaA Germany AGM 07/05/14 United Internet AG Germany AGM 07/05/14 F – Voted against in line with ISS recommendation CIE Generale Des Etablissements Michelin SA

France Mix 07/05/14 C – Voted against in line with ISS recommendation

12

COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Total SA France Mix 07/05/14 A, C, SP: E, Amend board internal rules, Amend social criteria linked to executive compensation, Allow loyalty dividends and amend bylaws, Approve appointment to board and committee – Voted against in line with ISS recommendation.

Cemex Latam Holdings SA Spain OGM 07/05/14 Piraeus Bank SA Greece OGM 09/05/14 A – Voted in favour, contrary to ISS

recommendation to vote against. Bundled resolution, a negative vote may cause failure to elect a new board of Directors altogether and thus disrupt the normal business of the bank.

Credit Agricole SA

France Mix 12/05/14 A x 6 – Voted against in line with ISS recommendation. T, Approve amendment to guarantee agreement with regional banks –Voted in favour, contrary to ISS recommendation to vote against. Favourable to minority shareholders, additional guarantees from the parent company add additional capital buffers.

Gemalto Netherlands AGM 12/05/14 SAP AG Germany AGM 12/05/14 U x 6 – Voted against in line with ISS

recommendation. Deutsche Bank AG Germany AGM 12/05/14 Deutsche Post AG Germany AGM 14/05/14 European Aeronautic Defence and Space NV

Netherlands AGM 14/05/14

Safran SA France Mix 16/05/14 SP: B, G – Voted against in line with ISS recommendation.

Publicis Groupe SA France Mix 19/05/14 C, U, Advisory vote on compensation x 2 – Voted against in line with ISS recommendation.

Alcatel-Lucent France Mix 19/05/14 C – Voted against in line with ISS recommendation. Sberbank of Russia OJSC Russia AGM 19/05/14 A x 11 – Voted against in line with ISS

recommendation. Yandex NV Netherlands AGM 19/05/14 A x 3, R, S, T – Voted against in line with ISS

recommendation Telekom Austria AG Austria OGM 19/05/14 Discharge of Management Board – Voted against in

line with ISS recommendation. Magnit JSC Russia AGM 21/05/14 A x 6 – Voted against in line with ISS

recommendation. Telefonica SA Spain OGM 21/05/14 Altice SA Luxembourg AGM 21/05/14 Mining and Metallurgical Company Norilsk Nickel JS

Russia AGM 21/05/14 A x 11, B, Approve/amend charter – Voted against in line with ISS recommendation.

Megafon OJSC Russia EGM 22/05/14 Turkcell Iletism Hizmetleri AS Turkey AGM 22/05/14 A – Voted against in line with ISS recommendation. Jazztel Plc Spain AGM 22/05/14 H – Voted against, contrary to ISS recommendation

to abstain. Deemed to be excessive.

13

COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Compagnie de Saint-Gobain SA France Mix 27/05/14 A, C x 2, P – Voted against in line with ISS recommendation.

Severstal OAO Russia AGM 27/05/14 A x 8 – Voted against in line with ISS recommendation.

Bank Polska Kasa Opieki Poland AGM 27/05/14 Mobile Telesystems OJSC Russia AGM 29/05/14 A x 6, I x 2 – Voted against in line with ISS

recommendation. Powszechny Zaklad Ubezpieczen SA Poland AGM 02/06/14 SP: U – Voted against in line with ISS

recommendation. Bank Handlowy w Warszawie SA Poland AGM 04/06/14 U – Voted against in line with ISS recommendation. Sacyr SA Spain OGM 04/06/14 B x 2, K, L x 2 – Voted against in line with ISS

recommendation. Wirecard AG Germany AGM 09/06/14 Oil Company Lukoil OJSC Russia AGM 10/06/14 A x 7 – Voted against in line with ISS

recommendation. ProSiebenSAT.1 Media AG Germany AGM 10/06/14 E.ON Russia OJSC Russia AGM 11/06/14 A x 8 – Voted against in line with ISS

recommendation. Gazprom OAO Russia AGM 11/06/14 A x 13, B, I x 13 – Voted against in line with ISS

recommendation. PKO Bank Polski SA Poland AGM 11/06/14 B, U, SP: U – Voted against in line with ISS

recommendation. Rosneft Oil Company OJSC Russia AGM 11/06/14 A x 9, B, Approve/amend charter – Voted against

in line with ISS recommendation. OAO Tatneft Russia AGM 12/06/14 A x 13 – Voted against in line with ISS

recommendation. NH Hoteles SA Spain OGM 16/06/14 A x 2, B, L, S - Voted against in line with ISS

recommendation. Hellenic Telecommunications Organizations SA

Greece OGM 18/06/14 F – Voted against in line with ISS recommendation.

Megafon OJSC Russia AGM 18/06/14 A x 11 – Voted against in line with ISS recommendation.

Industria de Diseno Textil SA Spain AGM 03/07/14 A – Voted against in line with ISS recommendation. Telekom Austria AG Austria EGM 05/08/14 D, U x 10 – Voted against in line with ISS

recommendation. Eurocash SA Poland EGM 11/08/14 Altice SA Luxembourg Special 26/08/14 Severstal OAO Russia EGM 26/08/14 Helvetia Holding AG Switzerland EGM 08/09/14 Compagnie Financiere Richemont SA Switzerland AGM 08/09/14 A x 14, O, Compensation committee x 3 – Voted

against in line with ISS recommendation. TNT Express NV Netherlands EGM 08/09/14 Banco Santander SA Spain EGM 08/09/14 Megafon OJSC Russia EGM 08/09/14 Magnit JSC Russia EGM 08/09/14 Mobile Telesystems OJSC Russia EGM 15/09/14

14

COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Novatek OAO Russia EGM 25/09/14 Novatek OAO Russia EGM 02/10/14 Reed Elsevier NV Netherlands EGM 09/10/14 Piraeus Bank Greece EGM 22/10/14 Severstal OAO Russia EGM 28/10/14 Approve regulations on board of directors – Voted

against in line with ISS recommendation. Bank of Cyprus Public Co Ltd Cyprus AGM 10/11/14 A, SP: Remove director x 6, SP: A x 6, SP: D –

