NB Votes

Through our NB Votes initiative, we publish our vote intentions in advance of select shareholder meetings, with a focus on companies where our clients have significant economic exposure. NB Votes addresses a broad range of financially material topics across our nine key governance and engagement principles with a balance of votes in support of and against management recommendations, enabling us to share our broad analysis and insights.

Proxy Season Votes

In the current proxy season we have provided advanced vote disclosure at meetings.

Strategy

Companies should adopt, formulate, and communicate value-enhancing long-term strategies.

Shareholder Representation

Companies should strive to maximize shareholder representation.

Risk Management

Boards of directors should actively engage with management to evaluate and control enterprise risk.

Incentives

Companies should align management incentives with long-term shareholder goals.

Capital Deployment

Companies should allocate capital to maximize long-term risk-adjusted shareholder value.

Environmental Issues

Companies should consider the material impacts of their business and operations on the environment.

Board Independence

Effective boards of directors must be truly independent.

Transparency and Communications

Companies should provide transparency in communication and reporting.

Social Issues

Companies should actively assess the material impacts of their business and operations on their employees, customers, local communities and society.

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Engagement & Proxy Voting

We believe voting proxies on behalf of our clients is an important component of creating shareholder value. This engagement fulfills our fiduciary responsibility to protect our clients’ best interests and our Governance and Proxy Committee oversees our Proxy Voting Policy and process to ensure there are no conflicts of interest. We provide guidelines and procedures to emphasize our transparency in proxy voting to clients.

Voting Statistics

In 2023, our investment teams voted at over 5,000 meetings globally. At meetings voted, proposals put forth by management comprised the vast majority of proposals at 98% with shareholder proposals comprising the remaining 2%. Main drivers for opposing management recommendations on shareholder proposals were related to the separation of chair and CEO, improved governance practices, and enhanced disclosure of financially material environmental, social and governance matters.

Management and Shareholder Proposal Vote Distribution for 2023