CORPORATE GOVERNANCE - INTERNATIONAL 1st April 2012 to 31st March 2013 ...€¦ · Taiwan...

1

CORPORATE GOVERNANCE - INTERNATIONAL

1st April 2012 to 31st March 2013 ASIA PACIFIC

A Stock option plan B Director election C Share issuance without pre-emptive rights D Amend articles of association E Remuneration F Share issuance G Bond issuance H Share repurchase I Amendment to articles of incorporation J Other business K Approval of dividend L Re-issuance of repurchased shares M Directors’ report and financial statements N Reappoint auditors and fix their remuneration O Amend equity incentive plan P Increase borrowing powers Q Executive retention plan R Elect member of audit committee S Issue Debenture T Release restrictions of competitive activities of directors

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED

ISSUES VOTED FOR/ WITH ISS

ISSUES VOTED AGAINST, ABSTAINED, OR CONTRARY TO ISS RECOMMENDATIONS

China Overseas Land & Investment LTD Hong Kong AGM 25/03/12 B x 3, C, L - Voted against in line with ISS recommendation.

Banpu Public Co Thailand AGM 02/04/12 Pt United Tractors Tbk Indonesia AGM 04/04/12 Bangkok Bank Public Co LTD Thailand AGM 10/04/12 B, J - Voted against in line with ISS

recommendation. Cimb Group Holdings BHD Malaysia AGM 11/04/12 Keppel Corp LTD Singapore AGM 13/04/12 Shanghai Industrial Holdings LTD Hong Kong EGM 13/04/12 A - Voted against in line with ISS

recommendation. Genting Singapore Plc Singapore AGM 17/04/12 B, N - Voted against in line with ISS

recommendation. DBS Group Holdings LTD Singapore AGM 18/04/12 DBS Group Holdings LTD Singapore AGM 18/04/12 Oversea Chinese Banking Corp Singapore AGM 18/04/12

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Oversea Chinese Banking Corp Singapore EGM 18/04/12 Pt Astra International Tbk Indonesia MIX 18/04/12 E - Voted against in line with ISS recommendation. United Overseas Bank LTD Singapore EGM 19/04/12 United Overseas Bank LTD Singapore AGM 19/04/12 Pt Adaro Energy Tbk Indonesia AGM 20/04/12 C.P. All Public Co LTD Thailand AGM 23/04/12 B x 2, J - Voted against in line with ISS

recommendation. Noble Group LTD Hong Kong AGM 23/04/12 A, F - Voted against in line with ISS

recommendation. Want Want China Holdings Hong Kong AGM 23/04/12 C, L - Voted against in line with ISS

recommendation. China Minsheng Banking Corp China EGM 24/04/12 Hongkong Land Holdings LTD Hong Kong AGM 27/04/12 B x 5 - Voted against in line with ISS

recommendation. China Resources Cement Holdings LTD Hong Kong AGM 30/04/12 C, L - Voted against in line with ISS

recommendation. Aia Group LTD Hong Kong AGM 02/05/12 C, L - Voted against in line with ISS

recommendation. China Yurin Food Group LTD Hong Kong AGM 02/05/12 C, L - Voted against in line with ISS

recommendation. SJM Holdings LTD Hong Kong AGM 07/05/12 Dongfang Electric Corp China AGM 09/05/12 B, C - Voted against in line with ISS

recommendation. Li Fung LTD Hong Kong AGM 09/05/12 C, L - Voted against in line with ISS

recommendation. PT Bank Central Asia Tbk Indonesia EGM 09/05/12 D - Voted against in line with ISS

recommendation. PT Bank Central Asia Tbk Indonesia AGM 09/05/12 China Mobile LTD Hong Kong AGM 11/05/12 B, C, L - Voted against in line with ISS

recommendation. Hysan Development Hong Kong AGM 11/05/12 B, C - Voted against in line with ISS

recommendation. Tencent Holdings LTD Hong Kong AGM 11/05/12 C, L - Voted against in line with ISS

recommendation. China Life Insurance Co China AGM 14/05/12 Golden Eagle Retail Group Hong Kong AGM 14/05/12 C, L - Voted against in line with ISS

recommendation. Petrochina Co LTD China AGM 14/05/12 C - Voted against in line with ISS

recommendation. Pt Kale Farma TBK Indonesia EGM 14/05/12 B - Voted against in line with ISS

recommendation. Reva Medical Inc Australia AGM 14/05/12 Pt Kale Farma TBK Indonesia EGM 14/05/12 China Shenhua Energy Co LTD China AGM 16/05/12 C - Voted against in line with ISS

recommendation. Galaxy Entertainment Group Plc Hong Kong AGM 16/05/12 C, L - Voted against in line with ISS

recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Gi Dynamics Inc Australia AGM 16/05/12 B - Voted against in line with ISS recommendation.

Hengan International Group Co LTD Hong Kong AGM 16/05/12 B, C, L - Voted against in line with ISS recommendation.

Axiata Group BHD Malaysia AGM 17/05/12 Cheung Kong Infrastructure Holdings LTD

Hong Kong AGM 17/05/12 B x 2, C, L - Voted against in line with ISS recommendation.

China Coal energy Co LTD China AGM 17/05/12 China Shenua Energy Co China Class 17/05/12 Prada Spa Hong Kong AGM 17/05/12 Shanghai Industrial Holdings LTD Hong Kong EGM 22/05/12 A - Voted against in line with ISS

recommendation. Shanghai Industrial Holdings LTD Hong Kong AGM 22/05/12 C, L - Voted against in line with ISS

recommendation. Industrial and Commercial Bank of China

China AGM 23/05/12

China State Construction International Holdings

China AGM 23/05/12 C, L - Voted against in line with ISS recommendation.

Sands China LTD China AGM 23/05/12 B, C, L - Voted against in line with ISS recommendation.

Ivanhoe Australia LTD Australia AGM 24/05/12 E x 4, Approve Acquisition, Changes to companies constitution - Voted against in line with ISS recommendation.

Boc Hong Kong Holdings LTD Hong Kong AGM 24/05/12 C, L - Voted against in line with ISS recommendation.

Belle International Holdings LTD Hong Kong AGM 24/05/12 C, L - Voted against in line with ISS recommendation.

China Telecom Corp LTD Hong Kong AGM 25/05/12 C, G x 2, P, S - Voted against in line with ISS recommendation.

China Oilfield Services LTD China AGM 25/05/12 C - Voted against in line with ISS recommendation.

The Wharf Holdings LTD Hong Kong AGM 25/05/12 C, L - Voted against in line with ISS recommendation.

Woodside Pete LTD Australia AGM 26/05/12 MTR Corp LTD Hong Kong AGM 27/05/12 C, L - Voted against in line with ISS

recommendation. Santos LTD Australia AGM 27/05/12 Wynn Macau LTD China AGM 28/05/12 C, L - Voted against in line with ISS

recommendation. China Merchants Holdings International Co LTD

Hong Kong AGM 28/05/12 B, C, L - Voted against in line with ISS recommendation.

Reliance Industries LTD India AGM 30/05/12 B - Voted against in line with ISS recommendation.

Infosys Ltd India AGM 01/06/12 China Construction Bank Corporation China AGM 04/06/12 Yulon Motor Co Taiwan AGM 04/06/12

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



China Resources Power Holdings Co Hong Kong AGM 05/06/12 C, L - Voted against in line with ISS recommendation.

Beijing Enterprises Holdings Ltd Hong Kong AGM 06/06/12 B, C, L - Voted against in line with ISS recommendation.

Asustek Computer Inc Taiwan AGM 06/06/12 China Minsheng Banking Corporation Hong Kong AGM 06/06/12 Far Eastone Telecommunication Co Ltd Taiwan AGM 06/06/12 B x 11, T - Voted against in line with ISS

recommendation. Taiwan Semiconductor Manufacturing Co Ltd

Taiwan AGM 06/06/12

Axis Bank Ltd India AGM 07/06/12 B - Voted against in line with ISS recommendation.

Cheng Shin Rubber Industry Co Taiwan AGM 07/06/12 China Steel Corp Taiwan AGM 07/06/12 Fubon Financial Holdings Co Taiwan AGM 07/06/12 Mediatek Incorporation Taiwan AGM 07/06/12 Airtac International Group Cayman

Islands AGM 08/06/12

Genting BHD Malaysia AGM 08/06/12 Hon Hai Precision Co Taiwan AGM 08/06/12 A, F - Voted against in line with ISS

recommendation. Jiangxi Copper Co Ltd China AGM 08/06/12 C, Approve revised financial services agreement -

Voted against in line with ISS recommendation. Mega Financial Holding Company Taiwan AGM 08/06/12 B x 6, T - Voted against in line with ISS

recommendation. China Mengniu Dairy Co Hong Kong AGM 12/06/12 C - Voted against in line with ISS

recommendation. Axis Bank Ltd India Court 12/06/12 China Resources Land Ltd Cayman

Islands AGM 13/06/12 B, C, L - Voted against in line with ISS

recommendation. Icici Bank Ltd India AGM 13/06/12 A - Voted against in line with ISS

recommendation. President Chain store Corp Taiwan AGM 13/06/12 B x 10, T - Voted against in line with ISS

recommendation.

