Voting

Voting

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

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 made by us and 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.

We believe judgement is a better guide to voting than a rules-based approach. Our voting policy is based on a frugal set of principles and key considerations that in our judgement are likely to be applicable to all companies in the vast majority of circumstances. However, we consider each voting exercise a bespoke process that should take into account the specific context, circumstances, dynamics and development of each company. 

We believe an overly-specific and overly-prescriptive approach to voting has drawbacks. First, it limits our ability to base our decisions on principles we cherish and to apply these principles to the circumstances of each company. Second, it overlooks that voting is often binary and blunt; it may only be possible to cast a single vote on matters that are often multi-faceted. Over-specifying requirements on each aspect of a remuneration policy is unnecessarily elaborate when we ultimately have to decide what our position is on balance.

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 reduction of minority shareholder rights, and director appointments where we don’t think the candidate has the right character or skills. 

  2022 2023
  Votes Total % Votes Total %
Meetings to vote at 317 318 99.7% 244 245 99.6%
Against or abstained management proposals 136 3148 4.3% 130 2460 5.3%
Against or abstained board related proposals
21 1412 1.5% 40 1123 3.6%
Against or abstained remuneration proposals
25 413 6.1% 25 338 7.4%
Against auditor proposals  34 183 18.6% 42 139 30.2%
Against shareholder proposals  4 14 28.6% 8 12 66.7%
Voted contrary to proxy advisor recommendations 359 3148 11.4% 305 2460 12.4%

 

Details of proxy voting for each strategy

Proxy voting: Q3 2024

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

Proxy voting: Q2 2024

Asia Pacific All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 342 resolutions from 38 companies to vote on. On behalf of clients, we voted against nine resolutions.

We abstained from voting on amendments to work systems for independent directors and board meeting procedures at Amoy Diagnostics as the company did not provide sufficient data on the proposed amendments. (two resolutions)

We voted against the appointment of the auditor at Glodon, Unilever Indonesia, Yifeng Pharmacy Chain and Zhejiang Supor 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 a proposal regarding transaction of business at Kasikornbank as the company provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (one resolution)

We voted against the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We voted against a proposal regarding capital management at Pentamaster as we do not believe shares should be issued without pre-emptive rights. (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 2024

Asia Pacific All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 89 resolutions from 20 companies to vote on. On behalf of clients, we voted against 3 resolutions. 

We voted against excessive executive remuneration at Bank Central Asia. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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

Asia Pacific All Cap 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 2024

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

Proxy voting: Q2 2024

Asia Pacific and Japan All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 290 resolutions from 31 companies to vote on. On behalf of clients, we voted against seven resolutions.

We abstained from voting on amendments to work systems for independent directors and board meeting procedures at Amoy Diagnostics as the company did not provide sufficient data on the proposed amendments. (two resolutions)

We voted against the appointment of the auditor at Glodon, Yifeng Pharmacy Chain and Zhejiang Supor 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 the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We voted against a proposal regarding capital management at Pentamaster as we do not believe shares should be issued without pre-emptive rights. (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 2024

Asia Pacific and Japan All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 84 resolutions from 16 companies to vote on. On behalf of clients, we voted against 2 resolutions.

We voted against excessive executive remuneration at Bank Central Asia. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (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

Asia Pacific and Japan All Cap proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 99 resolutions from 16 companies to vote on. On behalf of clients, we did not vote against any resolutions. 

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 2024

Asia Pacific Leaders proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

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

Proxy voting: Q2 2024

Asia Pacific Leaders proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 225 resolutions from 23 companies to vote on. On behalf of clients, we voted against six resolutions.

We voted against the appointment of the auditor at 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. (two resolutions)

We voted against a proposal regarding transaction of business at Kasikornbank as the company provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (one resolution)

We voted against the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to a conflict of interest and would not be in shareholders' interest. (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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2024

Asia Pacific Leaders proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 105 resolutions from 17 companies to vote on. On behalf of clients, we voted against 3 resolutions. 

We voted against excessive executive remuneration at Bank Central Asia. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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

Asia Pacific Leaders 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 2024

European 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 101 resolutions from five companies to vote on. On behalf of clients, we voted against three resolutions.

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. (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 2024

European All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 583 resolutions from 30 companies to vote on. On behalf of clients, we voted against 15 resolutions.

We voted against proposals regarding transaction of business at Alcon, Naturenergie, INFICON, SFS and Tecan as the companies provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (five resolutions)

We voted against remuneration motions at Assa Abloy as we believe acquisitive businesses should incentivise management on returns as well as shares held. (two resolutions)

We voted against the appointment of the auditor at bioMérieux, EPAM Systems, Indutrade, SFS, Spirax Group and Unilever 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. (six resolutions)

We voted against remuneration motions at Indutrade due to concerns on direction of travel and compounding effects of CEO salary increases. (one resolution)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (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 2024

European All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 206 resolutions from 9 companies to vote on. On behalf of clients, we voted against 10 resolutions.