Voted against in line with ISS recommendation. LVMH Moet Hennessy Louis Vuitton SA France Mix 14/11/14 Numericable Group SA France Mix 18/11/14 A x 5, R – Voted against in line with ISS

recommendation Aryzta AG Switzerland AGM 19/11/14 O – Voted against in line with ISS

recommendation. Mining and Metallurgical Company Norilsk Nickel JS

Russia EGM 26/11/14

Oil Company Lukoil OJSC Russia EGM 26/11/14 Energa SA Poland EGM 28/11/14 D x 2 – Voted against in line with ISS

recommendation. Intesa Sanpaolo SpA Italy Special 02/12/14 Euronext NV Netherlands Special 05/12/14 U x 3 – Voted against in line with ISS

recommendation. Magnit PJSC Russia EGM 05/12/14 Piraeus Bank SA Greece EGM 12/12/14 Hellenic Telecommunications Organizations SA

Greece EGM 17/12/14 Amend contract between executive director and company – Voted against in line with ISS recommendation.

Megafon OJSC Russia EGM 05/01/15 Siemens AG Germany AGM 14/01/15 IMCD NV Netherlands EGM 21/01/15 Novartis AG Switzerland AGM 17/02/15 O – Voted against in line with ISS

recommendation. Waertsilae Corporation Finland AGM 17/02/15 Banco Bilbao Vizcaya Argentaria SA Spain AGM 09/03/15 D x 2 – Voted against in line with ISS

recommendation. Georg Fischer AG Switzerland AGM 09/03/15 B – Voted against in line with ISS recommendation. Novo Nordisk A/S Denmark AGM 09/03/15 Swedbank AB Sweden AGM 17/03/15 SP x 5: Investigate bank’s acquisition, Investigate

economic consequences in connection with SCA-Sphere, Investigate Stalberg-Era, Establish Shareholders Association, Acquire Private Jet for Chair of Board, Instruct board of directors/CEO to implement the lean-concept in all operations – Voted against in line with ISS recommendation.

Arcelik AS Turkey OGM 18/03/15 N – Voted against in line with ISS recommendation.

Akbank TAS Turkey OGM 23/03/15 A – Voted against in line with ISS recommendation.

15

COMPANY

COUNTRY

MEETING

TYPE

DATE VOTED



Banco Santander SA Spain OGM 23/03/15 Daimler AG Germany AGM 23/03/15 Turkcell Iletism Hizmetleri AS Turkey OGM 23/03/15 A – Voted against in line with ISS recommendation. Turkiye Sinai Kalkinma Bankasi AS Turkey OGM 23/03/15 A – Voted against in line with ISS recommendation. Volvo AB Sweden AGM 23/03/15 B – Voted against in line with ISS recommendation. Trukiye Halk Bankasi AS Turkey OGM 24/03/15 A, E – Voted against in line with ISS

recommendation. Haci Omer Sabanci Holding AS Turkey AGM 24/03/15 A, E – Voted against in line with ISS

recommendation. Turkiye Is Bankasi AS Turkey AGM 25/03/15 Tupras-Turkiye Petrol Rafineleri AS Turkey OGM 25/03/15 N – Voted against in line with ISS

recommendation. TNT Express NV Netherlands AGM 26/03/15 B – Voted against in line with ISS recommendation. Randstad Holding NV Netherlands AGM 26/03/15 Megafon OJSC Russia EGM 30/03/15

16

JAPAN

A Director election B Remuneration C Stock option plan D Appoint auditor E Amend articles of association F Amend bylaws G Anti-takeover measure H Approve allocation of income and dividends I Approve annual bonus payment J Auditors’ special report K Dividend approval L Environmental and social issue M Reduction in capital reserves N Retirement bonus O Share repurchase SP Shareholder proposal

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Keyence Corporation Japan AGM 02/06/14 H – Voted against in line with ISS recommendation. Astellas Pharma Inc Japan AGM 09/06/14 Daicel Corporation Japan AGM 09/06/14 D, G – Voted against in line with ISS

recommendation. Eiken Chemical Co Ltd Japan AGM 09/06/14 A x 2 – Voted against in line with ISS

recommendation. Hankyu Hanshin Holdings Inc Japan AGM 09/06/14 Hino Motors Ltd Japan AGM 09/06/14 A x 2 – Voted against in line with ISS

recommendation. Honda Motor Co Ltd Japan AGM 09/06/14 Hoya Corporation Japan AGM 09/06/14 A x 3, E x 14 – Voted against in line with ISS

recommendation. SP: E x 2 – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Komatsu Ltd Japan AGM 09/06/14 Musashi Seimitsu Industry Co Ltd Japan AGM 09/06/14 A – Voted against in line with ISS recommendation. Nidec Corporation Japan AGM 09/06/14 Nippon Shokubai Co Ltd Japan AGM 09/06/14 Toyota Industries Corporation Japan AGM 09/06/14 D x 2 – Voted against in line with ISS

recommendation. Toyota Motor Corporation Japan AGM 09/06/14 A, D – Voted against in line with ISS

recommendation. United Arrows Ltd Japan AGM 09/06/14 G – Voted against in line with ISS recommendation.

17

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED

ISSUES VOTED FOR/ WITH ISS


Hakuhodo DY Holdings Inc Japan AGM 10/06/14 A, N – Voted against in line with ISS recommendation. A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

Mitsui & Co Ltd

Japan AGM 10/06/14 SP: E x 5, SP: Remove chairman – Voted against in line with ISS recommendation. SP: E, SP: O – Voted against, contrary to ISS recommendation to vote in favour. Engaged with company. Lack of flexibility.