Advanced semi-Conductor Engineering Inc

Taiwan AGM 15/06/12

Ping An Insurance Group Company of China

China AGM 19/06/12

Chinatrust Financial Holdings Company Ltd

Taiwan AGM 20/06/12

Gome Electrical Appliances Holding Ltd Hong Kong AGM 20/06/12 C - Voted against in line with ISS recommendation.

Ascendas Real Estate Investment Trust Singapore EGM 21/06/12 Ascendas Real Estate Investment Trust Singapore AGM 21/06/12 China Life Insurance Co China EGM 21/06/12 B x 2 - Voted against in line with ISS

recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Lenovo Group Ltd Hong Kong AGM 21/06/12 C, L - Voted against in line with ISS recommendation.

Taiwan Fertilizer Co Taiwan AGM 21/06/12 B - Voted against in line with ISS recommendation.

Sterlite Industries Ltd India AGM 27/06/12 B x 2 - Voted against in line with ISS recommendation.

Housing Development Finance Corp India AGM 03/07/12 Ultrapar Participacoes Sa Brazil EGM 04/07/12 HDFC Bank Ltd India AGM 05/07/12 DFL Ltd India EGM 06/07/12 DR Reddy’s Laboratories LTD India AGM 10/07/12 A - Voted against in line with ISS

recommendation. Colgate-Palmolive Ltd India AGM 13/07/12 ITC Ltd India AGM 13/07/12 B x 2 - Voted against in line with ISS

recommendation. Singapore Telecommunications Ltd Singapore EGM 20/07/12 Singapore Telecommunications Ltd Singapore AGM 20/07/12 The Link Real Estate Investment Trust Hong Kong AGM 20/07/12 B - Voted against in line with ISS

recommendation. Adani Ports & Special Economic Zone India AGM 26/07/12 B - Voted against in line with ISS

recommendation. Tata Motors Ltd India AGM 27/07/12 Mahndra & Mahindra Ltd India AGM 31/07/12 Tata Steel Ltd India AGM 31/07/12 Tata Power Co Ltd India AGM 03/08/12 Cairn India Ltd India AGM 10/08/12 A - Voted against in line with ISS

recommendation. Larsen & Toubro Ltd India AGM 15/08/12 N - Voted against in line with ISS

recommendation. Cnooc Ltd Hong Kong EGM 16/08/12 Skyworth Digital Holdings Ltd Hong Kong AGM 23/08/12 B - Voted against in line with ISS

recommendation. Bharti Airtel Ltd India AGM 27/08/12 DFL Ltd India AGM 28/08/12 Coal India Ltd India AGM 06/09/12 B x 2 - Voted against in line with ISS recommendation.

NTPC Ltd India AGM 06/09/12

China Shenua Energy Company Ltd China EGM 11/09/12 Approve issuance of debt financing instruments - Voted against in line with ISS recommendation.

Oil and Natural Gas Corporation Ltd India AGM 11/09/12

Alliance Global Group Inc Philippines AGM 12/09/12 B - Voted against in line with ISS recommendation.

Ping An Insurance Group Ltd China EGM 14/09/12

Fraser & Neave Ltd Singapore EGM 21/09/12

Bank of China Ltd China EGM 18/10/12

Echo Entertainment Group Ltd Australia AGM 18/10/12 A - Voted against in line with ISS recommendation.

Insurance Australia Group Ltd Australia AGM 18/10/12

IOI Corporation BHD Malaysia AGM 22/10/12

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Agricultural Bank of China China EGM 23/10/12

Sun Pharmaceutical Industries Ltd India AGM 25/10/12 C, P - Voted against in line with ISS recommendation.

Industrial and Commercial Bank of China

China EGM 30/10/12

Sime Darby Malaysia AGM 31/10/12

Sime Darby Malaysia EGM 31/10/12 A - Voted against in line with ISS recommendation.

Carbon Energy LTD Australia AGM 05/11/12 SP – Organise follow on remuneration meeting (spill resolution)- Voted against in line with ISS recommendation.

Fletcher Building Ltd New Zealand AGM 05/11/12 A - Voted against in line with ISS recommendation.

QR National Ltd Australia AGM 05/11/12

Silex Systems Ltd Australia AGM 05/11/12 SP – Organise follow on remuneration meeting (spill resolution) - Voted against in line with ISS recommendation.

Woolworths Ltd Australia EGM 07/11/12 SP – Amend companies constitution to restrict operations of electronic gaming machines - Voted against in line with ISS recommendation.

Wesfarmers Ltd Australia AGM 08/11/12

Lend Lease Group Australia AGM 09/11/12

QR National Ltd Australia EGM 15/11/12

CNOOC Ltd Hong Kong EGM 16/11/12

Nexus Energy Ltd Australia AGM 16/11/12

Woolworths Ltd Australia AGM 16/11/12

YTL Corp Malaysia AGM 21/11/12

BHP Billiton Ltd Australia AGM 23/11/12

Mesoblast Ltd Australia AGM 23/11/12 E – Voted in favour contrary to ISS recommendation to vote against. Engaged with company to gain full disclosure.

Lupin Ltd India EGM 28/11/12

Gamuda BHD Malaysia AGM 29/11/12

Great Wall Motor Co China EGM 04/12/12

Korea Electric Power Corp Korea EGM 06/12/12 B - Voted against in line with ISS recommendation.

Westpac Banking Corp Australia AGM 06/12/12

National Australia Bank Australia AGM 07/12/12

Australia & New Zealand Banking Group Ltd

Australia AGM 13/12/12 SP - B - Voted against in line with ISS recommendation.

PT Semen Gresik Indonesia EGM 13/12/12

HCL Technologies Ltd India Court 07/01/13 Sun Pharmaceuticals Industries Ltd India Court 11/01/13 Ping An Insurance China EGM 30/01/13 Carbon Energy Ltd Australia EGM 31/01/13 China Communications Constructions Co

China EGM 13/02/13 Approve change of registered capital for CCCC Finance Company - Voted against in line with ISS recommendation.

China Life Insurance Co China EGM 13/02/13 KT & G Corporation Korea AGM 19/02/13 LG Display Co Korea AGM 25/02/13 I - Voted against in line with ISS recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



State Bank of India India OGM 04/03/13 Huaneng Power International China EGM 05/03/13 Hyundai Engineering and Construction Co

Korea AGM 06/03/13

Hyundai Mobis Korea AGM 06/03/13 Hyundai Motor Co Korea AGM 06/03/13 LG Chem Ltd Korea AGM 06/03/13 LG Household & Healthcare Ltd Korea AGM 06/03/13 Samsung Electronics Co Korea AGM 06/03/13 Samsung Engineering Co Korea AGM 06/03/13 Public Bank Malaysia AGM 12/03/13 Amorepacific Corp Korea AGM 13/03/13 B, I, R - Voted against in line with ISS

recommendation. Hankook Tire Co Korea AGM 13/03/13 I - Voted against in line with ISS recommendation. Kia Motors Corp Korea AGM 13/03/13 LG Corp Korea AGM 13/03/13 SK Holdings Korea AGM 13/03/13 B, E - Voted against in line with ISS

recommendation. Sk Hynix Korea AGM 13/03/13 S-Oil Corp Korea AGM 13/03/13 B x 4, R - Voted against in line with ISS

recommendation. Posco Korea OGM 13/03/13 Industrial and Commercial Bank of China

China EGM 14/03/13

Bharti Airtel India EGM 14/03/13 Shinhan Financial Group Co Korea AGM 19/03/13 Siam Cement Public Co Thailand AGM 20/03/13 I - Voted against in line with ISS recommendation. Advanced Info Service Public Co Thailand AGM 20/03/13 I - Voted against in line with ISS recommendation. Korea Electric Power Corp Korea AGM 20/03/13 Malayan Banking BHD Malaysia AGM 20/03/13 N - Voted against in line with ISS

recommendation. Bank of China Ltd China EGM 20/03/13 PT Bank Mandiri (Persero) Indonesia AGM 21/03/13 B, I, Approve increase in pension and other

benefits, Confirmation on the amount for non-collectable receivables - Voted against in line with ISS recommendation.