We voted against an amendment to company articles at Belimo as we do not believe the registered office should be the sole place of jurisdiction for corporate disputes. We also voted against a transaction of other business which would grant unfettered discretion at Belimo and Sika. (three resolutions)

We voted against the appointment of the auditor at Roche as they have been in place for over 10 years. 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. We also voted against excessive executive renumeration. (six resolutions)

We voted against a shareholder proposal concerning a change of payment software at Handelsbanken as we believe the day-to-day operation of the business is best left up to the board and management. (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 All Cap 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 2024

European (ex UK) 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 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.

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 2024

European (ex UK) All Cap proxy voting : 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 523 resolutions from 27 companies to vote on. On behalf of clients, we voted against 15 resolutions.

We voted against proposals regarding transaction of business at Alcon, Naturenergie, INFICON, LEM Holding, SFS and Tecan as the companies provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (six resolutions)

We voted against remuneration motions at Assa Abloy as we believe acquisitive businesses should incentivise management on returns as well as shares held. (two resolutions)

We voted against the appointment of the auditor at bioMérieux, EPAM Systems, Indutrade, LEM Holding and SFS 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 remuneration motions at Indutrade due to concerns about direction of travel and compounding effects of CEO salary increases. (one resolution)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (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 2024

European (ex UK) All Cap proxy voting : 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 196 resolutions from 9 companies to vote on. On behalf of clients, we voted against 4 resolutions.

We voted against an amendment to company articles at Belimo as we do not believe the registered office should be the sole place of jurisdiction for corporate disputes. We also voted against a transaction of other business which would grant unfettered discretion at Belimo and Sika. (three resolutions)

We voted against a shareholder proposal concerning a change of payment software at Handelsbanken as we believe the day-to-day operation of the business is best left up to the board and management. (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 (ex UK) All Cap 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 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 2024

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

Proxy voting: Q2 2024

Global Emerging Markets All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 412 resolutions from 38 companies to vote on. On behalf of clients, we voted against 14 resolutions.

We abstained from voting on amendments to work systems for independent directors and board meeting procedures at Amoy Diagnostics as the company did not provide sufficient data on the proposed amendments. (two resolutions)

We voted against the appointment of the auditor at EPAM Systems, Glodon, Yifeng Pharmacy Chain and Zhejiang Supor 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 the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We abstained from voting on amendments to articles at Quálitas as the company did not provide sufficient information on the amendments. (one resolution)

We voted against the recasting of votes for the supervisory council at RaiaDrogasil as we believe the principle of recasting votes for an amended slate is poor practice and would prefer the slate to be resubmitted for voting. (one resolution)

We abstained from voting on a series of proposals regarding capital and shares allocation and board elections and reports at Regional as the company provided insufficient information. (12 resolutions)

We voted against the establishment of a supervisory council and cumulative voting at TOTVS as no detail on the candidates was provided. (two resolutions)

We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)

We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (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 2024

Global Emerging Markets All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 190 resolutions from 20 companies to vote on. On behalf of clients, we voted against 8 resolutions.

We voted against a Board appointment at Banco Bradesco as we would encourage the appointment of more external independent Directors. We also voted against an increase in Authorised Capital as we found the proposed dilution to be overly high, and voted against requests for cumulative voting and to recast votes for an amendment on the day of voting. (five resolutions)

We voted against excessive executive remuneration at Bank Central Asia. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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 All Cap 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 2024

Global Emerging Markets (ex China) Leaders proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

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

Proxy voting: Q3 2024

Global Emerging Markets Leaders proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

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

Proxy voting: Q2 2024

Global Emerging Markets Leaders proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 430 resolutions from 35 companies to vote on. On behalf of clients, we voted against 15 resolutions.

We abstained from voting on amendments to work systems for independent directors and board meeting procedures at Amoy Diagnostics as the company did not provide sufficient data on the proposed amendments. (two resolutions)

We voted against the appointment of the auditor at EPAM Systems, Estun Automation, Glodon, Sunny Optical Technology 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 the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We voted against the recasting of votes for the supervisory council at RaiaDrogasil as we believe the principle of recasting votes for an amended slate is poor practice and would prefer the slate be resubmitted for voting. (one resolution)

We voted against the establishment of a supervisory council and cumulative voting at TOTVS as no detail on the candidates was provided. (two resolutions)

We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)

We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (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 2024

Global Emerging Markets Leaders proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 168 resolutions from 18 companies to vote on. On behalf of clients, we voted against 8 resolutions.

We voted against a Board appointment at Banco Bradesco as we would encourage the appointment of more external independent Directors. We also voted against an increase in Authorised Capital as we found the proposed dilution to be overly high, and voted against requests for cumulative voting and to recast votes for an amendment on the day of voting. (five resolutions)

We voted against excessive executive remuneration at Bank Central Asia. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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 Leaders 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 2024

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

Proxy voting: Q2 2024

Indian Subcontinent All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 68 resolutions from 14 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: Q1 2024

Indian Subcontinent All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 32 resolutions from 11 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: Q4 2023

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

Proxy voting: Q2 2024

Worldwide All Cap voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 446 resolutions from 32 companies to vote on. On behalf of clients, we voted against 26 resolutions.

