Proxy voting

Proxy voting

We vote on all proposals at annual and extraordinary general meetings.

Proxy voting policy and guidelines

As 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. 

  2022 2021
  Votes Total % Votes Total %
Meetings to vote at 316 318 99.7% 269 271 99.3%
Proposal to vote on 3148 3148 4.3% 74 2575 2.9%
Against management proposals   98 1412 10.5% 21 1070 2.0%
Abstained management proposals 38 413 6.1% 17 386 4.4%
Against shareholder proposals  4 183 18.6% 5 199 2.51%
Abstained shareholder proposals  0 14 28.6% 7 74 9.7%
Voted contrary to proxy advisor recommendations 359 3148 11.4% 350 2575 13.6%

 

Details of proxy voting for each strategy

Proxy voting: Q4 2023

Asia Pacific Leaders Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 78 resolutions from 11 companies to vote on. On behalf of clients, we voted against 24 resolutions. 

We voted against the Board re-election at ResMed as we were not able to vote against individual directors and opted to vote against Mr P Farrell who retired from the company 10 years ago and we believe he should step down from the board. We voted against the company’s executive remuneration, as we believe it to be complex and measured on many adjusted metrics. We also voted against the re-appointment of the auditor as they have been in place for 29 consecutive years. (24 resolutions - the resolutions for this company are duplicated as one vote instruction is for the company’s global meeting and the other is for the company’s domestic meeting) 

We abstained from voting on the approval of a renewed liability insurance for Directors, Supervisors, and Senior Management at Midea Group as we did not have sufficient information on the details of the insurance policy at the time of voting. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Asia Pacific Leaders Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 114 resolutions from 15 companies to vote on. On behalf of clients, we voted against two resolutions. 

We voted against a related party transaction at Kingmed Diagnostics Group which would transfer 73% ownership of a subsidiary pharmaceutical company to the Deputy General Manager of the listco. We could not find any reasons behind the sale nor the valuation at which the transaction would happen. (one resolution)

We voted against the appointment of the auditor and the company’s ability to set auditor fees at Vitasoy as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Asia Pacific Leaders Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 177 resolutions from 20 companies to vote on. On behalf of clients, we voted against 6 resolutions. 

We voted against the appointment of the auditor at Foshan Haitian Flavouring, Glodon, Telkom Indonesia and Yifeng Pharmacy Chain 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 also voted against Foshan Haitian Flavouring’s request to approve connected transactions entered into between the Company and related entities and their respective annual caps. We do not believe these requests are in shareholders’ interests. (two 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Asia Pacific Leaders Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 48 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

Asia Pacific Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 100 resolutions from 18 companies to vote on. On behalf of clients, we voted against 24 resolutions. 

We voted against the Board re-election at ResMed as we were not able to vote against individual directors and opted to vote against Mr P Farrell who retired from the company 10 years ago and we believe he should step down from the board. We voted against the company’s executive remuneration, as we believe it to be complex and measured on many adjusted metrics. We also voted against the re-appointment of the auditor as they have been in place for 29 consecutive years. (24 resolutions - the resolutions for this company are duplicated as one vote instruction is for the company’s global meeting and the other is for the company’s domestic meeting) 

We abstained from voting on the approval of a renewed liability insurance for Directors, Supervisors, and Senior Management at Midea Group as we did not have sufficient information on the details of the insurance policy at the time of voting. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Asia Pacific Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 200 resolutions from 27 companies to vote on. On behalf of clients, we voted against four resolutions. 

We voted against the election of the Chair of the Nomination Committee at Hangzhou Robam in support of encouraging better gender diversity. At present the company has no female directors, and we believe the Chair of the Nomination Committee has an important role in facilitating a more gender diverse Board of Directors. (one resolution) 

We voted against a related party transaction at Kingmed Diagnostics Group which would transfer 73% ownership of a subsidiary pharmaceutical company to the Deputy General Manager of the listco. We could not find any reasons behind the sale nor the valuation at which the transaction would happen. (one resolution)

We voted against Philippine Seven’s request for management to approve all other business matters before the annual general meeting (AGM) of shareholders. We consider ourselves active shareholders and prefer to vote on such matters at the AGM. (one resolution)

We voted against the appointment of the auditor and the company’s ability to set auditor fees at Vitasoy as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Asia Pacific Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 321 resolutions from 38 companies to vote on. On behalf of clients, we voted against 14 and abstained on one resolution. 