Nippon Shinyaku Co Ltd Japan AGM 10/06/14 NKSJ Holdings Inc Japan AGM 10/06/14 NSD Co Ltd Japan AGM 10/06/14 D – Voted against in line with ISS recommendation. Shin-Etsu Chemical Co Ltd Japan AGM 10/06/14 G – Voted against in line with ISS recommendation. Softbank Corporation Japan AGM 10/06/14 Sumitomo Realty & Development Co Ltd

Japan AGM 10/06/14

Nissan Motor Co Ltd Japan AGM 11/06/14 D – Voted against in line with ISS recommendation. Nomura Holdings Ltd Japan AGM 11/06/14 A – Voted against in line with ISS recommendation. West Japan Railway Company Japan AGM 11/06/14 SP: E – Voted against in line with ISS

recommendation. SP: E – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Hikari Tsushin Inc Japan AGM 12/06/14 A – Voted against in line with ISS recommendation. A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

Hitachi Transport System Ltd Japan AGM 12/06/14 A x 3 – Voted against in line with ISS recommendation.

Japan Aviation Electronics Industry Ltd Japan AGM 12/06/14 D – Voted against in line with ISS recommendation. Japan Tobacco Inc Japan AGM 12/06/14 SP: E, SP: H - Voted against in line with ISS

recommendation. SP: E, SP: O, SP: Cancel company’s treasury shares – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Maruwa Co Ltd Japan AGM 12/06/14 A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

Mitsubishi Heavy Industries Ltd Japan AGM 12/06/14 A – Voted against in line with ISS recommendation. Mitsubishi Motors Corporation Japan AGM 12/06/14 D, N x 2 – Voted against in line with ISS

recommendation. Mizuho Financial Group Inc Japan AGM 12/06/14 A, H, SP: E x 7 - Voted against in line with ISS

recommendation. SP: E, SP: H – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

18

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Panasonic Corporation Japan AGM 12/06/14 A, D – Voted against in line with ISS recommendation.

Rohto Pharmaceutical Co Ltd Japan AGM 12/06/14 A – Voted against in line with ISS recommendation. Sanwa Holdings Corporation Japan AGM 12/06/14 G – Voted against in line with ISS recommendation. Sumitomo Electric Industries Japan AGM 12/06/14 D – Voted against in line with ISS recommendation. Sumitomo Real Estate Sales Co Ltd Japan AGM 12/06/14 D x 2, N – Voted against in line with ISS

recommendation. Suruga Bank Ltd Japan AGM 12/06/14 D – Voted against in line with ISS recommendation. Toshiba Corporation Japan AGM 12/06/14 SP; E x 4 - Voted against in line with ISS

recommendation. Asahi Kasei Corporation Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Kajima Corporation Japan AGM 13/06/14 D – Voted against in line with ISS recommendation.

A – Voted in favour, contrary to ISS recommendation to vote against.

Kose Corporation Japan AGM 13/06/14 N – Voted against in line with ISS recommendation. Marui Group Co Ltd Japan AGM 13/06/14 G – Voted against in line with ISS recommendation. Mitsubishi Electric Corporation Japan AGM 13/06/14 A x 2 - Voted against in line with ISS

recommendation. Mitsubishi Estate Co Ltd Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Mitsubishi UFJ Financial Group Inc Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Nippon Express Co Ltd Japan AGM 13/06/14 G – Voted against in line with ISS recommendation. Oriental Land Co Ltd Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Osaka Gas Co Ltd Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Shikoku Electric Power Co Incorporated Japan AGM 13/06/14 D, SP: E x 3 – Voted against in line with ISS

recommendation. Sumitomo Heavy Industries Ltd Japan AGM 13/06/14 G – Voted against in line with ISS recommendation. Taiyo Nippon Sanso Corporation Japan AGM 13/06/14 A, G – Voted against in line with ISS


Tokyo Electric Power Company Inc Japan AGM 13/06/14 A, SP: A x 3, SP: E x 9 – Voted against in line with ISS recommendation.

Tokyu Fudosan Holdings Corporation Japan AGM 13/06/14 D – Voted against in line with ISS recommendation. Yahoo Japan Corporation Japan AGM 13/06/14 A – Voted against in line with ISS recommendation.

A – Voted in favour, contrary to ISS recommendation to vote against. Director considered operationally significant.

KDDI Corporation Japan AGM 16/06/14 Seven Bank Ltd Japan AGM 17/06/14 Sony Corporation Japan AGM 17/06/14 The Bank of Yokohama Ltd Japan AGM 17/06/14 Alps Electric Co Ltd Japan AGM 18/06/14 Hitachi Ltd Japan AGM 18/06/14 Itochu Corporation Japan AGM 18/06/14 Mitsubishi Corporation Japan AGM 18/06/14

19

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Nitto Denko Corporation Japan AGM 18/06/14 Sato Holdings Corporation Japan AGM 18/06/14 Sysmex Corporation Japan AGM 18/06/14 The Shizuoka Bank Ltd Japan AGM 18/06/14 Hirose Electric Co Ltd Japan AGM 19/06/14 Fujitsu Ltd Japan AGM 21/06/14 Isetan Mitsukoshi Holdings Ltd Japan AGM 21/06/14 NEC Corporation Japan AGM 21/06/14 Sumitomo Metal Mining Co Ltd Japan AGM 21/06/14 Tokio Marine Holdings Inc Japan AGM 21/06/14 Brother Industries Ltd Japan AGM 22/06/14 Central Japan Railway Company Japan AGM 22/06/14 Fuji Heavy Industries Ltd Japan AGM 22/06/14 Mazda Motor Corporation Japan AGM 22/06/14 Omron Corporation Japan AGM 22/06/14 Orix Corporation Japan AGM 22/06/14 The Dai-Ichi Life Insurance Co Ltd Japan AGM 22/06/14 D – Voted against in line with ISS recommendation. Inpex Corporation Japan AGM 23/06/14 Makita Corporation Japan AGM 23/06/14 Mitsubishi Chemical Holdings Corporation

Japan AGM 23/06/14

Santen Pharmaceutical Co Ltd Japan AGM 23/06/14 Toray Industries Inc Japan AGM 23/06/14 Yokogawa Electric Corporation Japan AGM 23/06/14 Citizen Holdings Co Ltd Japan AGM 24/06/14 Daito Trust Construction Co Ltd Japan AGM 24/06/14 Daiwa Securities Group Inc Japan AGM 24/06/14 Ebara Corporation Japan AGM 24/06/14 Electric Power Development Co Ltd Japan AGM 24/06/14 Mitsui Engineering & Shipbuilding Co Ltd

