We believe that proxy voting is an integral aspect of investment management and must be conducted with the same degree of prudence and loyalty accorded any fiduciary or other obligation of an investment manager. Our voting intentions represent what we believe is in the financial best interest of our clients.
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In 2024, our investment teams voted at over 5,000 meetings globally. At meetings voted, proposals put forth by management comprised the vast majority at 98% of proposals with shareholder proposals comprising the remaining 2%. We find ourselves opposing many proposals that are either unclear in their alignment with shareholder interests or at odds with our judgment of the best course for the company. This is reflected in both the 11% of management proposals and the 68% of shareholder proposals we opposed. We opposed management on at least one ballot item at 47% of meetings in 2024. Some of the main areas of opposition for management proposals involved concerns with the structure of executive compensation plans, the adoption of director and officer liability or indemnification clauses, or the capital management practices of a company. Main drivers for opposing management recommendations on shareholder proposals were related to the election of dissident nominees, the separation of chair and CEO, improved governance practices, and disclosure of financially material political spending or lobbying practices.