Kasikornbank Public Company Limited Thailand AGM 29/03/13

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EUROPE

A Stock Option Plan B Director Election C Share Issuance without Pre-emptive rights D Amend Articles of Association E Remuneration Plan F Share Issuance G Bond Issuance H Share Repurchase I Audit Commission Election J Other business K Auditors’ special report L Amend Bylaws M Anti takeover measure N Severance payment O Supervisory board member P Environmental and Social Issue Q Authorise increase of capital R Approve related party transaction S Appoint auditors T Warrant Issuance U Approve Dividend, allocation of dividend V Share consolidation W Limit company donations X Elect employee representative to the board

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Rosneft Oilm Company Russia EGM 02/04/12 Turkiye Garanti Bankasi Turkey OGM 02/04/12 B, S - Voted against in line with ISS

recommendation. Magyar Telekom Hungary AGM 03/04/12 Swiss RE Switzerland AGM 04/04/12 E - Voted against in line with ISS recommendation. Uralkali Russia EGM 04/04/12 KGHM Polska Miedz Poland EGM 05/04/12 O x 3- Voted against in line with ISS

recommendation. Nestle Switzerland AGM 05/04/12 Romreal Ltd Norway AGM 11/04/12 E - Voted against in line with ISS recommendation. Anheuser-Busch Inbev Belgium MIX 12/04/12 A, E x 2, T x 4 - Voted against in line with ISS

recommendation. Muenchener Rueckversicherungs-Gesellschaft Aktieng

Germany AGM 12/04/12

9

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Reed Elsevier Netherlands AGM 12/04/12 Telefonica Czech Republic Czech

Republic OGM 12/04/12 D - Voted against in line with ISS

recommendation. Axa France MIX 13/04/12 B x 6, D - Voted against in line with ISS

recommendation. DNB Asa Norway AGM 13/04/12 Gea Group Germany AGM 13/04/12 Nyrstar Belgium MIX 13/04/12 H, Q - Voted against in line with ISS

recommendation. Saipem Spa Italy MIX 13/04/12 E, S - Voted against in line with ISS

recommendation. Mol Hungarian Oil Hungary AGM 16/04/12 E, H - Voted against in line with ISS

recommendation. ABB Ltd Switzerland AGM 17/04/12 Atlas Copco Sweden AGM 17/04/12 B - Voted against in line with ISS

recommendation. Novatek Russia EGM 17/04/12 B x 7 - Voted against in line with ISS

recommendation. Sygenta AG Switzerland AGM 17/04/12 B - Voted against in line with ISS

recommendation. BASF Germany AGM 18/04/12 Komercni Banka Czech

Republic OGM 18/04/12

Novatek Russia AGM 18/04/12 B x 7 - Voted against in line with ISS recommendation.

OTP Bank Plc Hungary AGM 18/04/12 H - Voted against in line with ISS recommendation.

Bayer AG Germany AGM 19/04/12 Sandvik Ab Sweden AGM 19/04/12 E - Voted against in line with ISS recommendation.

Shareholder proposal – Stop operations and reverse what has been done so far - Voted against in line with ISS recommendation.

Snam Rete Gas Spa Italy MIX 19/04/12 Eni Spa Italy MIX 23/04/12 Sanofi France MIX 23/04/12 Schneider Electric France MIX 23/04/12 B x 3, N - Voted against in line with ISS

recommendation. Allianz Germany AGM 24/04/12 Arcelormittal SA Luxembourg MIX 25/04/12 A, B - Voted against in line with ISS

recommendation. E On Aktiengesellschaft EON Germany AGM 25/04/12 Kerry Group Plc Ireland AGM 26/04/12 B x 5 - Voted against in line with ISS

recommendation. Unlilever NV Netherlands AGM 26/04/12 UBS Switzerland AGM 27/04/12 A, E, Discharge Board - Voted against in line with

ISS recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



L’Air Liquide France MIX 30/04/12 N - Voted against in line with ISS recommendation.

CIE Generale Des Etablissements Michelin

France MIX 02/05/12

Essilor International SA France MIX 02/05/12 A x 2 - Voted against in line with ISS recommendation.

ING Groep Netherlands AGM 02/05/12 O - Voted against in line with ISS recommendation.

SGL Carbon Germany AGM 02/05/12 C - Voted against in line with ISS recommendation.

The Swatch Group Switzerland AGM 02/05/12 U - Voted against in line with ISS recommendation.

Total SA France MIX 02/05/12 B x 2 - Voted against in line with ISS recommendation. Worker proposal x 2 – Approve additional information on remuneration, Allow loyalty dividends to long term shareholders - Voted against in line with ISS recommendation.

Yara International Norway AGM 02/05/12 E - Voted against in line with ISS recommendation. BIM Birlesik Magalazar Turkey OGM 03/05/12 B, E, R - Voted against in line with ISS

recommendation. HMS Hydraulic Machines & Systems Group

Russia AGM 03/05/12

HMS Hydraulic Machines & Systems Group

Russia EGM 03/05/12

Lanxess AG Germany AGM 03/05/12 Transocean Ltd Switzerland AGM 03/05/12 Telefonica Sa Spain OGM 07/05/12 B x 5, E - Voted against in line with ISS

recommendation. Elringklinger Germany AGM 08/05/12 C - Voted against in line with ISS

recommendation. Statoil Asa Norway AGM 08/05/12 E, H - Voted against in line with ISS

recommendation. Shareholder proposal – P - Voted against in line with ISS recommendation.

Millicom International Cellular Sweden AGM 10/05/12 Unable to cast vote due to late notification from Sub-custodian. (No contentious issues).

Millicom International Cellular Sweden EGM 10/05/12 Unable to cast vote due to late notification from Sub-custodian.(No contentious issues).

Fugro NV Netherlands AGM 11/05/12 Prysmian Italy OGM 12/05/12 Shareholder proposal – B x 2 - Voted against in

line with ISS recommendation. BNP Paribas France MIX 14/05/12 B x 2 - Voted against in line with ISS

recommendation. Magnit JSC Russia AGM 14/05/12 B x 5, D, R x 10 - Voted against in line with ISS

recommendation. PGE Polska Grupa Energetyczna Poland AGM 14/05/12

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Polski Koncern Naftowy Orlen Poland AGM 14/05/12 Powszechny Zaklad Ubezpieczen Poland OGM 14/05/12 Shareholder proposal – Fix size of supervisory

board, change composition - Voted against in line with ISS recommendation.

SAP AG Germany AGM 14/05/12 E, O x 4 - Voted against in line with ISS recommendation.

Societe Generale France MIX 14/05/12 A, N, Q - Voted against in line with ISS recommendation. Shareholder proposal – Adopt two tier board structure - Voted against in line with ISS recommendation.

Turk Telekomunikasyon Turkey OGM 14/05/12 R - Voted against in line with ISS recommendation.

Bank Polska Kasa Poland AGM 16/05/12 CFAO France MIX 16/05/12 A, C - Voted against in line with ISS

recommendation. Deutsche Telekom Germany AGM 16/05/12 O - Voted against in line with ISS

recommendation. Novolipetsk Steel Russia AGM 16/05/12 B x 7 - Voted against in line with ISS

recommendation. Publicis Groupe France MIX 16/05/12 C, F, N x 4, O x 2, Q - Voted against in line with

ISS recommendation. Viscofan Spain MIX 16/05/12 D, E, U - Voted against in line with ISS

recommendation. Shareholder proposal – Term limit directors, D, E - Voted against in line with ISS recommendation.

Intesa Sanpaolo Spa Italy OGM 17/05/12 O x 2 - Voted against in line with ISS recommendation.

PKO Bank Polski Poland AGM 17/05/12 Sberbank Of Russia Russia AGM 17/05/12 B x 17, E - Voted against in line with ISS

recommendation. Tauron Polska Energia Poland EGM 17/05/12 Adidas Germany AGM 21/05/12 Fresenius Medical Care Germany AGM 21/05/12 Uralkaliy Russia AGM 21/05/12 B x 7 - Voted against in line with ISS

recommendation. Sanfran SA France Mix 22/05/12 N, Q, T, CEO Pension scheme agreement - Voted

against in line with ISS recommendation. Deutsche Bank AG Germany AGM 24/05/12 Compagnie De Saint-Gobain France Mix 29/05/12 A x 2, B x 4, T - Voted against in line with ISS

recommendation. Dassault Systemes SA France Mix 29/05/12 E, L - Voted against in line with ISS

recommendation. Bank For Foreign Trade Vneshtorgbank Jsc

Russia AGM 01/06/12 B x 12 - Voted against in line with ISS recommendation.

Eurocash S.A Poland AGM 01/06/12 A, D - Voted against in line with ISS recommendation.

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COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Nord Gold NV Russia AGM 01/06/12 C, F - Voted against in line with ISS recommendation.