Japan AGM 24/06/14

Nippon Telegraph and Telephone Corporation

Japan AGM 24/06/14

T&D Holdings Inc Japan AGM 24/06/14 Ajinomoto Co Inc Japan AGM 25/06/14 Daikin Industries Ltd Japan AGM 25/06/14 Daiwa House Industry Co Ltd Japan AGM 25/06/14 Fanuc Corporation Japan AGM 25/06/14 Fukuoka Financial Group Inc Japan AGM 25/06/14 Haseko Corporation

Japan AGM 25/06/14

Mitsui Fudosan Co Ltd Japan AGM 25/06/14 Murata Manufacturing Co Ltd Japan AGM 25/06/14 Ono Pharmaceutical Co Ltd Japan AGM 25/06/14

20

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Sumitomo Mitsui Financial Group Inc Japan AGM 25/06/14 Sumitomo Mitsui Trust Holdings Inc Japan AGM 25/06/14 Suzuki Motor Corporation Japan AGM 25/06/14 Taisei Corporation Japan AGM 25/06/14 Takeda Pharmaceutical Co Ltd Japan AGM 25/06/14 TDK Corporation Japan AGM 25/06/14 The Chiba Bank Ltd Japan AGM 25/06/14 Tobu Railway Co Ltd Japan AGM 25/06/14 Tokyo Gas Co Ltd Japan AGM 25/06/14 Don Quijote Holdings Co Ltd Japan AGM 17/09/14 D – Voted against in line with ISS recommendation. Fast Retailing Co Ltd Japan AGM 12/11/14 Kanamoto Co Ltd Japan AGM 19/01/15 D x 2 – Voted against in line with ISS

recommendation. OSG Corporation Japan AGM 07/02/15 Chugai Pharmaceutical Co Ltd Japan AGM 25/02/15 KAO Corporation Japan AGM 27/02/15 Canon Inc Japan AGM 02/03/15 Tokyo Tatemono Co Ltd Japan AGM 03/03/15 Yamaha Motor Co Ltd Japan AGM 04/03/15 Shimano Inc Japan AGM 05/03/15 Otsuka Corporation Japan AGM 06/03/15 Japan Tobacco Inc Japan AGM 10/03/15 SP: H, SP: O – Voted against in line with ISS

recommendation. Mabuchi Motor Co Ltd Japan AGM 11/03/15 Unicharm Corporation Japan AGM 24/03/15 A x 2 – Voted against in line with ISS

recommendation.

21

LATIN AMERICA

A Director election B Remuneration C Stock option plan D Amend articles of association E Amend bylaws F Approve allocation of income and dividends G Authorise board to ratify, execute and approve resolutions H Bond issuance I Elect committee member J Other business K Share issuance L Share repurchase

SP Shareholder proposal

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Grupo Bimbo SAB de CV Mexico EGM 02/04/14 E – Voted against in line with ISS recommendation.

Grupo Bimbo SAB de CV Mexico AGM 02/04/14 A, I – Voted against in line with ISS recommendation.

Arca Continental SAB de CV Mexico AGM 02/04/14 A, I – Voted against in line with ISS recommendation.

CCR SA Brazil AGM 04/04/14 A, B – Voted against in line with ISS recommendation.

Tim Participacoes SA Brazil AGM 04/04/14 B, C – Voted against in line with ISS recommendation.

Vale SA Brazil EGM 08/04/14 Vale SA Brazil AGM 08/04/14 B – Voted against in line with ISS

recommendation. Companhia Brasileira de Distribuicao Brazil EGM 08/04/14 Embraer SA Brazil AGM 08/04/14 B – Voted against in line with ISS

recommendation. Ultrapar Participacoes SA Brazil AGM 08/04/14 Hypermarcas SA Brazil AGM 08/04/14 A, B – Voted against in line with ISS

recommendation. Wal-Mart de Mexico SAB de CV Mexico AGM 13/04/14 Itau Unibanco Holding SA Brazil AGM 14/04/14 OHL Mexico SAB de CV Mexico EGM 14/04/14 E – Voted against in line with ISS

recommendation. Kroton Educacional SA Brazil EGM 14/04/14 B – Voted against in line with ISS

recommendation. Kroton Educacional SA Brazil AGM 14/04/14 Fibria Celulose SA Brazil AGM 14/04/14 B – Voted against in line with ISS

recommendation.

22

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Embotelladora Andina SA Chile OGM 14/04/14 J – Voted against in line with ISS recommendation. Banco Santander Chile Chile OGM 14/04/14 Raia Drogasil SA Brazil AGM 14/04/14 Raia Drogasil SA Brazil EGM 14/04/14 C – Voted against in line with ISS

recommendation. Fibria Celulose SA Brazil EGM 14/04/14 OHL Mexico SAB de CV Mexico AGM 14/04/14 G– Voted against in line with ISS

recommendation. Fibria Celulose SA Brazil EGM 16/04/14 Itausa Investimentos Itau SA Brazil AGM 16/04/14 Cetip SA Brazil AGM 16/04/14 Cetip SA Brazil EGM 16/04/14 Suzano Papel e Celulose SA Brazil AGM 16/04/14 CIA Energetica de Minas Gerais Cemig Brazil AGM 16/04/14 Empresa Nacional de Electricidad SA Chile AGM 16/04/14 J – Voted against in line with ISS recommendation. Usinas Siderurgicas de Minas Gerais SA Brazil AGM 16/04/14 Gerdau SA Brazil AGM 16/04/14 Ambev SA Brazil Special 17/04/14 Grupo Financiero Banorte SAB de CV Mexico AGM 17/04/14 MRV Engenharia Participacoes SA Brazil AGM 17/04/14 Gruma SAB de CV Mexico AGM 17/04/14 A, I – Voted against in line with ISS

recommendation. Empresas Copec SA Chile OGM 17/04/14 A, J – Voted against in line with ISS

recommendation. Industrias Penoles SAB de CV Mexico AGM 17/04/14 A, I – Voted against in line with ISS

recommendation. Banco do Brasil SA BB Brazil AGM 17/04/14 Banco do Brasil SA BB Brazil EGM 17/04/14 A, D – Voted against in line with ISS

recommendation. Ambev SA Brazil EGM 17/04/14 Ambev SA Brazil AGM 17/04/14 America Movil SAB de CV Mexico Special 17/04/14 A, G – Voted against in line with ISS

recommendation. BR Malls Participacoes SA Brazil AGM 17/04/14 BR Malls Participacoes SA Brazil EGM 17/04/14 BB Seguridade Participacoes SA Brazil AGM 17/04/14 A – Voted against in line with ISS

recommendation. Companhia De Saneamento Basico do Estado de Sao PA

Brazil EGM 17/04/14

Companhia de Saneamento Basico do Estado de Sao PA

Brazil AGM 17/04/14

Mexichem SAB de CV Mexico AGM 17/04/14 A – Voted against in line with ISS recommendation.

