20 January, 2023
VFMC Presents 2021-2022 Annual Report
Message from CEO Kate Galvin: On behalf of the Victorian Funds Management Corporation (VFMC),...
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 voting themes over 2021- 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, diversity, retaining talent, remuneration).
For the 2021-2022 financial year, VFMC voted on 1,164 Australian resolutions and 5,144 international resolutions.
VFMC Australian Proxy Voting Statistics July 2021 – June 2022
The table below provides an overview of voting statistics for the twelve months ended 30 June 2022.
| Australia |
|---|
| Type of resolution | Total | For | Against | Abstain | Take no action |
|---|---|---|---|---|---|
| Number of meetings | 221 | ||||
| Number of resolutions voted on | 1164 | 961 | 164 | 26 | 13 |
| Director elections | 480 | 427 | 47 | 3 | 3 |
| Remuneration reports / other remuneration matters | 476 | 399 | 60 | 12 | 5 |
| Shareholder resolutions | 36 | 2 | 32 | 2 | 0 |
| Other | 172 | 133 | 25 | 9 | 5 |