Bank Handlowy W Warszawie Poland AGM 01/06/12 Rosneft Oil Company Russia AGM 08/06/12 B x 8 - Voted against in line with ISS

recommendation. Lukoil Oil Company Russia AGM 08/06/12 B x 5 - Voted against in line with ISS

recommendation. PGE Polska Grupa Energetyczna Poland EGM 11/06/12 Brenntag AG Germany AGM 12/06/12 KGHM Polska Miedz Poland AGM 12/06/12 Severstal Cherepovets Metal Factory JSC


Mobile Telesystems OJSC Russia AGM 13/06/12 B x 7, Approve new edition of regulations on board of directors - Voted against in line with ISS recommendation.

Dixy Group OJSC Russia AGM 13/06/12 B x 12, R - Voted against in line with ISS recommendation.

Surgutneftegas OJSC Russia AGM 13/06/12 R - Voted against in line with ISS recommendation.

Oao Tatneft Russia AGM 13/06/12 B x 11 - Voted against in line with ISS recommendation.

Wirecard AG Germany AGM 13/06/12 Federal Hydrogenerating Company Russia AGM 13/06/12 B x 14 - Voted against in line with ISS

recommendation. E.ON Russia AGM 18/06/12 B x 7 - Voted against in line with ISS

recommendation. Federal Grid Company Of Unified Energy System OJSC


Mining and Metallurgical Company Norilsk Nickel


Eregli Demir ve Celik Fabrikalari Turk Anonim Sirk

Turkey EGM 19/06/12 B - Voted against in line with ISS recommendation.

Turk Telekomunikasyon Turkey EGM 19/06/12 B, R - Voted against in line with ISS recommendation.

Cez A.S Czech AGM 20/06/12 D - Voted against in line with ISS recommendation.

Gazprom Oao Russia AGM 20/06/12 E, B x 11, I x 3 - Voted against in line with ISS recommendation.

Eni Spa Italy EGM 09/07/12 Industria De Dinseno Textil Inditex Spain AGM 12/07/12 E - Voted against in line with ISS recommendation. Snam Spa Italy EGM 23/07/12 Dixy Group Russia EGM 07/08/12 KGHM Polska Poland EGM 17/08/12 Cie Financiere Richemont Switzerland AGM 29/08/12 B x 17, E, U - Voted against in line with ISS

recommendation. Magnit JSC US Special 05/09/12

13

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Severstal Cherepovets Metal Factory JSC

US EGM 18/09/12

Nord Gold Russia EGM 03/10/12

Novatek Oao Russia OGM 03/10/12 Ford Otomotiv Sanayi As Turkey EGM 08/10/12 Novatek Oao Russia EGM 08/10/12 Novolipetsk Iron & Steel Corp Russia EGM 19/10/12 Reed Elsevier Netherlands EGM 20/10/12 Intesa Sanpaolo Spa Italy EGM 22/10/12 Pernod Ricard France AGM 30/10/12 A,H,L,N - Voted against in line with ISS

recommendation. Dixy Group Russia EGM 02/11/12

KGHM Polska Miedz Poland EGM 02/11/12

Eurocash SA Poland EGM 06/11/12

Federal Hydrogenerating Company – Rushydro

Russia EGM 06/11/12 Q - Voted against in line with ISS recommendation.

Rosneft Oil Company OJSC Russia EGM 20/11/12 Approve early termination of powers of directors, B x 8 - Voted against in line with ISS recommendation.

Jeronimo Martins Portugal EGM 29/11/12

Uralkaliy Ojsc Russia EGM 02/12/12

Lukoil Oil Russia EGM 03/12/12

Cez A.S Czech Republic

EGM 13/12/12 I,O - Voted against in line with ISS recommendation.

Severstal Cherepovets Metal Factory Russia EGM 13/12/12

Mobile Telesystems Russia EGM 21/12/12

Novatek Russia EGM 21/12/12

Mining and Metallurgical Company Norilisk Nickel

Russia EGM 21/01/13 Voted rejected due to pooled custodian account.

Mobile Telesystems Russia Special 01/02/13 B - Voted against in line with ISS recommendation. Voted rejected due to pooled custodian account.

E.On Russia Russia EGM 07/02/13 B, Approve early termination of powers of directors - Voted against in line with ISS recommendation. Voted rejected due to pooled custodian account.

Infineon Technologies Germany AGM 13/02/13 E - Voted against in line with ISS recommendation. Novaratis Switzerland AGM 18/02/13 Mining and Metallurgical Company Norilsk Nickel

Russia EGM 25/02/13 B - Voted against in line with ISS recommendation. Voted rejected due to pooled custodian account.

Yit Oyj Finland AGM 06/03/13 Banco Bilbao Vizcaya Argentaria Spain OGM 11/03/13 B - Voted against in line with ISS

recommendation. Novo Nordisk Denmark AGM 11/03/13

14

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Svenska Handelsbanken Sweden AGM 11/03/13 B, E - Voted against in line with ISS recommendation. SP – P - Voted against in line with ISS recommendation.

Swedbank Sweden AGM 11/03/13 SP – Decrease dividend, return bank into a full service bank - Voted against in line with ISS recommendation.

Konekranes Finland AGM 13/03/13 Snam Italy MIX 13/03/13 B, S - Voted against in line with ISS

recommendation. Banco Santander Spain OGM 14/03/13 B x 2 - Voted against in line with ISS

recommendation. Ford Otomotiv Sanayi Turkey AGM 18/03/13 Sulzer Switzerland AGM 19/03/13 Iberdrola Spain OGM 19/03/13 Volvo Sweden AGM 20/03/13 Akbank Turkey OGM 22/03/13 G, W - Voted against in line with ISS

recommendation. Arcelik Turkey OGM 22/03/13 Jeronimo Martins Portugal OGM 22/03/13 Turkiye Sinai Kalkinma Bankasi Turkey OGM 22/03/13 W - Voted against in line with ISS

recommendation. GDR SES France AGM 25/03/13 B - Voted against in line with ISS

recommendation. Zurich Insurance Group Switzerland AGM 25/03/13 Daimler Germany EGM 26/03/13 O - Voted against in line with ISS

recommendation. Deutsche Bank Germany EGM 26/03/13 Fiat Industrial Italy OGM 26/03/13 E, O - Voted against in line with ISS

recommendation. Tofas Turk Otomobil Fabrikasi Turkey OGM 26/03/13 W - Voted against in line with ISS

recommendation. Tupras Turkiye Petrol Rafineleri Turkey OGM 26/03/13 B, W - Voted against in line with ISS

recommendation. Turkiye Halk Bankasi (Halkbank) Turkey OGM 26/03/13 G, E, S, Approve discharge of board and auditors -

Voted against in line with ISS recommendation. Turkiye IS Bankasi Turkey AGM 26/03/13 B, Approve discharge of board, Approve discharge

of Auditors - Voted against in line with ISS recommendation.

15

JAPAN

A Stock Option Plan B Director Election C Share Issuance without Pre-emptive rights D Amend Articles of Association E Remuneration Plan F Share Issuance G Bond Issuance H Share Repurchase I Appointment of Statutory Auditor J Other business K Auditors’ special report L Amend Bylaws M Anti takeover measure N Retirement bonus O Dividend Approval P Approve annual bonus payment Q Environmental and Social Issue R Reduction in capital reserves

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Aeon Co Japan AGM 15/05/12 M – Voted against in line with ISS recommendation.

Keyence Corporation Japan AGM 31/05/12 O, B – Voted in favour contrary to ISS recommendation to vote against. Dividend policy voted on a case-by-case basis. I - Voted against in line with ISS recommendation.

Net One systems Co Japan AGM 31/05/12 I - Voted against in line with ISS recommendation. Sumitomo Realty & Development Co Ltd

Japan AGM 01/06/12

Ricoh Company Japan AGM 04/06/12 Astellas Pharma Inc Japan AGM 07/06/12 Jafco Co Ltd Japan AGM 07/06/12 Namco Bandai Holdings Inc Japan AGM 07/06/12 Yaskawa Electric Corporation Japan AGM 07/06/12 Aisin Seiki Co Japan AGM 08/06/12 I - Voted against in line with ISS recommendation. Central Japan Railway Company Japan AGM 08/06/12 Denso Corporation Japan AGM 08/06/12 Fanuc Corporation Japan AGM 08/06/12 Honda Motor Co Ltd Japan AGM 08/06/12 Hoya Corporation Japan AGM 08/06/12 Inpex Corporation Japan AGM 08/06/12

16

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Komatsu Ltd Japan AGM 08/06/12 Makino Milling Machine Co Japan AGM 08/06/12 I x 2 - Voted against in line with ISS

recommendation. Mitsubishi Heavy Industries Ltd Japan AGM 08/06/12 Mitsui & Co Ltd Japan AGM 08/06/12 MS&AD Insurance Group Holdings Inc Japan AGM 08/06/12 NTT Docomo Inc Japan AGM 08/06/12 B - Voted against in line with ISS

recommendation. Seven Banks Ltd Japan AGM 08/06/12 A - Voted against in line with ISS

recommendation. The Bank of Yokohama Ltd Japan AGM 08/06/12 I - Voted against in line with ISS recommendation. Tokyu Land Corporation Japan AGM 08/06/12 TS Tech Co Japan AGM 08/06/12 I - Voted against in line with ISS recommendation. Alps Electric CO Japan AGM 11/06/12 N x 2 - Voted against in line with ISS

recommendation. Daicel Corporation Japan AGM 11/06/12 I x 2 - Voted against in line with ISS

recommendation. Daiichi Sankyo Company Japan AGM 11/06/12 East Japan Railway Company Japan AGM 11/06/12 SP – D, Q x 11 - Voted against in line with ISS

recommendation. SP – D - Voted in favour, in line with ISS contrary to management.

