12 July, 2022
Supporting best practice in investment risk management
VFMC recently completed its Investment Risk Uplift Project to further elevate portfolio risk capabilities...
read articleProxy 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% |