Sociedad Quimica y Minera de Chile SA Soquimich

Chile OGM 17/04/14 J – Voted against in line with ISS recommendation.

MRV Engenharia Participacoes SA Brazil EGM 17/04/14

23

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



America Movil SAB de US Mexico Annual 17/04/14 A, G – Voted against in line with ISS recommendation.

Cosan SA Industria e Commercio SP Brazil AGM 23/04/14 A, B – Voted against in line with ISS recommendation.

Latam Airlines Group SA Chile OGM 24/04/14 A, J – Voted against in line with ISS recommendation.

Saci Falabella Chile OGM 24/04/14 J – Voted against in line with ISS recommendation. Grupo Mexico SAB de CV Mexico AGM 25/04/14 A – Voted against in line with ISS

recommendation. Grupo Televisa, SAB Mexico AGM 28/04/14 Grupo Financiero Inbursa SAB de CV Mexico AGM 28/04/14 A, I – Voted against in line with ISS

recommendation. Grupo Financiero Inbursa SAB de CV Mexico EGM 28/04/14 E x 2, G – Voted against in line with ISS

recommendation. BM&F Bovespa SA Brazil EGM 06/05/14 Deutsche Bank Mexico SA Institucion de Banca Multi

Mexico AGM 14/05/14 B, I, Approve minutes of previous meeting – Voted against in line with ISS recommendation.

Grupo Financiero Inbursa SAB de CV Mexico OGM 29/05/14 G, H, Issue stock exchange certificates – Voted against in line with ISS recommendation.

Kroton Educacional SA Brazil EGM 24/06/14 Grupo Financiero Banorte SAB de CV Mexico EGM 26/06/14 Sociedad Quimica y Minera de Chile SA SQM

Chile EGM 26/06/14

Cetip SA Brazil EGM 14/07/14 Gruma SAB de CV Mexico OGM 14/07/14 A – Voted against in line with ISS

recommendation. Kroton Educacional SA Brazil EGM 21/08/14 Cemex SAB de CV Mexico Special 02/09/14 Cemex SAB de CV Mexico AGM 05/09/14 Grupo Bimbo SAB de CV Mexico EGM 08/09/14 G, K, Approve public offering of shares, Approve

update of registration of shares, Approve granting of powers – Voted against in line with ISS recommendation.

Ambev SA Brazil Special 23/09/14 Ambev SA Brazil EGM 23/09/14 Cosan SA Industria e Comercio Brazil EGM 23/09/14 Companhia de Saneamento Basico do Estado de Sao Paulo

Brazil EGM 30/09/14

Klabin SA Brazil Special 30/09/14 Natura Cosmeticos SA Brazil EGM 30/09/14 Blakeney Investors SiCAV Fund AGM 15/10/14 J – Voted against in line with ISS recommendation. Cemex SAB de CV Mexico Special 15/10/14 Grupo Financiero Banorte SAB de CV Mexico OGM 15/10/14 Cemex SAB de CV Mexico Annual 21/10/14 Fibria Celulose SA Brazil EGM 03/11/14 A – Voted against in line with ISS

recommendation.

24

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Advance Frontier Markets Fund Ltd Fund AGM 19/11/14 Mexichem SAB de CV Mexico OGM 19/11/14 Fibra Uno Administracion SA de CV Mexico Special 04/12/14 Vale SA Brazil EGM 04/12/14 Vale SA Brazil EGM 04/12/14 Tractebel Energia SA Brazil EGM 09/12/14 Hypermarcas SA Brazil EGM 11/12/14 Grupo Financiero Banorte SAB de CV Mexico OGM 13/01/15 Companhia Energetica de Minas Gerais SA

Brazil EGM 14/01/15

Petroleo Brasileiro SA Brazil EGM 23/01/15 Natura Cosmeticos SA Brazil EGM 29/01/15 MRV Engenharia e Participacoes SA Brazil EGM 11/02/15 Banco Bradesco SA Brazil EGM 03/03/15 Banco Bradesco SA Brazil AGM 03/03/15 B – Voted against in line with ISS

recommendation. Banco Bradesco SA (Pref.) Brazil AGM 03/03/15 Coca-Cola FEMSA SAB de CV Mexico AGM 03/03/15 Corpbanca Chile OGM 03/03/15 Hypermarcas SA Brazil AGM 03/03/15 A, B – Voted against in line with ISS

recommendation. Klabin SA Brazil EGM 09/03/15 Souza Cruz SA Brazil AGM 09/03/15 Almacenes Exito SA Colombia OGM 11/03/15 Approve bundled donations proposal, J – Voted

against in line with ISS recommendation. Cibanco SA Institucion de Banca Multiple

Mexico Special 11/03/15

Klabin SA Brazil AGM 11/03/15 A – Voted against in line with ISS recommendation.

Banco de Credito e Inversiones SA Chile OGM 16/03/15 J – Voted against in line with ISS recommendation. Cementos Argos SA Colombia OGM 16/03/15 Approve donations – Voted against in line with ISS

recommendation. Cemex SAB de CV Mexico OGM 16/03/15 A – Voted against in line with ISS

recommendation. Fomento Economico Mexicano SAB de CV

Mexico AGM 16/03/15

Grupo de Inversiones Suramericana SA Colombia OGM 16/03/15 A, E x 2, J – Voted against in line with ISS recommendation.

Wal-Mart de Mexico SAB de CV Mexico AGM 16/03/15 A – Voted against in line with ISS recommendation.

