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Voting
We vote on all proposals at annual and extraordinary general meetings.
Voting policy and guidelinesAs active investors and long-term shareholders, we vote on all proposals at annual and extraordinary general meetings. Our decision-making is an inclusive process and every analyst is given the chance to make recommendations.
Our voting decisions are not outsourced. We do look at the advice from third-party sources but we come to our decisions independently on the individual merits of the issues.
We understand that voting against management proposals is one of the tools we have in our interactions with companies, but it is a blunt one. We would rather talk to companies about our concerns as part of the engagement process than go down this route.
If our engagement is effective there should be no need to vote against proposals, but we won’t vote in favour of things we disagree with if there is no commitment to change. In that sense a contrary vote is part of our wider engagement process, and we will follow up with companies to explain our reasoning in a more nuanced way than is possible through a binary yes/no ballot.
The types of issues we vote against most often include overly complex management remuneration packages, a curtailment of minority shareholder rights, and director appointments where we don’t think the candidate has the right character or skills.
| Voting activity: | 2023 | 2024 |
|---|---|---|
| Number of companies that held voting meetings | 186 | 197 |
| Number of meetings to vote at | 245 | 275 |
| Total proposals to vote on | 2460 | 2719 |
| Number of votes against management proposals | 124 | 100 |
| Number of votes abstained from voting | 6 | 17 |
| Number of shareholder proposals to vote on | 12 | 13 |
| Number of shareholder proposals voted against | 8 | 8 |
| Number of shareholder proposals abstained from voting | 0 | 2 |
Details of voting for each strategy
- Asia Pacific All Cap
- Asia Pacific and Japan All Cap
- Asia Pacific Leaders
- Global Emerging Markets All Cap
- Global Emerging Markets (ex China) Leaders
- Global Emerging Markets Leaders
- Indian Subcontinent All Cap
- Worldwide All Cap
- Worldwide Leaders
Voting: Q2 2025
Asia Pacific All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 377 proposals from 35 companies to vote on. On behalf of our clients, we voted against six proposals.
We voted against proposals on transaction of business at Ayala and Kasikornbank, as they did not provide enough information about the proposals. We wanted to avoid giving unrestricted decision-making power without sufficient clarity. (three proposals)
We voted against the appointment of the auditor at Glodon as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (one proposal)
We voted against the election of a director at Trip.com due to the company's lack of disclosure regarding director attendance, the number of board meetings held, and the voting results from the previous year. Our aim is to encourage greater transparency and the adoption of global governance standards. (one proposal)
We voted against a request for approval to invest in wealth management products at Zhejiang Supor as we believe it carries excessive risk relative to the limited additional returns these products would provide. Making such financial investments is not central to the business and we believe surplus cash is better kept in time deposits at banks. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Asia Pacific All Cap voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 75 resolutions from 20 companies to vote on. On behalf of clients, we voted against six resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
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)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Asia Pacific All Cap voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 63 resolutions from 12 companies to vote on. On behalf of clients, we voted against eight resolutions.
At ResMed, we voted against the Board re-election of Peter C. Farrell who retired from the company over 10 years ago and believe should step down from the Board. We also voted against the re-election of Richard Sulpizio as Chair of the nominating and governance committee, due to the decreasing gender diversity on the Board. We voted against the company’s executive remuneration and payment terms, as we have concerns around the complexity and use of many adjusted metrics. We also voted against the re-appointment of the auditor as they have been in place for 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 financial accounts. (eight resolutions)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Asia Pacific All Cap voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 214 resolutions from 27 companies to vote on. On behalf of clients, we voted against three resolutions.
We voted against the appointment of the auditor at Philippine Seven 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. We also voted against proposals on transaction of business, as the company did not provide enough information about the proposals. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (two resolutions)
We voted against the appointment of the auditor at Vitasoy 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. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Asia Pacific and Japan All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 339 proposals from 26 companies to vote on. On behalf of our clients, we voted against two proposals.
We voted against the appointment of the auditor at Glodon as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (one proposal)
We voted against a request for approval to invest in wealth management products at Zhejiang Supor as we believe it carries excessive risk relative to the limited additional returns these products would provide. Making such financial investments is not central to the business and we believe surplus cash is better kept in time deposits at banks. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Asia Pacific and Japan All Cap voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 72 resolutions from 14 companies to vote on. On behalf of clients, we voted against six resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
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)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Asia Pacific and Japan All Cap voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 47 resolutions from 10 companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Asia Pacific and Japan All Cap voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 211 resolutions from 24 companies to vote on. On behalf of clients, we voted against three resolutions.