Electric Power Development Co Ltd Japan AGM 11/06/12 Fuji Heavy Industries Ltd Japan AGM 11/06/12 I - Voted against in line with ISS recommendation. Hitachi Ltd Japan AGM 11/06/12 B, SP – D - Voted against in line with ISS

recommendation. IHI Corporation Japan AGM 11/06/12 B - Voted against in line with ISS

recommendation. Kawasaki Heavy Industries Ltd Japan AGM 11/06/12 Mitsubishi Chemical Holdings Corporation

Japan AGM 11/06/12

Mitsubishi Corporation Japan AGM 11/06/12 Mitsui Fudosan Co Japan AGM 11/06/12 Murata Manufacturing Company Japan AGM 11/06/12 Nidec Corporation Japan AGM 11/06/12 Nipon Telegraph and Telephone Corporation

Japan AGM 11/06/12

Nitto Denko Corporation Japan AGM 11/06/12 I - Voted against in line with ISS recommendation. NS Solutions Corporation Japan AGM 11/06/12 Orix Corporation Japan AGM 11/06/12 Osaka Gas Co Japan AGM 11/06/12 Softbank Corp Japan AGM 11/06/12 Sumitomo Chemical Company Japan AGM 11/06/12 T&D Holdings Japan AGM 11/06/12 Takeda Pharmaceutical Company Japan AGM 11/06/12

17

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



The Dai-Ichi Life Insurance Company Japan AGM 11/06/12 The Shizuoka Bank Ltd Japan AGM 11/06/12 Toyota Tsusho Corporation Japan AGM 11/06/12 I x 2 - Voted against in line with ISS

recommendation. Unicharm Corporation Japan AGM 11/06/12 I - Voted against in line with ISS recommendation. West Japan Railway Company Japan AGM 11/06/12 SP – B - Voted against in line with ISS

recommendation. Sanrio Company Ltd Japan AGM 13/06/12 N - Voted against in line with ISS

recommendation. Chubu Electric Power Company Inc Japan AGM 15/06/12 SP – D, Q x 7 - Voted against in line with ISS

recommendation. Dainippon Screen MFG Japan AGM 15/06/12 I x 3 - Voted against in line with ISS

recommendation.

Fukuoka Financial Group Inc Japan AGM 15/06/12 B - Voted against in line with ISS recommendation.

Hokuriku Electric Power Company Japan AGM 15/06/12 I x 2 - Voted against in line with ISS recommendation.

Japan Tobacco Inc Japan AGM 15/06/12 O - Voted in favour contrary to ISS recommendation to vote against. SP – H,O - Voted against contrary to ISS recommendation to vote in favour. SP – D,R - Voted in favour, in line with ISS contrary to management. Dividend policy voted on a case-by-case basis.

Mitsubishi Estate Company Ltd Japan AGM 15/06/12 I x 2 - Voted against in line with ISS recommendation.

Mizuho Financial Group Inc Japan AGM 15/06/12 SP – D - Voted against in line with ISS recommendation. SP – D - Voted in favour, in line with ISS contrary to management.

Nippon Meat Packers Inc Japan AGM 15/06/12 M - Voted against in line with ISS recommendation.

Nippon Steel Corporation Japan AGM 15/06/12 D, I, E - Voted against in line with ISS recommendation.

Nissan Motor Co Japan AGM 15/06/12 I - Voted against in line with ISS recommendation. Nomura Holdings Inc Japan AGM 15/06/12 B x 2 – Voted in favour contrary to ISS

recommendation to vote against. Operationally significant. B, SP – Q x 2 - Voted against in line with ISS recommendation.

Okuma Corporation AGM 15/06/12 B - Voted against in line with ISS recommendation.

Suruga Bank Ltd Japan AGM 15/06/12 B x 2, N - Voted against in line with ISS recommendation.

18

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



The Kansai Electric Power Company Inc Japan AGM 15/06/12 SP – B,D, Q x 17 - Voted against in line with ISS recommendation. SP – D - Voted in favour, in line with ISS contrary to management.

Tobu Railway Co Japan AGM 15/06/12 I x 2, M - Voted against in line with ISS recommendation.

Tokio Marine Holdings Japan AGM 15/06/12 B - Voted against in line with ISS recommendation.

Tokyo Gas Co Japan AGM 15/06/12 I x 2 - Voted against in line with ISS recommendation.

Toyota Motor Company Corporation Japan AGM 15/06/12 Citizen Holdings Co Japan AGM 18/06/12 I - Voted against in line with ISS recommendation. United Arrows Ltd Japan AGM 19/06/12 Kobayashi Pharmaceutical Co Japan AGM 20/06/12 Sawai Pharmaceutical Co Japan AGM 20/06/12 N - Voted against in line with ISS

recommendation. Tokyo Electron Limited Japan AGM 20/06/12 Toray Industries Inc Japan AGM 20/06/12 JFE Holdings Inc Japan AGM 25/06/12 Kyocera Corporation Japan AGM 25/06/12 Nichii Gakkan Company Japan AGM 25/06/12 N - Voted against in line with ISS

recommendation. NKSJ Holdings Japan AGM 25/06/12 Panasonic Corporation Japan AGM 25/06/12 Sumitomo Electric Industries Ltd Japan AGM 25/06/12 The Chugoku Electric Power Company Japan AGM 25/06/12 B , SP – B, Q x5 - Voted against in line with ISS

recommendation. Daiwa House Industry Co Japan AGM 26/06/12 Dentsu Inc Japan AGM 26/06/12 Isuzu Motors Limited Japan AGM 26/06/12 I - Voted against in line with ISS recommendation. Mistubishi UFG Financial Group Inc Japan AGM 26/06/12 Mitsubishi Electric Corporation Japan AGM 26/06/12 B x 2- Voted against in line with ISS

recommendation. Sumitomo Mitsui Financial Group Japan AGM 26/06/12 Sumitomo Mitsui Trust Holdings Inc Japan AGM 26/06/12 B - Voted against in line with ISS

recommendation. Taiyo Yuden Co Japan AGM 26/06/12 TDK Corporation Japan AGM 26/06/12 The Chiba Bank Ltd Japan AGM 26/06/12 Keyence Corporation Japan AGM 04/09/12 O - Voted against in line with ISS recommendation. Don Quijote Japan AGM 24/09/12 Pola Orbis Holdings Inc Japan AGM 19/03/13 Hulic Co Japan AGM 19/03/13

19

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Yamaha Motor Co Japan AGM 24/03/13 M - Voted against in line with ISS recommendation. SP – Approve alternative income allocation proposal - Voted against in line with ISS recommendation.

Kao Corporation Japan AGM 24/03/13 Bridgestone Corporation Japan AGM 24/03/13 Asahi Group Holdings Japan AGM 24/03/13 Canon Inc Japan AGM 26/03/13 B – Voted in favour contrary to ISS

recommendation to vote against. N - Voted against in line with ISS recommendation. Director considered operationally significant.

Sumitomo Rubber Industries Ltd Japan AGM 26/03/13

20

LATIN AMERICA

A Stock Option Plan B Director Election C Share Issuance without Pre-emptive rights D Amend Articles of Association E Remuneration Plan F Share Issuance G Bond Issuance H Share Repurchase I Elect committee member J Other business K Auditors’ special report L Amend Bylaws M Anti takeover measure N Severance payment O Increase/ decrease in authorised capital P Approve allocation of income and dividends Q Elect member of committee R Authorise board to ratify, execute and approve resolutions

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Banco De Chile Chile OGM 18/03/12 B - Voted against in line with ISS recommendation.

