Strategy highlights: a focus on quality and sustainability
Proxy voting: Q4 2023
European Sustainability proxy voting: 1 October - 31 December 2023
During the quarter there were 28 resolutions from two companies to vote on. On behalf of clients, we didn't vote against any resolutions.
Proxy voting: Q3 2023
European Sustainability proxy voting: 1 July - 30 September 2023
During the quarter there were 42 resolutions from three companies to vote on. On behalf of clients, we voted against one resolution. We voted against DiscoverIE’s request to distribute dividends to shareholders as we would prefer for the cash flows to be reinvested in the company. (one resolution)
Proxy voting: Q2 2023
European Sustainability proxy voting: 1 April - 30 June 2023
During the quarter there were 455 resolutions from 26 companies to vote on. On behalf of clients, we voted against eight resolutions.
We voted against Alcon’s remuneration report as well as the Board and Executive remuneration, as we believe it is excessive and the company has signalled that they want to keep ratcheting. (three resolutions)
We voted against the appointment of the auditor at Beiersdorf, bioMérieux, Elisa and SFS Group as they have been in place for over 10 years and the companies have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (four resolutions)
We voted against Unilever’s remuneration report as we have concerns about the magnitude of the increase in the base salary being offered to the new CEO and the lower performance hurdles being set. (one resolution)
Proxy voting: Q1 2023
European Sustainability proxy voting: 1 January - 31 March 2023
During the quarter, there were 240 resolutions from eleven companies to vote on. On behalf of clients, we voted against five resolutions.
We voted against the appointment of the auditor at Indutrade, Infineon Technologies and Ringkjobing Landbobank as they have been in place for over 10 years and the companies' have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts and follows best practice. (three resolutions)
We voted against two shareholder proposals requesting Handelsbanken change their IT management software, as well as allocate funds and participate in the formation of an integration institute with operations in the Öresund region. We believe management are best placed to decide the day-to-day operations of the business. (two resolutions)
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For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.
Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.
Source: Stewart Investors investment team and company data. Securities mentioned are all investee companies* from representative Asia Pacific Sustainability Strategy, Asia Pacific & Japan Sustainability Strategy, Asia Pacific Leaders Sustainability Strategy, European Sustainability Strategy, European (ex UK) Sustainability Strategy, Global Emerging Markets Leaders Sustainability Strategy, Global Emerging Markets Sustainability Strategy, Indian Subcontinent Sustainability Strategy, Worldwide Sustainability Strategy and Worldwide Leaders Sustainability Strategy accounts as at 31 December 2023. *Assets that the strategies may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer.
The Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.
Source for Climate Solutions and impact figures: © 2014–2024 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.
Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company), or enabling (supported or made possible by products or technologies provided by that company).