We voted against the appointment of the auditor at Philippine Seven 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. We also voted against proposals on transaction of business, as the company did not provide enough information about the proposals. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (two resolutions)
We voted against the appointment of the auditor at Vitasoy 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. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Asia Pacific Leaders voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 296 proposals from 24 companies to vote on. On behalf of our clients, we voted against five proposals.
We voted against proposals on transaction of business at Ayala and Kasikornbank, as they did not provide enough information about the proposals. We wanted to avoid giving unrestricted decision-making power without sufficient clarity. (three proposals)
We voted against the appointment of the auditor at Glodon as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (one proposal)
We voted against the election of a director at Trip.com due to the company's lack of disclosure regarding director attendance, the number of board meetings held, and the voting results from the previous year. Our aim is to encourage greater transparency and the adoption of global governance standards. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Asia Pacific Leaders voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 62 resolutions from 12 companies to vote on. On behalf of clients, we voted against five resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
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)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Asia Pacific Leaders voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 52 resolutions from eight companies to vote on. On behalf of clients, we voted against eight resolutions.
At ResMed, we voted against the Board re-election of Peter C. Farrell who retired from the company over 10 years ago and believe should step down from the Board. We also voted against the re-election of Richard Sulpizio as Chair of the nominating and governance committee, due to the decreasing gender diversity on the Board. We voted against the company’s executive remuneration and payment terms, as we have concerns around the complexity and use of many adjusted metrics. We also voted against the re-appointment of the auditor as they have been in place for 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 financial accounts. (eight resolutions)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Asia Pacific Leaders voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 126 resolutions from 16 companies to vote on. On behalf of clients, we voted against one resolution.
We voted against the appointment of the auditor at Vitasoy 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. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Global Emerging Markets All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 477 proposals from 33 companies to vote on. On behalf of our clients, we voted against 11 proposals and abstained from voting on 16 proposals.
We voted against the remuneration report at Dino Polska as we believe the current policy does not encourage executives to focus on long-term goals. Implementing a long-term incentive plan could, along with enhanced disclosure and transparency on the remuneration structure, be beneficial for both the company and its shareholders. (one proposal)
We voted against changing the terms of the board at EPAM Systems as the proposed changes would require all directors to stand for election annually instead of on staggered terms. While we understand the rationale for annual elections, we believe that a staggered approach provides continuity and helps prevent excessive turnover. We also voted against changes to limit the liability of certain officers, as we believe the company has demonstrated its ability to attract and retain an admirable management team under the current structure, which encourages managers to think and act as long-term owners. Finally, we voted against the appointment of the auditor as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (three proposals)
We voted against a proposal at MercadoLibre to move the company’s registration from Delaware to Texas as it did not provide clear reasons for the change, and we do not believe the move aligns with shareholders’ interests. (one proposal)
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 directors and the supervisory council at RaiaDrogasil. 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. (two proposals)
We voted against the election of a director at Trip.com due to the company's lack of disclosure regarding director attendance, the number of board meetings held, and the voting results from the previous year. Our aim is to encourage greater transparency and adoption of global governance standards. (one proposal)
We voted against the recasting of votes 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 simultaneouslysupporting the board in its candidate elections. (two proposals)
We voted against a request for approval to invest in wealth management products at Zhejiang Supor as we believe it carries excessive risk relative to the limited additional returns these products would provide. Making such financial investments is not central to the business and we believe surplus cash is better kept in time deposits at banks. (one proposal)
By supporting the appointment of the auditor at Jerónimo Martins, we abstained from voting on three other proposals related to auditor appointments. (three proposals)
We abstained from voting on proposals relating to the accounts and acts of the board at Regional. At the time of voting, the company had not released its annual report and/or audited financial statements, leaving us without significant information to make an informed decision. (10 proposals)
We abstained from voting on the establishment of a supervisory council at TOTVS as the company had not disclosed which candidates would be up for election to serve on the council. (two proposals)
We voted against a shareholder proposal regarding simple majority voting at EPAM Systems as this topic was already covered by the company's own proposal, which we supported. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Global Emerging Markets All Cap voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 59 resolutions from 12 companies to vote on. On behalf of clients, we voted against six resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
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)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Global Emerging Markets All Cap voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 28 resolutions from eight companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Global Emerging Markets All Cap voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 153 resolutions from 17 companies to vote on. On behalf of clients, we voted against three resolutions.