BM&F Bovespa Sa Bolsa De Valores Brazil EGM 02/04/12 Ultrapar Participacoes Sa Brazil AGM 03/04/12 Lojas Renner Sa Brazil EGM 03/04/12 Ultrapar Participacoes Sa Brazil EGM 03/04/12 All America Latina Logistica Brazil EGM 04/04/12 B - Voted against in line with ISS

recommendation. Localiza Rent a Car Sa Brazil AGM 06/04/12 Natura Cosmeticos SA Brazil AGM 06/04/12 E - Voted against in line with ISS recommendation. Localiza Rent a Car Brazil EGM 06/04/12 D - Voted against in line with ISS

recommendation. Natura Cosmeticos Sa Brazil EGM 06/04/12 Vale Sa Brazil AGM 10/04/12 E - Voted against in line with ISS recommendation. CCR Sa Brazil AGM 11/04/12 B,E - Voted against in line with ISS

recommendation. Marisa Lojas Sa Brazil AGM 11/04/12 B - Voted against in line with ISS

recommendation. Tim Participacoes Brazil AGM 11/04/12 E - Voted against in line with ISS recommendation.

21

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Marisa Lojas Sa Brazil EGM 11/04/12 E - Voted against in line with ISS recommendation. Lojas Renner SA Brazil AGM 12/04/12 Br Malls Participacoes Brazil AGM 17/04/12 BRF – Brasil Foods Sa Brazil AGM 17/04/12 Gerdau Sa Cosg Brazil AGM 17/04/12 A, E - Voted against in line with ISS

recommendation. Banco Santander Sa Brazil EGM 17/04/12 Br Malls Participacoes Brazil EGM 17/04/12 BRF – Brazil Foods Sa Brazil EGM 17/04/12 E - Voted against in line with ISS recommendation. Cia Hering Sa Brazil AGM 18/04/12 Usinas Siderurgicas De Minas Gerais Sa-Usiminas

Brazil AGM 18/04/12

Brasil Insurance Participacoes E Administracao

Brazil EGM 18/04/12

Cia Hering Sa Brazil EGM 18/04/12 Banco Do Brasil Sa Brazil AGM 19/04/12 Companhia Brasileira de Disribuicao Brazil AGM 19/04/12 Embraer – Empresa Brasileira De Aeronautica Sa

Brazil AGM 19/04/12 E - Voted against in line with ISS recommendation.

Itausa Investimentos Itau Sa Brazil AGM 19/04/12 OGX Petroleo E Gas Participacoes Sa Brazil AGM 19/04/12 Banco Do Brasil Sa Brazil EGM 19/04/12 OGX Petroleo E Gas Participacoes Sa Brazil EGM 19/04/12 Centros Comerciales Sudamericanos Chile OGM 19/04/12 B, J - Voted against in line with ISS

recommendation. Falabella Sociedad Anomina Comercial E Industrial

Chile OGM 19/04/12 J - Voted against in line with ISS recommendation.

All America Latina Logica Brazil AGM 20/04/12 E - Voted against in line with ISS recommendation. America Movil Brazil AGM 20/04/12 B - Voted against in line with ISS

recommendation. Banco Santander Chile Chile AGM 20/04/12 Cia Energetica De Minas Gerais Cemig Cmig

Brazil AGM 20/04/12

Cyrela Brazil Rlty Brazil AGM 20/04/12 Empresa Nacional De Electridad Sa Brazil AGM 20/04/12 B, J - Voted against in line with ISS

recommendation. Grupo Financiero Banorte Sab De CV Mexico AGM 20/04/12 P - Voted against in line with ISS recommendation. MRV Egenharia Participacoes Sa Brazil AGM 20/04/12 All America Latina Logistica Brazil EGM 20/04/12 P - Voted against in line with ISS recommendation. Cia Energetica De Minas Gerais Cemig Cmig

Brazil EGM 20/04/12

Cyrela Brazil Rlty Brazil EGM 20/04/12 A,E - Voted against in line with ISS recommendation.

MRV Egenharia Participacoes Sa Brazil EGM 20/04/12 E - Voted against in line with ISS recommendation. Empresa Copec Chile OGM 20/04/12 J - Voted against in line with ISS recommendation. Sociedad Quimca Y Minera De Chile Chile OGM 23/04/12 J - Voted against in line with ISS recommendation.

22

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Companhia De Bebedas Das Americas-Ambev

Brazil Special 23/04/12

Empresas CMPC Chile AGM 24/04/12 J - Voted against in line with ISS recommendation. Grupo Mexico Mexico AGM 24/04/12 B - Voted against in line with ISS

recommendation. Brasil Insurance Participacoes E Administracao

Brazil AGM 25/04/12 B, E - Voted against in line with ISS recommendation.

Brasil Insurance Participacoes E Administracao

Brazil EGM 25/04/12 A x 3 - Voted against in line with ISS recommendation.

Grupo Televisa Mexico Special 27/04/12 B, Q x 3 - Voted against in line with ISS recommendation.

Cencosud SA Chile EGM 10/05/12 Redecard Brazil Special 11/05/12 BRF – Brasil Foods Brazil EGM 16/05/12 Grupo Modelo SAB Mexico EGM 16/07/12 L - Voted against in line with ISS recommendation. CCR SA Brazil EGM 27/07/12 OGX Petroleo E Gas Participacoes Brazil EGM 30/07/12 Cia Energetica De Minas Gerais Cemig Brazil EGM 22/08/12 CETIP SA Brazil EGM 05/09/12 Mexichem Mexico EGM 11/09/12 Banco do Brasil SA Brazil EGM 12/09/12 D - Voted against in line with ISS

recommendation. Grupo Financiero Banorte Sab De CV Mexico OGM 08/10/12 Advance Frontier Markets Fund Ltd Fund AGM 14/11/12 Ecopetrol Colombia EGM 03/12/12 B - Voted against in line with ISS

recommendation. Redecard Brazil EGM 10/12/12 BRF - Brasil Foods Brazil EGM 11/12/12 Compania Energetica De Minas Gerais Brazil EGM 11/12/12 Banco Do Brasil Brazil EGM 12/12/12 Duratex Brazil EGM 19/12/12 Grupo Financiero Banorte Sab Mexico EGM 17/01/13 Grupo Financiero Banorte Sab Mexico OGM 17/01/13 Empresas CMPC Sa Chile EGM 22/01/13 Tractebel Energia Brazil EGM 13/02/13 Banco Do Brasil Brazil EGM 14/02/13 Coca Cola Femsa Mexico AGM 27/02/13 B, E, I - Voted against in line with ISS

recommendation. Embraer Brazil EGM 01/03/13 Souza Cruz Brazil AGM 07/03/13 Wal-Mart De Mexico Mexico OGM 11/03/13 Wal-Mart De Mexico Mexico EGM 11/03/13 L, R - Voted against in line with ISS

recommendation. Fomento Economico Mexicano Mexico AGM 12/03/13 Aberdeen Funds Fund AGM 13/03/13

23

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Almacenes Exito Columbia OGM 13/03/13 J, Approve Donations - Voted against in line with ISS recommendation.

Banco De Chile Chile EGM 18/03/13 Cemex Mexico Special 18/03/13 B, I - Voted against in line with ISS

recommendation. Ecopetrol Columbia OGM 18/03/13 B, E, J - Voted against in line with ISS

recommendation. Credicorp Bermuda AGM 25/03/13 Klabin Brazil AGM 25/03/13 Banco De Credito Chile EGM 27/03/13 D - Voted against in line with ISS

recommendation. Banco De Credito Chile AGM 27/03/13 B, J - Voted against in line with ISS

recommendation. Grupo Televisa Mexico Special 28/03/13 B, I, P, R - Voted against in line with ISS

recommendation.

24

SOUTH AFRICA

A Stock option plan B Director election C Share issuance without pre-emptive rights D Amend Articles of Association E Remuneration F Share Issuance G Other Business H Place authorised but unissued shares in control of directors I Approve consultation fee J Elect member of committee K Approve dividend L Share repurchase M Adopt memorandum of inCorp N Approve financial assistance to related companies

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Mondi Ltd South Africa AGM 23/04/12 Absa Group Ltd South Africa AGM 24/04/12 Kumba Iron Ore Ltd South Africa AGM 25/04/12 Nedbank Group South Africa AGM 27/04/12 E - Voted against in line with ISS recommendation. Anglogold Ashanti South Africa AGM 03/05/12 Gold Fields Ltd South Africa AGM 07/05/12 Exxaro Resources Ltd South Africa AGM 15/05/12 B - Voted against in line with ISS recommendation.

H - Voted against in line with ISS recommendation. Firstrand Ltd South Africa MIX 16/05/12 A - Voted against in line with ISS recommendation. Standard Bank Group LTD South Africa AGM 25/05/12 H x 2, I - Voted against in line with ISS

recommendation. Sanlam LTD South Africa AGM 30/05/12 Shoprite Holdings Ltd South Africa OGM 21/06/12 F x 2 - Voted against in line with ISS

recommendation. Illovo Sugar Ltd South Africa AGM 10/07/12 Vodacom Group Ltd South Africa AGM 16/07/12 B x 2, J- Voted against in line with ISS

recommendation. Mediclinic International Ltd South Africa AGM 20/07/12 B x 3, M - Voted against in line with ISS

recommendation. Tongaat Hulett Ltd South Africa AGM 20/07/12 Imperial Holdings Ltd South Africa EGM 09/08/12 Mediclinic International Ltd South Africa OGM 23/08/12 Naspers Ltd South Africa AGM 27/08/12 E,H,L,M - Voted against in line with ISS

recommendation. The Foschini Group Ltd South Africa AGM 28/08/12 E, M - Voted against in line with ISS

recommendation.