Banco de Credito e Inversiones SA Chile EGM 19/03/15 E – Voted against in line with ISS recommendation.

Banco de Chile Chile EGM 20/03/15 Banco de Chile Chile OGM 20/03/15 Cemex SAB de CV Mexico EGM 20/03/15

25

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



BM&F Bovespa SA Bolsa de Valores Brazil AGM 23/03/15 BM&F Bovespa SA Bolsa de Valores Brazil EGM 23/03/15 Cemex SAB de CV Mexico AGM 23/03/15 A – Voted against in line with ISS

recommendation. WEG SA Brazil EGM 24/03/15 WEG SA Brazil AGM 24/03/15 Aberdeen Chile Fund Chile AGM 24/03/15 Credicorp Ltd Peru AGM 27/03/15 BRF SA Brazil EGM 27/03/15 B – Voted against in line with ISS

recommendation. BRF SA Brazil AGM 27/03/15 Raia Drogasil SA Brazil AGM 31/03/15 Souza Cruz SA Brazil Special 31/03/15 Cielo SA Brazil AGM 31/03/15 B – Voted against in line with ISS

recommendation. Cielo SA Brazil EGM 31/03/15 Grupo Bimbo SAB de CV Mexico OGM 31/03/15 B x 2 – Voted against in line with ISS

recommendation. Ultrapar Participacoes SA Brazil AGM 31/03/15 Embraer SA Brazil AGM 31/03/15 B – Voted against in line with ISS

recommendation.

26

SOUTH AFRICA & MIDDLE EAST

A Director election B Remuneration C Stock option plan D Adopt memorandum of incorporation E Appoint auditor F Approve consultation fee G Approve financial assistance to related companies H Elect committee member I Place authorised but unissued shares in control of directors J Share issuance K Share repurchase SP Shareholder proposal

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Barclays Africa Group Ltd South Africa AGM 24/04/14 A, B – Voted against in line with ISS recommendation.

Nedbank Group South Africa AGM 01/05/14 A x 2, G – Voted against in line with ISS recommendation.

Gold Fields Ltd South Africa AGM 01/05/14 Mondi Ltd South Africa AGM 07/05/14 AngloGold Ashanti Ltd South Africa AGM 07/05/14 FirstRand Ltd South Africa OGM 14/05/14 MTN Group Ltd South Africa AGM 20/05/14 A x 2 – Voted against in line with ISS

recommendation. Standard Bank Group Ltd South Africa AGM 21/05/14 AECI Ltd South Africa AGM 21/05/14 B, F – Voted against in line with ISS

recommendation. Sanlam Ltd South Africa AGM 27/05/14 Sibanye Gold Ltd South Africa AGM 05/06/14 Woolworths Holdings Ltd South Africa OGM 05/06/14 Brait SE South Africa AGM 03/07/14 Illovo Sugar Ltd South Africa AGM 03/07/14 Vodacom Group Ltd South Africa AGM 08/07/14 A x 2 – Voted against in line with ISS

recommendation. Mediclinic International Ltd South Africa AGM 15/07/14 Tongaat Hulett Ltd South Africa AGM 21/07/14 B – Voted against in line with ISS recommendation. Nedbank Group South Africa OGM 22/07/14 Investec Ltd South Africa AGM 29/07/14 A x 6, B – Voted against in line with ISS

recommendation. Naspers Ltd South Africa AGM 21/08/14 B x 3, G, I, J, K – Voted against in line with ISS

recommendation. Mr Price Group Ltd South Africa AGM 21/08/14 B, G – Voted against in line with ISS

recommendation.

27

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Impala Platinum Holdings Ltd South Africa AGM 15/10/14 B – Voted against in line with ISS recommendation. AVI Ltd South Africa AGM 21/10/14 B – Voted against in line with ISS recommendation. Shoprite Holdings Ltd South Africa AGM 21/10/14 B, J – Voted against in line with ISS

recommendation. Imperial Holdings Ltd South Africa AGM 28/10/14 B – Voted against in line with ISS recommendation. Murray & Roberts Holdings Ltd South Africa AGM 28/10/14 Northam Platinum Ltd South Africa AGM 28/10/14 B – Voted against in line with ISS recommendation. Wilson Bayly Holmes South Africa AGM 04/11/14 MMI Holdings South Africa AGM 11/11/14 G – Voted against in line with ISS recommendation. Growthpoint Properties Ltd South Africa AGM 12/11/14 A, B – Voted against in line with ISS

recommendation. Harmony Gold Mining Co Ltd South Africa AGM 14/11/14 B – Voted against in line with ISS recommendation. RMB Holdings Ltd South Africa AGM 14/11/14 A x 3, B – Voted against in line with ISS

recommendation. Sasol Ltd South Africa AGM 14/11/14 Emaar Properties UAE OGM 17/11/14 Bidvest Group Ltd South Africa AGM 18/11/14 B – Voted against in line with ISS recommendation. Remgro Ltd South Africa AGM 18/11/14 Woolworths Holdings Ltd South Africa AGM 18/11/14 Discovery Ltd South Africa AGM 19/11/14 A, B – Voted against in line with ISS

recommendation. Firstrand Ltd South Africa AGM 19/11/14 A – Voted against in line with ISS recommendation. Steinhoff International Holdings Ltd South Africa AGM 19/11/14 G, I – Voted against in line with ISS

recommendation. African Rainbow Minerals Ltd South Africa AGM 25/11/14 C x 2 – Voted against in line with ISS

recommendation Aspen Pharmacare Holdings Plc South Africa AGM 25/11/14 Growthpoint Properties Ltd South Africa OGM 04/12/14 Brait SE Fund EGM 13/01/15 Clicks Group Ltd South Africa AGM 13/01/15 Life Healthcare Group Holdings Ltd South Africa AGM 13/01/15 B, I – Voted against in line with ISS

recommendation. Steinhoff International Holdings Ltd South Africa OGM 13/01/15 Barloworld Ltd South Africa AGM 23/01/15 Nampak Ltd South Africa AGM 23/01/15 Sappi Ltd South Africa AGM 29/01/15 Spar Group Ltd South Africa AGM 03/02/15 B, I – Voted against in line with ISS

recommendation. First Gulf Bank UAE AGM 17/02/15 A – Voted against in line with ISS recommendation. Abu Dhabi Commercial Bank UAE AGM 23/02/15 Northam Platinum Ltd South Africa OGM 09/03/15 D – Voted against in line with ISS recommendation. Anglo American Platinum Ltd South Africa AGM 27/03/15