We voted against Aavas Financiers' request to reprice options granted under various equity stock option plans for employees due to a share price fall. We do not believe this request is in shareholders’ interest. (three resolutions) 

We voted against BRAC Bank’s request to increase authorised share capital by more than 100%, as the company had not given any justification for why they are doing this at the time of voting. (one resolution) 

We voted against Foshan Haitian Flavouring’s request to approve connected transactions entered into between the Company and related entities and their respective annual caps. We do not believe these requests are in shareholders’ interests. (two resolutions)

We voted against the appointment of the auditor Foshan Haitian Flavouring, Glodon, Selamat Sempurna, Telkom Indonesia and Yifeng Pharmacy Chain 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. (five resolutions)

We voted against Pentamaster’s request to issue shares without pre-emptive rights, as the share discount rate had not been disclosed. (one resolution)

We voted against Vinda International’s request to issue shares without pre-emptive rights and issue repurchased shares, as the share discount rate had not been disclosed. (two resolutions) 

We abstained from voting on the appointment of Kalbe Farma’s auditor and their request to set auditor fees as at the time of voting the company had not disclosed the name of the auditing firm. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Asia Pacific Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 53 resolutions from ten companies to vote on. On behalf of clients, we voted against one resolution.

We voted against Amoy Diagnostics’ request to increase share capital and share count as we did not have sufficient information at the time of voting for the justification of these amendments to articles. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

European Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 28 resolutions from two companies to vote on. On behalf of clients, we didn't 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

European Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

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)

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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

European Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

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) 

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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

European Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

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)

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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

Global Emerging Markets Leaders Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 46 resolutions from 8 companies to vote on. On behalf of clients, we didn't vote against any resolutions and abstained from one resolution.

We abstained from voting on the approval of a renewed liability insurance for Directors, Supervisors, and Senior Management at Midea Group as we did not have sufficient information on the details of the insurance policy at the time of voting. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Global Emerging Markets Leaders Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 99 resolutions from 13 companies to vote on. On behalf of clients, we voted against three resolutions.

We voted against the election of the Chair of the Nomination Committee at Hangzhou Robam in support of encouraging better gender diversity. At present the company has no female directors, and we believe the Chair of the Nomination Committee has an important role in facilitating a more gender diverse Board of Directors. (One resolution) 

We voted against a related party transaction at Kingmed Diagnostics Group which would transfer 73% ownership of a subsidiary pharmaceutical company to the Deputy General Manager of the listco. We could not find any reasons behind the sale nor the valuation at which the transaction would happen. (One resolution)

We voted against the appointment of the auditor and the company’s ability to set auditor fees at Vitasoy as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Global Emerging Markets Leaders Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 281 resolutions from 28 companies to vote on. On behalf of clients, we voted against 20 and abstained on four resolutions.

We voted against Dino Polska’s accounts and reports because the auditor has been in place for over 10 years and the company has given no information on intended rotation. We also voted against their remuneration report as we believe the scheme is too short term. (Four resolutions)

We voted against the appointment of the auditor at EPAM Systems, Foshan Haitian Flavouring, Glodon and Yifeng Pharmacy Chain 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 Foshan Haitian Flavouring’s request to approve connected transactions entered into between the Company and related entities and their respective annual caps. We do not believe these requests are in shareholders’ interests. (Two resolutions) 

We voted against Raia Drogasil’s request to adopt cumulative voting and to recast votes for the amended Board and supervisory council slate, as well as for permission to re-consider voting instructions should the meeting be held on second call. We do not believe these requests are in shareholders’ interests. We abstained from voting on the request to hold a separate election for Board members and for a minority candidate as we prefer to support the Board. (Four resolutions against, two resolutions abstained)

We voted against Techtronic Industries’ share award and options scheme as the company had not disclosed how options are awarded other than at the absolute discretion of the Board, who also award options to themselves, family members and non-executives. (Two resolutions) 

We voted against Totvs’ remuneration policy and long term incentive plan as in our opinion it is excessively diluted and we would prefer for the Founder/Chair not to receive a performance based remuneration like the management team. We also voted against and abstained from voting on proposals relating to the company’s request to establish a supervisory council as we did not have sufficient information to know who we would be voting for. (Three resolutions against, one resolution abstained)

We voted against WEG’s request to recast votes for the amended supervisory council slate, as we preferred to vote in favour of the female candidate nominated by minority shareholders and who has been on the fiscal council for two years. We abstained from voting on the election of the supervisory council as we preferred to support the minority candidate. (One resolution against, one resolution abstained)

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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Global Emerging Markets Leaders Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 113 resolutions from 13 companies to vote on. On behalf of clients, we voted against four resolutions.

We voted against Amoy Diagnostics’ request to increase share capital and share count as we did not have sufficient information at the time of voting for the justification of these amendments to articles. (One resolution) 

We voted against Banco Bradesco’s remuneration policy as we believe it lacks long-term alignment with company performance and market best practice. We also voted against the company’s request to recast votes for an amended slate of directors, as we do not believe this is in shareholders’ interest. (Two resolutions) 

We voted against the appointment of the auditor at Infineon Technologies as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

Global Emerging Markets Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 48 resolutions from 11 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Global Emerging Markets Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 169 resolutions from 20 companies to vote on. On behalf of clients, we voted against four resolutions.