25

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Pretoria Portland Cement Co South Africa OGM 11/09/12 Mediclinic International Limited South Africa OGM 09/10/12 Impala Platinum Holdings Ltd South Africa AGM 18/10/12 M - Voted against in line with ISS recommendation. Shoprite Holdings Ltd South Africa AGM 23/10/12 A,E,L,M - Voted against in line with ISS

recommendation. Imperial Holdings Ltd South Africa AGM 24/10/12 M - Voted against in line with ISS recommendation. Murray and Roberts Holdings Ltd South Africa AGM 24/10/12 M - Voted against in line with ISS recommendation. Avi Ltd South Africa AGM 29/10/12 E - Voted against in line with ISS recommendation. Wilson Bayly homes – Ovcon Ltd South Africa AGM 01/11/12 Bx2,E,M - Voted against in line with ISS

recommendation. Truworths International Ltd South Africa AGM 02/11/12 Growthpoint Properties Ltd South Africa AGM 06/11/12 E,J - Voted against in line with ISS

recommendation. Woolworths Holdings Ltd South Africa AGM 08/11/12 M - Voted against in line with ISS recommendation. Massmart Holdings South Africa AGM 14/11/12 B x 2 - Voted against in line with ISS

recommendation. MMI Holdings Ltd South Africa AGM 16/11/12 RMB Holdings Ltd South Africa AGM 16/11/12 Bx2,J,M - Voted against in line with ISS

recommendation. Bidvest Group Ltd South Africa AGM 20/11/12 M - Voted against in line with ISS recommendation. Remgro Ltd South Africa AGM 20/11/12 Harmony Gold Mining Co South Africa AGM 21/11/12 M - Voted against in line with ISS recommendation. Firstrand Ltd South Africa AGM 22/11/12 B - Voted against in line with ISS recommendation. Sasol Ltd South Africa AGM 23/11/12 Aspen Pharmacare Holdings Plc South Africa AGM 28/11/12 H,M - Voted against in line with ISS

recommendation. Discovery Holdings Ltd South Africa OGM 28/11/12 M - Voted against in line with ISS recommendation. Discovery Holdings Ltd South Africa AGM 28/11/12 B,E - Voted against in line with ISS

recommendation. African Rainbow Minerals Ltd South Africa AGM 30/11/12 E,M - Voted against in line with ISS

recommendation. Clicks Group Ltd South Africa AGM 16/01/13 Barloworld Ltd South Africa AGM 16/01/13 PPC Ltd South Africa AGM 22/01/13 Life Healthcare Group Holdings Ltd South Africa AGM 24/01/13 H, M - Voted against in line with ISS

recommendation. Sappi Ltd South Africa AGM 30/01/13 Nampak Ltd South Africa AGM 01/02/13 M - Voted against in line with ISS recommendation. Tiger Brands Ltd South Africa AGM 05/02/13 Absa Group South Africa OGM 18/02/13 Aeci Ltd South Africa OGM 18/02/13 Murray & Roberts holdings Ltd South Africa OGM 20/02/13 Anglogold Ashanti Ltd South Africa OGM 04/03/13 Imperial Holdings South Africa OGM 08/03/13 Anglogold Ashanti Ltd South Africa EGM 19/03/13

26

NORTH AMERICA

A Stock option plan B Director election C Any other business D Advisory vote approving Executive compensation E Shareholder proposal – Reduce supermajority vote requirement F Shareholder proposal – Amending bylaws to call special meetings G Shareholder proposal – Require independent board chairman H Shareholder proposal – Approve / Adopt a recapitalisation plan I Shareholder proposal – Executive compensation and disclosure J Shareholder proposal – Declassify board of directors K Shareholder proposal – Provide for cumulative voting L Shareholder proposal – Exclude pension’s credits from calculations of performance based pay M Shareholder proposal – Require audit committee review N Shareholder proposal – Provide right to act by written consent O Shareholder proposal – Report on pay disparity P Shareholder proposal – Require majority vote for elections Q Shareholder proposal – Political proposals (disclosure, contributions, lobbying, stance) R Shareholder proposal – Environmental and Social Issue S Shareholder proposal – Establish separate risk management committee T Shareholder proposal – Amend articles of association U Shareholder Proposal – Adopt proxy access right V Shareholder Proposal – Pension plan proposals (amendments, disclosure, equitable treatment) W Shareholder Proposal – Require more director nominations that open seats X Shareholder Proposal – Publish summary of annual meetings and questions raised Y Shareholder Proposal – Stock Retention/ Holding period Z Shareholder Proposal – Limit multiple board service

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Eli Lilly and Company US AGM 13/04/12 E - Voted in favour, in line with ISS contrary to management. R - Voted against in line with ISS recommendation.

Stanley Black and Decker Inc US AGM 13/04/12 U.S Bancorp US AGM 13/04/12 Fifth Third Bancorp US AGM 16/04/12 T. Rowe Price Group Inc US AGM 16/04/12 A - Voted against in line with ISS

recommendation. Discover Financial Services US AGM 17/04/12 Intuitive Surgical Inc US AGM 18/04/12

27

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Canadian National Railway Co. Canada AGM 19/04/12 Cenovus Energy Inc. Canada AGM 19/04/12 I - Voted in favour, in line with ISS contrary to

management. Digital Realty Trust Inc US AGM 19/04/12 FMC Corp US AGM 23/04/12 J - Voted in favour, in line with ISS contrary to

management. General Electric Co US AGM 23/04/12 G, R - Voted against in line with ISS

recommendation. N - Voted in favour, in line with ISS contrary to management. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Goldcorp Inc Canada AGM 23/04/12 R - Voted against in line with ISS recommendation.

International Business Machines Corp US AGM 23/04/12 Q x 2 - Voted against in line with ISS recommendation. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Kirby Corp US AGM 23/04/12 Noble Energy Inc US AGM 23/04/12 Praxair Inc US AGM 23/04/12 Q - Voted against in line with ISS

recommendation. Stryker Corp US AGM 23/04/12 I - Voted against in line with ISS recommendation. The Coca-Cola Co US AGM 23/04/12 B - Voted against in line with ISS

recommendation. Transcanada Corp Canada AGM 23/04/12 Wells Fargo & Company US AGM 23/04/12 B, M - Voted against in line with ISS

recommendation. G, Adopt proxy access right - Voted in favour, in line with ISS contrary to management. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Borgwarner Inc US AGM 24/04/12 J.B Hunt Transport Services Inc US AGM 25/04/12 Johnson & Johnson US AGM 25/04/12 I, Q, R - Voted against in line with ISS

recommendation. Pfizer Inc US AGM 25/04/12 I, Q – Voted against in line with ISS

recommendation. F, N - Voted in favour, in line with ISS contrary to management.

28

COMPANY

COUNTRY

MEETING

TYPE

DATE

VOTED



Abbott Laboratories US AGM 26/04/12 G, R - Voted against in line with ISS recommendation. I x 4, Q - Voted in favour, in line with ISS contrary to management. B – Voted in favour contrary to ISS recommendation to vote against. Issue is that CEO serves on four boards, whilst not ideal CEO’s contribution is considered to be valuable.

AT & T Inc US AGM 26/04/12 G, Q - Voted in favour, in line with ISS contrary to management. R - Voted against in line with ISS recommendation.

Suncor Energy Inc Canada AGM 26/04/12 American Express Co US AGM 30/04/12 G - Voted against in line with ISS

recommendation. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Barrick Gold Corp Canada AGM 30/04/12 BCE Inc Canada AGM 30/04/12 I x 3, S - Voted against in line with ISS

recommendation. Bristol-Myers Squibb Co US AGM 30/04/12 R – Voted against in line with ISS

recommendation. N - Voted in favour, in line with ISS contrary to management. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Canadian Natural Resources Ltd Canada AGM 30/04/12 EMC Corp US AGM 30/04/12 The Boeing Co. US AGM 30/04/12 I x 2, N, Q - Voted in favour, in line with ISS

contrary to management. Kansas City Southern US AGM 02/05/12 E - Voted in favour, in line with ISS contrary to

management. Tractor Supply Company US AGM 02/05/12 United Parcel Service Inc US AGM 02/05/12 Q - Voted against in line with ISS

recommendation. Cadence Design Systems Inc US AGM 03/05/12 A x 2 – Voted against in line with ISS

recommendation. Franco-Nevada Corp Canada AGM 03/05/12 Mead Johnson Nutrition Company US AGM 03/05/12 Occidental Petroleum Corp US AGM 03/05/12 R - Voted against in line with ISS

recommendation. Oceanaeering International Inc US AGM 03/05/12

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International Paper Company US AGM 04/05/12 N – Voted in favour, in line with ISS contrary to management.