28

NORTH AMERICA

A Director election B Stock option plan C Advisory vote approving executive compensation D Any other business E Shareholder proposal – Adopt proxy access right F Shareholder proposal – Amend bylaws to call special meetings G Shareholder proposal – Approve / Adopt recapitalisation plan H Shareholder proposal – Declassify board of directors I Shareholder proposal – Environmental and social issue J Shareholder proposal – Establish separate risk management committee K Shareholder proposal – Executive compensation and disclosure L Shareholder proposal – Political proposals (disclosure, contributions, lobbying, stance) M Shareholder proposal – Provide for cumulative voting N Shareholder proposal – Provide right to act by written consent O Shareholder proposal – Reduce supermajority vote requirement P Shareholder proposal – Require independent board chairman Q Shareholder proposal – Require majority vote for elections R Shareholder p roposal – Stock retention/ Holding period

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



The Bank of Nova Scotia Canada AGM 04/04/14 I x 2, K x 4 – Voted against in line with ISS recommendation.

Schlumberger Ltd US AGM 08/04/14 PPG Industries US AGM 15/04/14 P – Voted against in line with ISS recommendation. Canadian National Railway Company Canada AGM 16/04/14 Citigroup Inc US AGM 16/04/14 E, R, SP: Amend director indemnification

provisions – Voted against in line with ISS recommendation. L – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

E.I. du Pont de Nemours and Company US AGM 16/04/14 I x 2, L – Voted against in line with ISS recommendation. K – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

VCA Antech Inc US AGM 16/04/14 C – Voted against in line with ISS recommendation. General Electric Company US AGM 17/04/14 K, N, R, Require more directors than open seats,

Seek sale of company – Voted against in line with ISS recommendation. M – Voted against, contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term over long-term investors.

HCA Holdings Inc US AGM 17/04/14 Johnson & Johnson US AGM 17/04/14 R - Voted in favour, in line with ISS, contrary to

management recommendation to vote against.

29

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



MetLife Inc US AGM 17/04/14 Perkinelmer Inc US AGM 17/04/14 Pfizer Inc US AGM 17/04/14 L x 2, Voted against in line with ISS

recommendation. N – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Polaris Industries Inc US AGM 17/04/14 Snap-On Inc US AGM 17/04/14 The Coca-Cola Company US AGM 17/04/14 P - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. The PNC Financial Services Group US AGM 17/04/14 I - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. TransForce Inc US AGM 17/04/14 AT&T Inc US AGM 24/04/14 L x 2, N – Voted in favour, in line with ISS, contrary

to management recommendation to vote against. Goldcorp Inc Canada AGM 24/04/14 Honeywell International Inc US AGM 24/04/14 K, L, N, P – Voted in favour, in line with ISS,

contrary to management recommendation to vote against.

Manulife Financial Corporation Canada AGM 24/04/14 Paccar Inc US AGM 24/04/14 A x 2 – Voted against in line with ISS

recommendation. O - Voted against, contrary to ISS recommendation to vote in favour, in line with management. Vote Error.

Suncor Energy Inc Canada AGM 24/04/14 The Boeing Company US AGM 24/04/14 L, N - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. P – Voted against in line with ISS recommendation.

United Technologies Corporation US AGM 24/04/14 Vantiv Inc US AGM 24/04/14 Wells Fargo & Company US AGM 24/04/14 P - Voted against in line with ISS recommendation.

I - Voted in favour, in line with ISS, contrary to management recommendation to vote against. Proportion of votes not cast due to Broadridge operational issue.

Borgwarner Inc US AGM 28/04/14 O – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Transcanada Corporation Canada AGM 28/04/14 Vermilion Energy Inc Canada AGM 28/04/14 Duke Energy Corporation US AGM 30/04/14 F, L - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. EOG Resources Inc US AGM 30/04/14 I x 2 - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Kimberly-Clark Corporation US AGM 30/04/14 N - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Starwood Hotels & Resorts Worldwide US AGM 30/04/14

30

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Tractor Supply Company US AGM 30/04/14 Verizon Communications Inc US AGM 30/04/14 F, I, K, L, N - Voted in favour, in line with ISS,

contrary to management recommendation to vote against. E – Voted against in line with ISS recommendation.

Agrium Inc Canada AGM 01/05/14 Alcoa Inc US AGM 01/05/14 R - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Bristol-Myers Squibb Company US AGM 01/05/14 Franco-Nevada Corporation Canada AGM 01/05/14 Keyera Corp Canada AGM 01/05/14 Magna International Inc Canada AGM 01/05/14 Occidental Petroleum Corporation US AGM 01/05/14 I x 2, L, R - Voted in favour, in line with ISS,

contrary to management recommendation to vote against.

Penske Automotive Group Inc US AGM 01/05/14 A x 3, D – Voted against in line with ISS recommendation.

Sun Life Financial Canada AGM 01/05/14 Telus Corporation Canada AGM 01/05/14 The Manitowoc Co Inc US AGM 01/05/14 The Middleby Corporation US AGM 01/05/14 C, Increased authorized common stock – Voted

against in line with ISS recommendation. Tim Horton’s Inc Canada AGM 01/05/14 Amend Bylaws – Voted against in line with ISS

recommendation. Zimmer Holdings Inc US AGM 01/05/14 Bank of America Corporation US AGM 06/05/14 I, L - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. E - Voted against in line with ISS recommendation. M – Voted against, contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Canadian Natural Resource Ltd Canada AGM 06/05/14 Gilead Sciences Inc US AGM 06/05/14 Amendment to certificate of incorporation – Voted

in favour, contrary to ISS recommendation to vote against. Given the strong legal protections provided by US law, in our view we consider this proposal reasonable. N - Voted in favour, in line with ISS, contrary to management recommendation to vote against. I, P – Voted against in line with ISS recommendation.