We voted against the appointment of the auditor at A.O. Smith, Arista Networks, Edwards Lifesciences, EPAM Systems, Fortinet, Markel, Roper Technologies, Spirax Group, Synopsys, Texas Instruments, Veeva Systems and Zebra 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. (12 resolutions)

We voted against remuneration motions at Assa Abloy as we believe acquisitive businesses should incentivise management on returns as well as shares held. (two resolutions)

We voted against recasting of votes at Natura as we wish to avoid the election of potentially unknown nominees.  We voted against a remuneration proposal which the company highlighted was based on a discrepancy in our third-party research, misrepresenting the underlying proposal. Unfortunately it was too late to reverse the vote. We have alerted our research provider to the error. (two resolutions)

We voted against a proposal regarding transaction of business at Tecan as the company provided no detail on the proposal and we wish to avoid unfettered discretion. (one resolution)

We voted against an amendment to officer exculpation at Veeva Systems as we are not in favour of limiting the responsibility of corporate officers. (one resolution)

We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)

We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)

We voted against the decision to grant a one-off executive award with short vesting conditions at Zebra Technologies as we did not see sufficient rationale to support it. (one resolution)

We voted against a shareholder proposal at A.O. Smith requesting the company report on hiring practices for people with arrest records as we do not deem it necessary or productive and support the company's hiring process. (one resolution)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (one resolution)

We voted against a shareholder proposal regarding greenhouse gas (GHG) emissions disclosure at Markel as the proposal called for disclosure of emissions from underwriting, insuring and investments, which is not yet widely or reliably reported in the industry, hence we would prefer to discuss the issue with the company. (one resolution)

We abstained from voting on a shareholder proposal to remove supermajority requirements for certain issues at Roper Technologies as the board didn't provide a recommendation. (one resolution)

We voted against a shareholder proposal mandating an independent director serve as Chair at Synopsys as we are confident in the stewardship of the current Chair and former CEO to lead the majority independent board. (one resolution)

We voted for shareholder proposals regarding the right to call a special meeting and requesting a report on customer due diligence at Texas Instruments as we found both to be sensible. (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 2024

Worldwide All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 126 resolutions from 10 companies to vote on.  On behalf of clients, we voted against 7 resolutions.

We voted against the appointment of the auditor at Nordson and Roche as they have each been in place for over 10 years. 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. We also voted against excessive executive renumeration at Roche. (seven 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 All Cap proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 42 resolutions from five 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 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. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2024

Worldwide Leaders proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 332 resolutions from 26 companies to vote on. On behalf of clients, we voted against 23 resolutions.

We voted against the appointment of the auditor at Arista Networks, bioMérieux, Edwards Lifesciences, EPAM Systems, Expeditors, Fastenal, Fortinet, Graco, Lincoln Electric, Markel, Old Dominion Freight Line, Roper Technologies and Texas Instruments 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. (13 resolutions)

We voted against the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)

We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (one resolution)

We voted for a shareholder proposal encouraging alignment with the Paris Agreement with regards to greenhouse gas (GHG) emissions targets and also voted against a shareholder proposal requesting a Diversity & Inclusion Report at Expeditors as we believe this issue requires a wider discussion and cannot be resolved through disclosure alone. (two resolutions)

We voted against a shareholder proposal regarding simple majority voting at Fastenal as this was covered by the company's own proposals. (one resolution)

We voted against a shareholder proposal regarding GHG emissions disclosure at Markel as the proposal called for disclosure of emissions from underwriting, insuring and investments, which is not yet widely or reliably reported in the industry, hence we would prefer to discuss the issue with the company. (one resolution)

We abstained from voting on a shareholder proposal regarding the adoption of greenhouse gas (GHG) emissions targets aligned with the Paris Agreement at Old Dominion Freight Line as we have previously engaged with the company on this issue and prefer to continue dialogue to better understand their plans. (one resolution)

We abstained from voting on a shareholder proposal to remove supermajority requirements for certain issues at Roper Technologies as the board didn't provide a recommendation. (one resolution)

We voted for shareholder proposals regarding the right to call a special meeting and requesting a report on customer due diligence at Texas Instruments as we found both to be sensible. (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 2024

Worldwide Leaders proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 96 resolutions from 9 companies to vote on. On behalf of clients, we voted against 3 resolutions.

We voted against a shareholder proposal for Costco to conduct a feasibility study of reaching net zero by 2050, as we believe the company is making progress with tangible near-term climate targets in place. Long-term projections with regards to the net zero transition are difficult and can be fraught with errors, hence we currently find the company's approach reasonable and sensible. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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

Worldwide Leaders 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.

Live proxy voting

Should you wish to see a full list of all proxy voting for the companies held in a strategy, please contact us directly.

A proxy voting tool is also available on the FSI website.

Please contact us to find out more.