Telus Corp Canada AGM 04/05/12 Danaher Corp Canada AGM 07/05/12 O’Reilly Automotive Inc US AGM 07/05/12 Plum Creek Timber Company Inc US AGM 07/05/12 Albermale Corp US AGM 08/05/12 Bank of America Corp US AGM 08/05/12 B, M, Q x 2 - Voted against in line with ISS

recommendation. I, Q - Voted in favour, in line with ISS contrary to management.

Conocophillips US AGM 08/05/12 R x 2 - Voted against in line with ISS recommendation. Q, R x 2 - Voted in favour, in line with ISS contrary to management.

Philip Morris International Inc US AGM 08/05/12 G, R - Voted against in line with ISS recommendation.

Tim Hortons Inc Canada AGM 08/05/12 R - Voted against in line with ISS recommendation.

CVS Caremark Corp US AGM 09/05/12 Q - Voted in favour, in line with ISS contrary to management.

Mattel Inc US AGM 09/05/12 Cameco Corp US AGM 10/05/12 Discovery Communications Inc US AGM 14/05/12 B - Voted against in line with ISS

recommendation. JP Morgan Chase and Co US AGM 14/05/12 Q x 2, R x 2 - Voted against in line with ISS

recommendation. G, I, N - Voted in favour, in line with ISS contrary to management. B – Voted against contrary to ISS recommendation to vote in favour. Opted to vote against risk committee chairman as we believe stronger risk controls should have been in place.

National Oilwell Vargo Inc US AGM 14/05/12 Q - Voted in favour, in line with ISS contrary to management.

Potash Corp Inc Canada AGM 14/05/12 Intel Corp US AGM 16/05/12 Q - Voted against in line with ISS

recommendation. The Home Depot Inc US AGM 16/05/12 Q, R x 2 - Voted against in line with ISS

recommendation. F, R, N - Voted in favour, in line with ISS contrary to management.

Yum! Brands Inc US AGM 16/05/12 G, R - Voted in favour, in line with ISS contrary to management. I - Voted against in line with ISS recommendation.

Macy’s Inc US AGM 17/05/12 R - Voted against in line with ISS recommendation.

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Cymer Inc US AGM 21/05/12 C - Voted against in line with ISS recommendation.

Merck & Co Inc US AGM 21/05/12 F, N - Voted in favour, in line with ISS contrary to management. Q - Voted against in line with ISS recommendation.

Mcdonald’s Corp US AGM 21/05/12 R - Voted against in line with ISS recommendation.

Amphenol Corp US AGM 22/05/12 E - Voted in favour, in line with ISS contrary to management.

Kraft Foods INC US AGM 22/05/12 Q, R - Voted against in line with ISS recommendation. R - Voted in favour, in line with ISS contrary to management.

Range Resources Corp US AGM 22/05/12 I - Voted in favour, in line with ISS contrary to management. R - Voted against in line with ISS recommendation.

The Southern Company US AGM 22/05/12 R - Voted in favour, in line with ISS contrary to management. Q - Voted against in line with ISS recommendation.

Wal-Mart Stores Inc US AGM 23/05/12 B x 4, R- Voted against in line with ISS recommendation. I, Q - Voted in favour, in line with ISS contrary to management.

Valeant Pharmaceuticals International Canada AGM 25/05/12 Chevron Corp US AGM 29/05/12 R - Voted against in line with ISS

recommendation. F, G, Q. R x 3, Eliminate forum bylaw - Voted in favour, in line with ISS contrary to management.

Exxon Mobil Corp US AGM 29/05/12 I, R - Voted against in line with ISS recommendation. G, P, Q, R x 2- Voted in favour, in line with ISS contrary to management.

Comcast Corp US AGM 30/05/12 B x 3 - Voted against in line with ISS recommendation. G, I, Shareholder rights plan (poison pill) - Voted in favour, in line with ISS contrary to management. K – Voted against contrary to ISS recommendation to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

Ulta Salon Cosmetics & Fragrance Inc US AGM 30/05/12 Dollar General Corp US AGM 31/05/12 B x 6 - Voted against in line with ISS

recommendation. Dollar Tree Inc US AGM 31/05/12

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Concho Resources Inc US AGM 31/05/12 Mastercard Incorporated US AGM 31/05/12 Unitedhealth Group Incorporated US AGM 31/05/12 Q - Voted in favour, in line with ISS contrary to

management. Continental Resources Inc US AGM 31/05/12 B - Voted against in line with ISS

recommendation. Caterpillar Inc US AGM 31/05/12 Q - Voted against in line with ISS

recommendation. N,P R - Voted in favour, in line with ISS contrary to management.

Celgene Corporation US AGM 31/05/12 F - Voted in favour, in line with ISS contrary to management.

Biogen Idec Inc US AGM 31/05/12 Adopt Jurisdiction of incorporation as exclusive forum for certain disputes - Voted against in line with ISS recommendation.

Freeport-McMoran Copper & Gold Inc US AGM 31/05/12 D - Voted against in line with ISS recommendation. R, Q - Voted in favour, in line with ISS contrary to management.

Affiliated Managers Group Inc US AGM 15/06/12 American Tower Corporation US AGM 18/06/12 I - Voted in favour, in line with ISS contrary to

management. Google Inc US AGM 20/06/12 A, Q, T, Authorise and increase common stock -

Voted against in line with ISS recommendation. H - Voted in favour, in line with ISS contrary to management.

The Coca-Cola Co US Special 09/07/12 BAE Aerospace US AGM 23/07/12 Continental Resources Inc US AGM 09/08/12 Share issuance in connection with acquisition –

Voted against contrary to ISS recommendation to vote in favour - In our view the company should not sell pre-drilling well interests to executive owned vehicles.

Airgas Inc US AGM 13/08/12 J - Voted in favour, in line with ISS contrary to management.

Pentair Inc US Special 11/09/12 D - Voted against in line with ISS recommendation.

Fedex Corporation US AGM 21/09/12 B – Voted in favour contrary to ISS recommendation to vote against. Although we are not in favour of directors serving on multiple boards, contribution outweighs our concern on this occasion. G, Q - Voted in favour, in line with ISS contrary to management.

Telus Corp Canada EGM 11/10/12 Cisco Systems US AGM 01/11/12 G,R - Voted against in line with ISS

recommendation.

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Maxim Integrated Products US AGM 01/11/12 Microsoft Corporation US AGM 27/11/12 K – Voted against contrary to ISS recommendation

to vote in favour. In our view cumulative voting advantages short-term investors over long-term investors.

D.R. Horton Inc US AGM 23/01/13 Costco Wholesale Corp US AGM 23/01/13 J - Voted in favour, in line with ISS contrary to

management. Rock-Tenn Company US AGM 24/01/13 J - Voted in favour, in line with ISS contrary to

management. Visa Inc US AGM 30/01/13 Q - Voted in favour, in line with ISS contrary to

management. Emerson Electric Co US AGM 04/02/13 R - Voted in favour, in line with ISS contrary to

management. The Toronto-Dominion Bank CA AGM 04/02/13 I x 2, R, V x 2, W, X, SP - Set maximum employee

compensation- Voted against in line with ISS recommendation.

Accenture Plc US AGM 05/02/13 A - Voted against in line with ISS recommendation. Q - Voted in favour, in line with ISS contrary to management.

Raymond James Financial Inc US AGM 20/02/13 Royal Bank of Canada Canada AGM 25/02/13 I x 2, R, V x 2, ,X, SP – Limit number of directors,

Shareholder bill of rights, Revoke appointment of auditor - Voted against in line with ISS recommendation.

Apple Inc US AGM 26/02/13 D, R - Voted against in line with ISS recommendation. Y - Voted in favour, in line with ISS contrary to management.

Qualcomm Incorporated US AGM 04/03/13 The Walt Disney Company US AGM 05/03/13 D - Voted against in line with ISS

recommendation. G, U - Voted in favour, in line with ISS contrary to management.

Toll Brothers Inc US AGM 11/03/13 P - Voted in favour, in line with ISS contrary to management.

Starbucks Corp US AGM 18/03/13 D, Q - Voted against in line with ISS recommendation.

CORPORATE GOVERNANCE - INTERNATIONAL 1st April 2012 to 31st March 2013 ...€¦ · Taiwan...

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Transcript of CORPORATE GOVERNANCE - INTERNATIONAL 1st April 2012 to 31st March 2013 ...€¦ · Taiwan...