Worldwide Leaders

During the quarter there were 348 proposals from 27 companies to vote on. On behalf of our clients, we voted against 14 proposals and abstained from voting on six proposals.

We voted against the appointment of the auditor at Arista Networks, Brown & Brown, Expeditors, Fortinet, Lincoln Electric, Markel, NVR, Old Dominion Freight Line, Roper Technologies, Texas Instruments and Westinghouse Air Brake Technologies Corporation (Wabtec) as they have been in place for over 10 years. These companies have given no information on rotating their auditors, something we believe is important to ensure a fresh perspective is brought to their accounts. (11 proposals)

We voted against the recasting of votes (the ability for voters to change their original votes on a particular matter in response to new information or changes to a proposal) for the supervisory council at WEG as we believe the principle of recasting votes for an amended group of candidates is poor practice and would prefer the group to be resubmitted for voting. We also abstained from voting on a request for a separate board election and the election of a supervisory council position. According to Brazilian voting practices, we are unable to vote for this proposal while simultaneously supporting the board in its candidate elections. (two proposals)

We abstained from voting on proposals at Rentokil Initial that would grant the company the authority to issue shares as it did not disclose the reasons for the issuance. Without clearer information regarding the potential capacity expansion and/or acquisition for which this issuance is intended, it is difficult for investors to assess the potential value creation and strategic fit of such an investment. (three proposals)

We abstained from voting on amendments to articles (rules and regulations that govern the company's operations) at bioMérieux as the company did not provide enough information on the amendments. (one proposal)

We abstained from voting on a shareholder proposal at Old Dominion Freight Line regarding the adoption of greenhouse gas (GHG) emissions targets aligned with the Paris Agreement. We were scheduled to meet the company shortly after the annual general meeting (AGM) and prefer to continue discussing this topic directly with the company. (one proposal)

We voted against a shareholder proposal requesting that an independent director serve as chair of the board at Fortinet. We continue to support the current CEO and chair of the board. (one proposal)

We voted against a shareholder proposal regarding simple majority voting at Markel as we support the stewards of the company. (one proposal)

We supported a shareholder proposal regarding greenhouse gas (GHG) emissions disclosure at Markel to encourage improved transparency and better disclosure of relevant emissions data. (one proposal)

We supported shareholder proposals regarding the right to call a special meeting at both NVR and Texas Instruments as we believe that the stock ownership threshold of 10% to call a meeting is appropriate, given the companies’ size and shareholder base. (two proposals)

We supported a shareholder proposal at Synopsys regarding the approval for severance payments (an amount paid to an employee on the early termination of a contract) when they exceed the stated threshold. This support is due to concerns about potential shareholder dilution that larger severance policies might cause. (one proposal)

During the quarter there were 64 resolutions from five companies to vote on. On behalf of clients, we voted against six resolutions.

We voted against a proposal on transaction of business at ABB, as they did not provide enough information about the proposal. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (one resolution)

We voted against the appointment of the auditor at Costco as they have been in place for over 10 years. The company has given no information on intended rotation, which we believe is important to provide a fresh perspective on the accounts. We voted against a shareholder proposal requesting the company publish a report assessing the risks of maintaining its current diversity, equity and inclusion (DEI) roles, policies and goals as we support the company in their commitment to obey with the law and that their DEI efforts are legally appropriate. (two resolutions)

We voted against the election of two directors and an audit committee member at Samsung Electronics as we do not believe them to be truly independent. (three resolutions)

During the quarter there were 25 resolutions from two companies to vote on. On behalf of clients, we voted against one resolution.

We voted against the re-appointment of the auditor at Copart as they have been in place for or over 10 years and the company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (one resolution)

During the quarter there were 116 resolutions from six companies to vote on. On behalf of clients, we voted against four resolutions.

We voted against remuneration motions at Ashtead Group as we were concerned about excesses in CEO salary. (two resolutions)

We voted against the appointment of the auditor at Linde as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (two resolutions*)

*The same proposal was voted on different stock lines.