We voted against the appointment of the auditor at Philippine Seven 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. We also voted against proposals on transaction of business, as the company did not provide enough information about the proposals. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (two resolutions)
We voted against the appointment of the auditor at Vitasoy 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. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Global Emerging Markets (ex China) Leaders voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 241 proposals from 22 companies to vote on. On behalf of our clients, we voted against eight proposals and abstained from voting on 11 proposals.
We voted against changing the terms of the board at EPAM Systems as the proposed changes would require all directors to stand for election annually instead of on staggered terms. While we understand the rationale for annual elections, we believe that a staggered approach provides continuity and helps prevent excessive turnover. We also voted against changes to limit the liability of certain officers, as we believe the company has demonstrated its ability to attract and retain an admirable management team under the current structure, which encourages managers to think and act as long-term owners. Finally, we voted against the appointment of the auditor as they have been in place for over 10 years. The company has given no information on rotate its auditor, something we believe is important to ensure a fresh perspective is brought to its accounts. (three proposals)
We voted against a proposal at MercadoLibre to move the company’s registration from Delaware to Texas as it did not provide clear reasons for the change, and we do not believe the move is aligned with shareholders’ interests. (one proposal)
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 directors and the supervisory council at RaiaDrogasil. 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. (two proposals)
We voted against the recasting of votes 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 simultaneouslysupporting the board in its candidate elections. (two proposals)
By supporting the appointment of the auditor at Jerónimo Martins, we abstained from voting on three other proposals related to auditor appointments. (three proposals)
We abstained from voting on proposals relating to the accounts and acts of the board at Regional. At the time of voting, the company had not released its annual report and/or audited financial statements, leaving us without significant information to make an informed decision. (five proposals)
We abstained from voting on the establishment of a supervisory council at TOTVS as the company had not disclosed which candidates would be up for election to serve on the council. (two proposals)
We voted against a shareholder proposal regarding simple majority voting at EPAM Systems as this topic was already covered by the company's own proposal, which we supported. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Global Emerging Markets (ex China) Leaders voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 34 resolutions from five companies to vote on. On behalf of clients, we voted against four resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
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)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Global Emerging Markets (ex China) Leaders voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 41 resolutions from four companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Global Emerging Markets (ex China) Leaders voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 47 resolutions from five companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Global Emerging Markets Leaders voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 444 proposals from 33 companies to vote on. On behalf of our clients, we voted against 10 proposals and abstained from voting on 13 proposals.
We voted against changing the terms of the board at EPAM Systems as the proposed changes would require all directors to stand for election annually instead of on staggered terms. While we understand the rationale for annual elections, we believe that a staggered approach provides continuity and helps prevent excessive turnover. We also voted against changes to limit the liability of certain officers, as we believe the company has demonstrated its ability to attract and retain an admirable management team under the current structure, which encourages managers to think and act as long-term owners. Finally, we voted against the appointment of the auditor as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (three proposals)
We voted against a proposal at MercadoLibre to move the company’s registration from Delaware to Texas as it did not provide clear reasons for the change, and we do not believe the move to be aligned with shareholders’ interests. (one proposal)
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 directors and the supervisory council at RaiaDrogasil. 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. (two proposals)
We voted against the appointment of the auditor at Sunny Optical Technology as they have been in place for over 10 years. The company has given no information on rotating its auditors, a practice we believe is important to ensure a fresh perspective is brought to its accounts. (one proposal)
We voted against the election of a director at Trip.com due to the company's lack of disclosureregarding director attendance, the number of board meetings held, and the voting results from the previous year. Our aim is to encourage greater transparency and adoption of global governance standards. (one proposal)
We voted against the recasting of votes 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 relating to the accounts and acts of the board at Regional. At the time of voting, the company had not released its annual report or its audited financial statements, leaving us without significant information to make an informed decision. (10 proposals)
We abstained from voting on the establishment of a supervisory council at TOTVS as the company had not disclosed which candidates would be up for election to serve on the council. (two proposals)
We voted against a shareholder proposal regarding simple majority voting at EPAM Systems as this topic was already covered by the company's own proposal, which we supported. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Global Emerging Markets Leaders voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 45 resolutions from eight companies to vote on. On behalf of clients, we voted against five resolutions.
