We delegate the exercise of proxy votes to our equity investment managers in Australia and overseas. However, we still retain a right to direct voting on any matter where the Trustee considers it necessary. To support this policy, the following practices are in place:

• Appointment of ACSI to provide engagement services and voting advice.¹
• We confirm that the managers’ proxy voting policies are reasonable and consistent with our broad values.
• Voting activity is monitored to ensure managers are acting consistently with policy
• We maintain a broad watch on corporate governance issues to alert the Trustee to any issues warranting intervention.

Proxy voting for financial year 2016/2017

Australian voting outcomes	Quarter 3 2016	Quarter 4 2016	Quarter 1 2017	Quarter 2 2017	Total
Number of meetings	19	259	10	58	346
Number of resolutions	70	1,314	55	293	1,732
Votes For	63	1,144	46	259	1,512
Votes Against	5	167	8	34	214
Abstentions	2	3	1	-	6
Against votes (remuneration)2	14.3%	13.3%	9.09%	17.1%	13.8%
Against votes (director)3	5.9%	13.8%	33.33%	10.7%	13.6%

International voting outcomes	Quarter 3 2016	Quarter 4 2016	Quarter 1 2017	Quarter 2 2017	Total
Number of meetings	366	259	227	1,444	2,296
Number of resolutions	3,228	1,882	2,535	17,786	25,431
Votes For	2,876	1,654	2,318	16,073	22,921
Votes Against	329	224	209	1,664	2,426
Abstentions	23	4	8	49	84
Against votes (remuneration)2	25.1%	18.8%	5.2%	8.9%	10.2%
Against votes (director)3	6.4%	6.9%	3.9%	5.7%	5.7%

1. We subscribe to ACSI Australian Voting Alert Service.
2. Votes in relation to remuneration reports, share-based remuneration grants and non-executive director remuneration.
3. Votes in relation to Director election.