We voted against the election of the Chair of the Nomination Committee at Hangzhou Robam in support of encouraging better gender diversity. At present the company has no female directors, and we believe the Chair of the Nomination Committee has an important role in facilitating a more gender diverse Board of Directors. (one resolution) 

We voted against a related party transaction at Kingmed Diagnostics Group which would transfer 73% ownership of a subsidiary pharmaceutical company to the Deputy General Manager of the listco. We could not find any reasons behind the sale nor the valuation at which the transaction would happen. (one resolution)

We voted against Philippine Seven’s request for management to approve all other business matters before the annual general meeting (AGM) of shareholders. We consider ourselves active shareholders and prefer to vote on such matters at the AGM. (one resolution)

We voted against the appointment of the auditor and the company’s ability to set auditor fees at Vitasoy as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Global Emerging Markets Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 364 resolutions from 36 companies to vote on. On behalf of clients, we voted against 26 and abstained on four resolutions.

We voted against Aavas Financiers' request to reprice options granted under various equity stock option plans for employees due to a share price fall. We do not believe this request is in shareholders’ interest. (three resolutions) 

We voted against BRAC Bank’s request to increase authorised share capital by more than 100%, as the company had not given any justification for why they are doing this at the time of voting. (one resolution)

We voted against Dino Polska’s accounts and reports because the auditor has been in place for over 10 years and the company has given no information on intended rotation. We also voted against their remuneration report as we believe the scheme is too short term. (four resolutions)

We voted against the appointment of the auditor at EPAM Systems, Foshan Haitian Flavouring, Glodon and Yifeng Pharmacy Chain 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 Foshan Haitian Flavouring’s request to approve connected transactions entered into between the Company and related entities and their respective annual caps. We do not believe these requests are in shareholders’ interests. (two resolutions) 

We voted against Raia Drogasil’s request to adopt cumulative voting and to recast votes for the amended Board and supervisory council slate, as well as for permission to re-consider voting instructions should the meeting be held on second call. We do not believe these requests are in shareholders’ interests. We abstained from voting on the request to hold a separate election for Board members and for a minority candidate as we prefer to support the Board. (four resolutions against, two resolutions abstained)

We voted against Techtronic Industries’ share award and options scheme as the company had not disclosed how options are awarded other than at the absolute discretion of the Board, who also award options to themselves, family members and non-executives. (two resolutions) 

We voted against Totvs’ remuneration policy and long term incentive plan as in our opinion it is excessively diluted and we would prefer for the Founder/Chair not to receive a performance based remuneration like the management team. We also voted against and abstained from voting on proposals relating to the company’s request to establish a supervisory council as we did not have sufficient information to know who we would be voting for. (three resolutions against, one resolution abstained)

We voted against Vinda International’s request to issue shares without pre-emptive rights and issue repurchased shares, as the share discount rate had not been disclosed. (two resolutions) 

We voted against WEG’s request to recast votes for the amended supervisory council slate, as we preferred to vote in favour of the female candidate nominated by minority shareholders and who has been on the fiscal council for two years. We abstained from voting on the election of the supervisory council as we preferred to support the minority candidate. (one resolution against, one resolution abstained)

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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Global Emerging Markets Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 97 resolutions from 14 companies to vote on. On behalf of clients, we voted against three resolutions.

We voted against Amoy Diagnostics’ request to increase share capital and share count as we did not have sufficient information at the time of voting for the justification of these amendments to articles. (one resolution)

We voted against Banco Bradesco’s remuneration policy as we believe it lacks long-term alignment with company performance and market best practice. We also voted against the company’s request to recast votes for an amended slate of directors as we do not believe this is in shareholders’ interest. (two 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

Indian Subcontinent Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 19 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Indian Subcontinent Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 229 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Indian Subcontinent Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 44 resolutions from 14 companies to vote on. On behalf of clients, we voted against four resolutions. 

We voted against Aavas Financiers' request to reprice options granted under various equity stock option plans for employees due to a share price fall. We do not believe this request is in shareholders’ interest. (three resolutions) 

We voted against BRAC Bank’s request to increase authorised share capital by more than 100%, as the company had not given any justification for why they are doing this at the time of voting. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Indian Subcontinent Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 14 resolutions from six 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q4 2023

Worldwide Leaders Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 52 resolutions from six companies to vote on. On behalf of clients, we voted against one resolution.