We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)
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)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Global Emerging Markets Leaders voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 46 resolutions from seven companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Global Emerging Markets Leaders voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 77 resolutions from nine companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Indian Subcontinent All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 50 proposals from 11 companies to vote on. On behalf of our clients, we did not vote against any proposals.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Indian Subcontinent All Cap voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 23 resolutions from 11 companies to vote on. On behalf of clients, we voted against one resolution.
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Indian Subcontinent All Cap voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 19 resolutions from seven companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Indian Subcontinent All Cap voting: 1 July - 30 September 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 213 resolutions from 29 companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Worldwide All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 546 proposals from 35 companies to vote on. On behalf of our clients, we voted against 20 proposals and abstained from voting on four proposals.
We voted against the appointment of the auditor at Arista Networks, Brown & Brown, Edwards Lifesciences, Fortinet, Glodon, Markel, Roper Technologies, Texas Instruments, Veeva Systems and Westinghouse Air Brake Technologies Corporation (Wabtec) as they have been in place for over 10 years. The companies have given no information on rotating their auditors, a practice we believe is important to ensure a fresh perspective is brought to their accounts. (10 proposals)
We voted against changing the terms of the board at EPAM Systems as the proposed changes would require all directors to stand for election annually instead of on staggered terms. While we understand the rationale for annual elections, we believe that a staggered approach provides continuity and helps prevent excessive turnover. We also voted against changes to limit the liability of certain officers, as we believe the company has demonstrated its ability to attract and retain an admirable management team under the current structure, which encourages managers to think and act as long-term owners. Finally, we voted against the appointment of the auditor as they have been in place for over 10 years. The company has given no information on rotating its auditor, something we believe is important to ensure a fresh perspective on their accounts. (three proposals)
We voted against the election of an employee shareholder representative at Nexans. With two candidates standing for election, we chose to support the candidate who was elected by employees who are registered shareholders and was also the board's preferred candidate, due to their international experience as a corporate officer. (one proposal)
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 directors and the supervisory council at RaiaDrogasil. 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. (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 voted against the recasting of votes 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 voted against a shareholder proposal regarding simple majority voting at EPAM Systems as this topic was already covered by the company's own proposal, which we supported. (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 a shareholder proposal regarding the right to call a special meeting at Texas Instruments as we believe that a stock ownership threshold of 10% to call a meeting is appropriate, considering the company’s size and shareholder base. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Worldwide All Cap proxy voting: 1 January - 31 March 2025
Proxy voting by country of origin
Proxy voting by proposal category
During the quarter there were 114 resolutions from eight companies to vote on. On behalf of clients, we voted against eight resolutions.
We voted against the remuneration policy at Diploma as we believe the increase in short-term (annual) bonus incentive does not encourage long term decision making. (one resolution)
We voted against executive remuneration and the remuneration report at Roche as we believe amounts paid to executives is high and lacks key metrics to determine and/or justify the amounts. We voted against a proposal on transaction of business as the company did not provide enough information about the proposal. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (four 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)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Worldwide All Cap proxy voting: 1 October - 31 December 2024
Proxy voting by country of origin
Proxy voting by proposal category
During the quarter there were 31 resolutions from five companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Worldwide All Cap proxy voting: 1 July - 30 September 2024
Proxy voting by country of origin
Proxy voting by proposal category
During the quarter there were 88 resolutions from seven companies to vote on. On behalf of clients, we voted against seven resolutions.
We voted against the appointment of the auditor at Advanced Drainage Systems 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. (one resolution)
We voted against remuneration motions at Ashtead Group as we were concerned about excesses in CEO salary. (two resolutions)
We voted against proposals related to amendments to articles (rules and regulations that govern the company's operations) at DiaSorin as the company did not provide enough information on the amendments. (three resolutions*)
We voted against the appointment of the auditor at Vitasoy 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. (one resolution)
*The same proposal was voted on different stock lines.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Worldwide Leaders voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
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)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Worldwide Leaders proxy voting: 1 January - 31 March 2025
Proxy voting by country of origin
Proxy voting by proposal category
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)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Worldwide Leaders proxy voting: 1 October - 31 December 2024
Proxy voting by country of origin
Proxy voting by proposal category
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)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q3 2024
Worldwide Leaders proxy voting: 1 July - 30 September 2024
Proxy voting by country of origin
Proxy voting by proposal category
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.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Should you wish to see a full list of all voting for the companies held in a strategy, please contact us directly.
A voting tool is also available on the FSI website.
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