European (ex UK) All Cap

During the quarter there were 560 proposals from 25 companies to vote on. On behalf of our clients, we voted against eight proposals and abstained from voting on four proposals.

We voted against proposals on transaction of business at Alcon and INFICON, as they did not provide enough information about the proposals. We wanted to avoid giving unrestricted decision-making power without sufficient clarity. (two 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, along with enhanced disclosure and transparency on the remuneration structure could 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 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 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)

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 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)

During the quarter there were 188 resolutions from 10 companies to vote on. On behalf of clients, we voted against nine resolutions.

We voted against a proposal on transaction of business at Sika, 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 three shareholder proposals at Handelsbanken regarding banking identification security improvements and changes to dividend payment schedules. We believe management is best positioned to manage security risks and decide on dividend payments. (three resolutions) 

We voted against a shareholder proposal requesting shareholder approval to recruit and appoint candidates to the shareholders committee at Ringkjøbing Landbobank. The committee is a channel for recruiting board members, and we believe the board are best placed to identity the skills and experiences required for this committee and future board appointments. (one resolution) 

We voted against executive remuneration and the remuneration report at Roche as we believe executive pay is high and there is a lack of metrics to determine and/or justify those awards. 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).

During the quarter there were 26 resolutions from four companies to vote on. On behalf of clients, we did not vote against any resolutions.

During the quarter there were 38 resolutions from two companies to vote on. On behalf of clients, we voted against 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. (two resolutions*)

*The same proposal was voted on different stock lines.