We voted against the appointment of the auditor at Copart as they have been in place for over 10 years and the company has 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. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2023

Worldwide Leaders Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 51 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2023

Worldwide Leaders Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 385 resolutions from 27 companies to vote on. On behalf of clients, we voted against 35 and abstained on one resolution.

We voted against the appointment of the auditor at Arista Networks, Beiersdorf, bioMérieux, Cognex, Constellation Software, Edwards Lifesciences, Expeditors, Fastenal, Fortinet, Graco, Markel, Old Dominion Freight Line, Roper Technologies, Synopsys, Texas Instruments and Watsco 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. (18 resolutions)

We voted against Edwards Lifesciences’ request to remove personal liability from certain senior officers. We believe such an amendment is unnecessary and do not think the company’s reasoning holds merit. (one resolution)

We voted against Fortinet’s request to remove personal liability from certain senior officers. We believe such an amendment is unnecessary and do not think the company’s reasoning holds merit. (one resolution)

We voted against a number of proposals relating to Philips. We voted against the allocation of dividends as we believe the company needs to pay back debts before paying out dividends. We voted against the company’s remuneration report as we believe the remuneration structure needs a complete overhaul which is not being addressed in the proposal despite there being an opportunity to do so. We voted against the election of the CFO and Chair of the Audit Committee given the precarious position of the company’s finances and in our view little has been done to improve the quality of the financials. We voted against the request to suppress pre-emptive rights of shareholders as the use of readjusted metrics to overlook accountability for acquisitions and other restructuring decisions is not something management and the Board have earned in our view. We also voted against the request to repurchase shares as we believe the company should use cash flows to reduce leverage. (six resolutions) 

We voted against Roper Technologies’ request to remove personal liability from certain senior officers. We believe such an amendment is unnecessary and do not think the company’s reasoning holds merit. (one resolution) 

We voted against Synopsys’ executive remuneration and amendments to their Employee Equity Incentive plan as we believe it is subject to adjustments to facilitate payments to management. (two resolutions) 

We voted against Texas Instruments’ executive remuneration, as we believe the absolute pay-outs for the CEO are high compared to other executive directors and the median employee. We also disagree with the vast majority of remuneration being discretionary and believe it is in shareholder interests for management to be measured against a few key metrics that hold them to account over the long term. (one resolution) 

We voted against WEG’s request to recast votes for the amended supervisory council slate, as we preferred to vote in favour of the female candidate nominated by minority shareholders and who has been on the fiscal council for two years. We abstained from voting on the election of the supervisory council as we preferred to support the minority candidate. (one resolution against, one resolution abstained)

We voted against two shareholder proposals relating to Expeditors. The first proposal requested the company seek shareholder approval for severance payments valued at 2.99 times the sum of salary and short-term bonus. The company has a very different remuneration culture to its peers. Managers are not paid bonuses if the company generates operating losses until all the losses are recouped. We believe the Board has also provided sufficient explanation that under no circumstances will executives be paid severance of that magnitude. The other proposal requested the company conduct further quantitative analysis and publish a report assessing its diversity, equity and inclusion (DEI) efforts. We believe the company’s approach to diversity is reasonable and that the Board has provided enough evidence of a responsible and progressive attitude to DEI matters. (two resolutions)

We voted against a shareholder proposal relating to Nestlé which would have enabled an independent proxy to vote on additional or amended proposals from shareholders at the company’s annual general meeting. We consider ourselves active shareholders and voting an important responsibility in our investment management duties. (one resolution)

We voted against a shareholder proposal relating to Synopsys which would enable shareholders with a combined 10% share ownership the right to call a special shareholder meeting. (one resolution)

We supported a shareholder proposal relating to Edwards Lifesciences which requested that the company separate the roles of the Chair and CEO. (one resolution)  

We supported shareholder proposals relating to Texas Instruments which requested the company report on its process for customer due diligence, by outlining sanctions and export control compliance, risks associated with Russia’s invasion of Ukraine, more information on the know-your-customer due diligence process, and an assessment of legal, regulatory and reputational risks to the company. We also supported a request for the company to adopt a 10% threshold for calling special meetings as currently the Board’s threshold is a shareholding of 25% which appears high. (two 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2023

Worldwide Leaders Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 75 resolutions from six companies to vote on. On behalf of clients, we voted against two resolutions.

We voted against the appointment of the auditor at Costco and Infineon Technologies 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. (two resolutions)

We supported a shareholder proposal relating to Costco which requested the company provide a report on the risks caused by state policies restricting reproductive health care beyond litigation and legal compliance. Following a meeting with the company to discuss this proposal, we understand that the company has already done the work on this for their employees, so it is not a big ask for them to publish it, and we believe it would be useful for shareholders to have more information and clarity on the technicalities of the company’s healthcare policy. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

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