United Rentals Inc US AGM 06/05/14 Pepsico Inc US AGM 06/05/14 SP: L – Voted against in line with ISS

recommendation. SP: R – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

31

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Actavis Plc US AGM 07/05/14 I - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

American Express Company US AGM 07/05/14 I x 2, N, R - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Norfolk Southern Corporation US AGM 07/05/14 P – Voted against in line with ISS recommendation. Precision Drilling Corporation Canada AGM 07/05/14 Tableau Software Inc US AGM 07/05/14 Trimble Navigation Ltd US AGM 07/05/14 A – Voted against in line with ISS recommendation. Advance Auto Parts Inc US AGM 12/05/14 N - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Cummins Inc US AGM 12/05/14 SP: Provide for confidential running vote tallies -

Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Google Inc US AGM 12/05/14 A, I – Voted against in line with ISS recommendation. G, L, P, Q - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Insulet Corporation US AGM 12/05/14 Packaging Corporation of America US AGM 12/05/14 Amgen Inc US AGM 14/05/14 SP: Provide vote counting to exclude abstentions –

Voted against in line with ISS recommendation. Cimarex Energy Co US AGM 14/05/14 First Quantum Minerals Ltd Canada AGM 14/05/14 Macy’s Inc US AGM 14/05/14 Marsh & McLennan Companies Inc US AGM 14/05/14 Pentair Ltd US AGM 14/05/14 A, Approve renewal of authorized share capital of

Pentair Ltd – Voted against in line with ISS recommendation.

The Charles Schwab Corporation US AGM 14/05/14 I, K, L - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Thermo Fisher Scientific Inc US AGM 14/05/14 Amazon.com Inc US AGM 15/05/14 L - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Comcast Corporation US AGM 15/05/14 K, L - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Continental Resources Inc US AGM 15/05/14 Flowers Foods Inc US AGM 15/05/14 Halliburton Company US AGM 15/05/14 I - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Intel Corporation US AGM 15/05/14

32

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Facebook Inc US AGM 15/05/14 A x 2 – Voted in favour, contrary to ISS recommendation to withhold, in line with management. Facebook uses an exemption on nominating committee. In this case we believe the exemption is practical in nature and doesn’t justify a vote against CEO and COO. G, I, L - Voted in favour, in line with ISS, contrary to management recommendation to vote against. I, L – Voted against in line with ISS recommendation.

Lincoln National Corporation US AGM 15/05/14 McDonald’s Corporation US AGM 15/05/14 N - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Nextera Energy Inc US AGM 15/05/14 O - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Peyto Exploration & Development Corporation

Canada AGM 15/05/14

Sensata Technologies Holding NV US AGM 15/05/14 C – Voted against in line with ISS recommendation. The Home Depot Inc US AGM 15/05/14 F, I - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Merck & Co Inc US AGM 21/05/14 F, N - Voted in favour, in line with ISS, contrary to

management recommendation to vote against. Dexcom Inc US AGM 27/05/14 Exxon Mobil Corporation US AGM 27/05/14 I, Limit directors to maximum of 3 board members

in companies – Voted against in line with ISS recommendation. I, L, Q - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Fiserv Inc US AGM 27/05/14 SP: Provide for confidential running vote tallies - Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Dealertrack Technologies Inc US AGM 29/05/14 Unitedhealth Group Inc US AGM 29/05/14 M – Voted against, contrary to ISS recommendation

to vote in favour. SP: Approve lobbying payments and policy – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Concho Resources Inc US AGM 03/06/14 Time Warner Cable Inc US AGM 03/06/14 A, C – Voted against, in line with ISS, contrary to

management recommendation to vote in favour. SP: Report on lobbying payments and policy, Pro-rata vesting of equity awards – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Biogen Idec Inc US AGM 09/06/14

33

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Caterpillar Inc US AGM 09/06/14 M – Voted against, contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors. I, SP: Report on controls to ensure no sales to Sudan – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Regeneron Pharmaceuticals Inc US AGM 10/06/14 B, C – Voted against, in line with ISS, contrary to management recommendation to vote in favour.

Actavis Plc US Special 16/06/14 Celgene Corporation US AGM 16/06/14 B - Voted against in line with ISS recommendation.

L – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Martin Marietta Materials Inc US Special 24/06/14 The Kroger Co US AGM 24/06/14 B, I – Voted against in line with ISS

recommendation. I – Voted in favour in line with ISS, contrary to management recommendation to vote against.

Constellation Brands Inc US AGM 21/07/14 A - Voted against in line with ISS recommendation. Alimentation Couche-Tard Inc Canada AGM 19/09/14 Approve advance notice policy – Voted against in

line with ISS recommendation. Comcast Corporation US Special 07/10/14 RPM International Inc US AGM 07/10/14 The Procter & Gamble Company US AGM 07/10/14 L – Voted against in line with ISS recommendation.

I – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

Time Warner Cable Inc US Special 07/10/14 C – Voted against in line with ISS recommendation. Brinker International Inc US AGM 29/10/14 Kinder Morgan Inc US Special 19/11/14 Microsoft Corporation US AGM 02/12/14 C, E – Voted against in line with ISS

recommendation. Palo Alto Networks Inc US AGM 03/12/14 C – Voted against in line with ISS recommendation. Visa Inc US AGM 22/01/15 TD Ameritrade Holding Corporation US AGM 04/02/15 A – Voted against in line with ISS recommendation. Starbucks Corporation US AGM 27/02/15 I – Voted against in line with ISS recommendation.

P – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

The Walt Disney Company US AGM 27/02/15 P, Pro-rata vesting of equity awards – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

TransDigm Group Inc US AGM 27/02/15 Actavis Plc US Special 06/03/15 Apple Inc US AGM 06/03/15 C, I – Voted against in line with ISS

recommendation. E – Voted in favour, in line with ISS, contrary to management recommendation to vote against.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Halliburton Company US Special 23/03/15 The Toronto-Dominion Bank Canada AGM 23/03/15 I, K x 2, SP: Phase out stock option plan – Voted

against in line with ISS recommendation.

2015 - september - annual corporate governance - international · 2019-06-07 · pt astra...

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