Proxy Voting Record

Voting at company Annual General Meetings (AGMs) provides investors like VFMC with a formal means to exercise ownership rights, hold company management accountable and potentially send a signal on any issues at hand. Contentious issues can arise for resolutions being voted on, and companies can be encouraged to respond if/where strong investor support is not received.

Key areas of contention over 1H FY 2022 focussed on:

  • Shareholder requisitioned resolutions (e.g., regarding climate risk management and human rights)
  • Executive remuneration
  • Director appointments (skills, capacity, diversity, accountability)
  • Managing human capital (e.g., workforce wellbeing, retaining talent, remuneration).

For the six months ended 31 December 2021, VFMC voted on 911 resolutions.

The following table details VFMC’s voting outcomes for the six months ended 31 December 2021. VFMC voted FOR 84.1% of all resolutions, compared to 83.8% for the same period in 2020-21.

VFMC Australian Proxy Voting Statistics July – December 2021

Australia
Type of resolution Total For Against Abstain % For % Against % Abstain
Number of meetings 174
Number of resolutions voted on 911 766 133 12 84.1% 14.6% 1.3%
Director elections 387 350 37 0 90.4% 9.6% 0.0%
Remuneration reports / other remuneration matters 384 324 56 4 84.4% 14.6% 1.0%
Shareholder resolutions 26 2 22 2 7.7% 84.6% 7.7%
Other 114 90 18 6 78.9% 15.8% 5.3%

VFMC International Proxy Voting Statistics July – December 2021

The table below provides an overview of voting statistics for the six months ended 31 December 2021, as voted by CGI Glass Lewis on behalf of VFMC.

International
Type of resolution Total For Against Abstain % For % Against % Abstain
Number of meetings 91
Total number of resolutions voted on 883 792 87 4 89.70% 9.85% 0.45%
Director elections 491 436 54 1 88.80% 11.00% 0.20%
Remuneration reports / other remuneration matters 128 115 13 0 89.84% 10.16% 0.00%
Shareholder resolutions 23 11 12 0 47.83% 52.17% 0.00%
Other 241 230 8 3 95.44% 3.32% 1.24%

Voting records will be updated each year after June 30 and December 31.

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